Resolution No. 10476, approving the issuance of tax-exempt revenue bonds... Page 402 of 420 RESOLUTION NO. 10476
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF INDIO
APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL
FINANCE AUTHORITY EXEMPT FACILITY BONDS IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $50,000,000
FOR THE PURPOSE OF FINANCING OR REFINANCING THE
ACQUISITION, CONSTRUCTION, IMPROVEMENT AND
EQUIPPING OF AVENUE 44 APARTMENTS AND CERTAIN OTHER
MATTERS RELATING THERETO
WHEREAS, Indio Avenue 44 Pacific Associates, a California Limited Partnership (the “Borrower”) a partnership of which Pacific West Communities, Inc. (the “Developer”) or a related person to the Developer is the general partner, has requested that the California Municipal Finance Authority (the “Authority”) adopt a plan of financing providing for the issuance of exempt facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the Internal Revenue Code of 1986 (the “Code”) in one or more series issued from time to time, including bonds issued to refund such exempt facility bonds in one or more series from time to time, and at no time to exceed $50,000,000 in aggregate principal amount (the “Bonds”), to finance or refinance the acquisition, construction, improvement and equipping of a multifamily rental housing project located at Avenue 44 & Golf Center Parkway (APNs 692-060-019 and 692-060-020), Indio, California (the “Project”); and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority must be approved by the City of Indio (the “City”) because the Project is located within the territorial limits of the City; and WHEREAS, the City Council of the City (the “City Council”) is the elected legislative body of the City and is one of the “applicable elected representatives” required to approve the issuance of the Bonds under Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the “Agreement”), among certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Indio as follows:
Section 1. The foregoing resolutions are true and correct.
Resolution No. 10476, approving the issuance of tax-exempt revenue bonds... Page 403 of 420 Section 2. The City Council hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this resolution constitute approval of the issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located, in accordance with said Section 147(f) and (b) Section 4 of the Agreement.
Section 3. The issuance of the Bonds shall be subject to the approval of the Authority of all financing documents relating thereto to which the Authority is a party. The City shall have no responsibility or liability whatsoever with respect to the Bonds.
Section 4. The adoption of this Resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the acquisition, construction, rehabilitation, installation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein.
Section 5. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this resolution and the financing transaction approved hereby.
Section 6. This resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 5th day of March 2025.
__________________________
GLENN MILLER
MAYOR
ATTEST:
_________________________________
SABDI SANCHEZ, MMC
DIRECTOR OF CITY CLERK SERVICES
Resolution No. 10476, approving the issuance of tax-exempt revenue bonds... Page 404 of 420 Avenue 44 Apartments
APN# 692-060-019 and 692-060-020
Resolution No. 10476, approving the issuance of tax-exempt revenue bonds...Page 405 of 420 City of Indio
City Council
March 5, 2025
STAFF REPORT
To: City Council
From: Bryan H. Montgomery, City Manager
Prepared by: Brian Halvorson, Dir. Of Community Development Subject: Public Hearing pursuant to the Tax Equity Financial Responsibility Act ("TEFRA") and adoption of a resolution authorizing issuance of tax-exempt revenue bonds by the California Municipal Finance Authority (CMFA) for development of the JFM Villas Senior Apartment Project
RECOMMENDATION:
Adopt Resolution No. 10477 approving the issuance of tax-exempt revenue bonds by CMFA for financing of the JFM Villas Senior Apartments Project
SUMMARY:
Coachella Valley Housing Coalition, a California nonprofit public benefit corporation, has applied to the California Municipal Finance Authority (CMFA) for the issuance of tax-exempt revenue bonds in the not-to-exceed amount of $30,000,000 to finance the development of the 50-unit JFM Villas Senior Apartments Project. As part of Federal Tax Law, the Tax Equity Financial Responsibility Act (TEFRA) requires the CMFA to provide a public forum for members of the public to comment regarding the proposed issuance of the bonds, and to obtain local approval before issuing the Bonds. The CMFA has requested that the City Council conduct the required public hearing and adopt a resolution approving the issuance of the bonds. The City will not be a party to the financing or documents relating to the bonds, nor will the bonds represent or constitute any debt or obligation of the City.
