DATE:
June 9, 2026
10
TO:
Board of Supervisors
SUBJECT
Title
APPROVE THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR THE BENEFIT OF BEDFORD SKYLINE, LLC and BEDFORD HIGHLINE, LLC IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $130,000,000 (DISTRICTS: 1 and 2)
Title
Body
OVERVIEW
The County of San Diego ("County") has received a request from the California Statewide Communities Development Authority ("CSCDA" or "Authority") to approve the Authority's issuance of tax-exempt multi-family housing revenue bonds in an aggregate principal amount not to exceed $130,000,000 ("Bonds"), for the benefit of Bedford Skyline, LLC and Bedford Highline, LLC, both Delaware limited liability corporations (the "Borrowers"), qualified to do business in California. The Borrowers have requested the Authority to serve as the municipal issuer of the revenue bonds to finance or refinance the acquisition, rehabilitation, improvement and equipping of two multifamily housing rental projects totaling 287 units located at 8513 Paradise Valley Road, Spring Valley, CA 91977 (128 units) and 8729 Graves Avenue, Santee, CA 92071 (159 units) (collectively, the "Project"), which will be owned and operated by the Borrowers.
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 Borrowers. In order to initiate such financing, the Borrowers are asking the County, 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 Borrowers, the financing cannot proceed without the approval of an applicable legislative body.
Pursuant to Section 147(f) of the Internal Revenue Code, a public hearing was held on May 21, 2026. There were no comments from the public at that hearing.
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