DATE:
June 9, 2026
12
TO:
BOARD OF SUPERVISORS
SUBJECT:
Title
APPROVE THE ISSUANCE OF REVENUE OBLIGATIONS BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY FOR THE BENEFIT OF HERALD CHRISTIAN HEALTH CENTER AND/OR A SUCCESSOR ENTITY IN AN AGGREGATE MAXIMUM STATED PRINCIPAL AMOUNT NOT TO EXCEED $4,500,000 (DISTRICT: 4)
Body
OVERVIEW
The County of San Diego ("County") has received a request from the California Enterprise Development Authority ("Authority") to approve the Authority's issuance of one or more series of tax-exempt and/or taxable revenue obligations in an aggregate principal amount not to exceed $4,500,000 (the "Revenue Obligations"), for the benefit of Herald Christian Health Center, a California nonprofit public benefit corporation or a related or successor entity (the "Borrower").
The Borrower has applied for financial assistance from the Authority. The Authority will loan the proceeds of the Revenue Obligations to the Borrower pursuant to one or more loan agreements (the "Loan Agreement"). The proceeds of the Revenue Obligations will be applied by the Borrower to finance, refinance and/or reimburse the cost of acquisition, development, construction, equipping and furnishing of a healthcare center, located at 7808 Clairemont Mesa Boulevard, San Diego, California 92111 (the "Project"). A portion of the proceeds of the Revenue Obligations will be used to pay the costs of issuance and other related costs in connection with the financing. The Borrower is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the "Code") and will own and operate the Project in connection with its mission of providing affordable, high quality and holistic healthcare to low-income, uninsured and underserved communities, particularly focusing on immigrants with limited English proficiency. The Revenue Obligations will be paid entirely from repayments by the Borrower under the Loan Agreement.
The Authority is authorized to assist ...
Click here for full text