BACKGROUND INFORMATION:
Located on the vacant land at the northern portion of the existing Fred Young Farm Labor Camp at 47135 Van Buren St. in Indio, Coachella Valley Housing Coalition proposes to build 50 units, of which 49 will be affordable and 1 managing unit. The development will consist of one (1) 2-story building with two distinctive wings connected by corridor balconies. It will also include an elevator, and at least 95% of upper units will be serviced by an elevator. All 50 units will be on an accessible path. The project will provide 9 mobility-accessible units. There will be 6 communication-accessible units on site and 41 fully adaptable units. A total of 16 Studios, 24 one-bedroom, and 10 two- bedroom units will be constructed as part of the development.
Coachella Valley Housing Coalition has requested to borrow $30 million from the California Municipal Finance Authority (CMFA) via its issuance of bonds. The CMFA was created on January 1, 2004, under a joint exercise of powers agreement to assist local governments, nonprofit organizations, and businesses with the issuance of taxable and tax-exempt bonds aimed at improving the standard of living in California. To date, over 320 municipalities, including the City of AGENDA ITEM #12.2
Resolution No. 10477, approving the issuance of tax-exempt revenue bonds... Page 406 of 420 Indio, have become members of CMFA. CMFA has the power to issue revenue bonds to finance affordable housing projects, such as the proposed JFM Villas Senior Apartments Project. The Coachella Valley Housing Coalition will use the requested bond proceeds to finance or refinance the acquisition, construction, improvement, and equipping of the Project.
Prior to the proposed issuance of the bonds, the Tax Equity Financial Responsibility Act ("TEFRA") requires a local jurisdiction in which a project is to be financed with the tax-exempt bonds to adopt a resolution approving the issuance of the bonds after holding a public hearing.
Financial Analysis:
There is no financial impact on the City. Specifically, the City will not be a party to the bond financing documents, and issuance of the bonds will not represent or constitute any debt or obligation to the City. In addition, future bond payments will be the sole responsibility of the Coachella Valley Housing Coalition.
ATTACHMENTS:
Attachment 1-Proposed TEFRA Resolution
Attachment 2-Vicinity Map
Attachment 3- Project Description
APPROVAL(S):
Brian Halvorson, Dir. Of Community Development Approved - 26 Feb 2025 Steven Graham Pacifico, City Attorney Approved - 28 Feb 2025 Ruby D. Walla, Director of Finance Approved - 28 Feb 2025 Jonathan Nicks, Assistant City Manager Approved - 28 Feb 2025
Resolution No. 10477, approving the issuance of tax-exempt revenue bonds... Page 407 of 420 RESOLUTION NO. 10477
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF INDIO
APPROVING A PLAN OF FINANCE OF THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY TO ISSUE AND REISSUE
REVENUE BONDS FOR A QUALIFIED RESIDENTIAL RENTAL
PROJECT FOR THE BENEFIT OF JFM VILLAS, L.P., AND CERTAIN
OTHER MATTERS RELATING THERETO
WHEREAS, The Coachella Valley Housing Coalition, a California nonprofit public benefit corporation (the “Sponsor”), on behalf of a California limited partnership or another ownership entity created by the Sponsor or an affiliate thereof (such limited partnership or other ownership entity being referred to herein as the “Borrower”), has requested that the California Municipal Finance Authority (the “Authority”) undertake a proposed plan of finance to issue and reissue from time to time one or more series of revenue bonds in an outstanding principal amount not to exceed $30,000,000 (the “Bonds”) to finance and refinance the acquisition, construction, development and equipping of a 50-unit qualified residential rental project (the “Project”) to be owned and operated by the Borrower and located at 47135 Van Buren Street (APN 612-170-013), Indio, California (the “City”); and
WHEREAS, an “applicable elected representative” of the jurisdiction in which the Project is to be located is required to approve the proposed plan of finance for the Project under Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”); and
WHEREAS, the City Council of the City (the “City Council”) is the elected legislative body of the City and is an “applicable elected representative” for purposes of Section 147(f) of the Code; and
WHEREAS, the Authority has advised that the Bonds may be issued pursuant to a “plan of finance” to issue an original issue of Bonds and to issue or reissue one or more additional series of Bonds from time to time after the original issue of Bonds, if necessary or desirable to comply with applicable legal requirements, all in an aggregate principal amount not to exceed $30,000,000 to finance the Project, and all within the three-year period commencing on the date of the issuance of the first series of Bonds pursuant to this resolution; and WHEREAS, the Authority has requested that the City Council approve the proposed plan of finance in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the “Agreement”), among certain local agencies, including the City; and
Resolution No. 10477, approving the issuance of tax-exempt revenue bonds... Page 408 of 420 WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the proposed plan of finance for the Project; NOW, THEREFORE, BE IT RESOLVED, by the City Council of Indio, as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council hereby approves the proposed plan of finance of the Authority to issue and reissue from time to time of one or more series of revenue bonds in an outstanding principal amount not to exceed $30,000,000. It is the purpose and intent of the City Council that this resolution constitute approval of the proposed plan of finance for the Project for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of a governmental unit having jurisdiction over the area in which the Project is to be located, in accordance with said Section 147(f) and (b) Section 4 of the Agreement.
