DATE:
March 15, 2022
21
TO:
Board of Supervisors
SUBJECT
Title
NOTICED PUBLIC HEARING: ISSUANCE OF REVENUE OBLIGATIONS BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY FOR THE BENEFIT OF SAN DIEGO ROCK CHURCH AND THE ROCK ACADEMY AND/OR SUCCESSOR ENTITY IN AN AGGREGATE MAXIMUM AMOUNT NOT TO EXCEED $35,000,000 (DISTRICT: 3)
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 and to approve the Authority's issuance of one or more series of revenue obligations in an aggregate principal amount not to exceed $35,000,000 (the "Obligations"), for the benefit of San Diego Rock Church, a California nonprofit religious corporation, and Riley Group Management, LLC, a Delaware limited liability company (together, the "Borrower"). The Borrower has applied for the financial assistance of the Authority. The proceeds of the Obligations will be used to finance, refinance and/or reimburse the cost of acquisition, construction, improvement, furnishing and equipping of educational and community facilities located at (a) 2277 Rosecrans Street and 2320 Truxtun Road, San Diego, California 92106 in the approximate amount of $31,000,000, and (b) 3776 Riley Street, San Diego, California 92110 in the approximate amount of $4,000,000 (collectively, the "Project") and pay certain expenses incurred in connection with the issuance of the Obligations.
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 Obligations, 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: (1) conduct a public hearing to satisfy the public approval requirement of Section 147(f) of the Internal Revenue Code; and (2) approve the Authori...
Click here for full text