DATE:
September 30, 2025
10
TO:
Board of Supervisors
SUBJECT
Title
APPROVAL OF THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY FOR THE BENEFIT OF MAISON 613 IN AN AGGREGATE AMOUNT NOT TO EXCEED $55,000,000 (DISTRICT: 4)
Body
OVERVIEW
The County has received a request from the California Enterprise Development Authority ("CEDA" or "Authority") to conduct a public hearing as required by the Internal Revenue Code of 1986, as amended (the "Code") and to approve the Authority's issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $55,000,000 (the "Bonds"), for the benefit of Maison 613 (the "Borrower"), a California nonprofit public benefit corporation. The Borrower has applied for the financial assistance of the Authority to finance or refinance the acquisition, development, construction, equipping and furnishing of an approximately 71-unit, 156-bed student housing project and related facilities located at or adjacent to 6115 Montezuma Road, San Diego, California 92115 and 5087 Rockford Drive, San Diego, California 92115 (collectively, the "Project").
The Authority is authorized to assist in financing for nonprofit public benefit organizations or for-profit corporations with a public benefit project wishing to issue revenue bonds, including the Borrower. In order to initiate such a financing, the Borrower is asking the County of San Diego, a member jurisdiction in which the Project resides to approve the Authority's issuance of the Bonds. Although the Authority will be the issuer of the Bonds for the Borrower, the financing cannot proceed without the approval of an applicable legislative body. On August 26, 2025 (10), the County updated its policy for Tax Equity and Fiscal Responsibility Act (
"TEFRA") hearings to make the process more transparent and efficient. The TEFRA hearings are now handled by the issuers of the conduit bonds and the Board of Supervisors takes action on th...
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