Section 3. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this resolution and the financing transaction approved hereby.
Section 4. The City Clerk shall forward a certified copy of this Resolution to the Authority in care of its counsel:
Ronald E. Lee, Esq.
Jones Hall, APLC
475 Sansome Street, Suite 1700
San Francisco, CA 94111
Section 5. This resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 5th day of March 2025.
__________________________
GLENN MILLER
MAYOR
ATTEST:
_________________________________
SABDI SANCHEZ, MMC
DIRECTOR OF CITY CLERK SERVICES
Resolution No. 10477, approving the issuance of tax-exempt revenue bonds... Page 409 of 420 JFM Senior Villas
47135 Van Buren St.
APN# 612-170-013
Resolution No. 10477, approving the issuance of tax-exempt revenue bonds...Page 410 of 420
JFM Villas Senior Apartments
Attachment 12-A1
Exhibit A: Construction and Design Description
The JFM Villas Senior Apartments will consist of 49 affordable housing units and 1 managers unit.
Twenty-Five of the units will be set aside for Senior (Retired) Farmworkers aged 62 and over. The development will be constructed on 2.58 acres of vacant land at the northern portion of the existing Fred Young Farm Labor Camp located at 47135 Van Buren St., in the City Indio, Riverside County, California. The proposed site has a rectangular shape and a relatively flat topography. A lot split for the 2.58 acres will be recorded at time of construction loan closing.
SITE AND UNIT DESCRIPTON
The development will consist of one (1) 2 -story building with two distinctive wings connected by corridor balconies and will include an elevator, at least 95% of upper units are serviced by an elevator.
All 50 units will be on an accessible path. The project is required to provide 5 mobility accessible units, and we will be providing 9. There will be 6 communication accessible units on site and 41 fully adaptable units. A total of 16 Studio, 24 one- bedroom, and 10 two- bedroom units will be constructed as part of the development. A summary of type, size and number of units is below:
Use Size (Sq. Ft.) Quantity Total (Sq. Ft.)
Studio / One-Bath 573 16 9,168
One-Bedroom / One Bath 715 24 17,160
Two-Bedroom /Two Bath 939 9 8,451
One Manager’s Unit 939 1 939
Rents will be set at 30%, 40%, 50%, and 60% of area median income. An award of twenty -five (25) section 8 project-based vouchers from the Housing Authority of Riverside County was awarded for the project. All utilities will be paid for by the development.
Site amenities will include a 1157 sq. ft community room, a 255 sq. ft computer lab, a 234 sq. ft on - site manager’s office, a 299 sq. ft administrative office, a 305 sq. ft. library, and a 571 sq. ft fitness room. Service amenities will include an on -site Service Coordinator and computer skill building programs. The service coordinator will provide residents with information about available services in the community, assist residents to access services through referral and advocacy, organize community-building and/or other enrichment activities for residents such as holiday events, etc.
The development will also feature a formal outdoor area and landscaped courtyard/green space . In keeping with the topography of the area, the site will be landscaped with drought tolerant desert landscaping providing residents with a vibrant natural aesthetic. There will be 5 5 covered and one uncovered carport parking spaces constructed as part of the development. There will be 3 accessible parking spaces.
Resolution No. 10477, approving the issuance of tax-exempt revenue bonds... Page 411 of 420
The residential/community building will be type-VA construction, wood framing, fully sprinklered with color stucco walls, constructed on a concrete slab foundation. All buildings will conform to HUD building code standards.
Green Building:
This community is to be designed utilizing materials, equipment, and/or systems that will increase the energy efficiency of the buildings above Title 24 energy standards and will be powered entirely through electricity with no connections to natural gas in frastructure. A photovoltaic system will be constructed as part of the development. 100% electric design with no fuel sources consumed onsite, all cooking and heating appliances are also electric. EnergyStar certified appliances, such as refrigerators, washers, dish washers, and exhaust fans. High efficacy lighting fixtures that meet title 24-2022 prescriptive values, these lighting fixtures are all LED types. The project will have onsite renewable generation estimated to produce 50% or more of annual tenet electricity use and 75% or more of annual common area electricity use.
Offsite Improvements:
Currently, there are no offsite improvement costs identified as part of construction.
Per Unit Costs Exceeding $650,000:
Over the last couple of years and with the construction of our most recent developments, The Coachella Valley Housing Coalition and its general contractors have seen a significant rise in per unit costs of its multifamily developments. The per unit cost for the JFM Villas Senior Apartments is currently $771,956.
From the developer standpoint, factors that have had an impact on costs include higher insurance rates, increased construction loan interest rates, and increased development impact fees. On the construction side, general contractors are also seeing a rise in insurance rates, as well as an increase in material costs, i.e. high-priced concrete, lumber increased by at least 24% since COVID. Our contractors report that although lumber pricing for 2024 has maintained a steady pace, the prices are still much higher than pre-COVID pricing. Contractors are also having a hard time employing and retaining qualified construction workers. Prevailing wage requirements are also a factor, inflation in fuel pricing which impacts the delivery prices for materials and longer construction schedules. Whereas before a job scheduled to be completed in 14 – 16 months was common, projects are now running anywhere between 18 – 24 months to complete, this is due to long lead times from material suppliers. Based on what we experienced with the last project, the lead times of 18 – 24 months still exist for a switchgear to be received by the contractor. When projects last longer, the General Requirements for the project are higher and add additional costs to the project because temporary facilities and salaries still need to be paid during this time. Exposure to other material changes also increase if prices are not “locked in.” Nowadays, most subcontractors and supply houses are offering shorter price “guarantees”, some being as short as two weeks. When this occurs, prices cannot be locked in, and therefore prices are likely to increase. Longer lead times will lead to higher prices. Overall, these and many other factors have caused an increase in the cost of construction making it harder to keep projects under the $650,000 per unit cost. Overall, there are many factors that have caused an increase in the cost of construction making it harder to keep projects under the $650,000 per unit cost.
Construction Timeline:
Construction is scheduled to begin in May 2025 with a completion date of November 2026.
Resolution No. 10477, approving the issuance of tax-exempt revenue bonds... Page 412 of 420 City of Indio
City Council
March 5, 2025
STAFF REPORT
To: City Council
From: Bryan H. Montgomery, City Manager
Prepared by: Brian Halvorson, Dir. Of Community Development Subject: Public Hearing pursuant to the Tax Equity Financial Responsibility Act ("TEFRA") and adoption of a resolution authorizing issuance of tax-exempt revenue bonds by the California Municipal Finance Authority (CMFA) for development of the JFM Villas Family Apartment Project
RECOMMENDATION:
Adopt Resolution No. 10478 approving the issuance of tax-exempt revenue bonds by CMFA for financing of the JFM Villas Family Apartments Project
SUMMARY:
Coachella Valley Housing Coalition, a California nonprofit public benefit corporation, has applied to the California Municipal Finance Authority (CMFA) for the issuance of tax-exempt revenue bonds in the not-to-exceed amount of $50,000,000 to finance the development of the 100-unit JFM Villas Family Apartments Project. As part of Federal Tax Law, the Tax Equity Financial Responsibility Act (TEFRA) requires the CMFA to provide a public forum for members of the public to comment regarding the proposed issuance of the bonds, and to obtain local approval before issuing the Bonds. The CMFA has requested that the City Council conduct the required public hearing and adopt a resolution approving the issuance of the bonds. The City will not be a party to the financing or documents relating to the bonds, nor will the bonds represent or constitute any debt or obligation of the City.
BACKGROUND INFORMATION:
Located on the vacant land at the northern portion of the existing Fred Young Farm Labor Camp at 47155 Van Buren St. in Indio, Coachella Valley Housing Coalition proposes to build 100 units, of which 99 will be affordable and 1 managing unit. The development will consist of one (1) 2-story building with four distinctive wings connected by corridor balconies. A total of 31 one-bedrooms, 34 two-bedrooms, 26 three-bedrooms, and 8 four-bedrooms units will be constructed as part of the development.
Coachella Valley Housing Coalition has requested to borrow $50 million from the California Municipal Finance Authority (CMFA) via its issuance of bonds. The CMFA was created on January 1, 2004, under a joint exercise of powers agreement to assist local governments, nonprofit organizations, and businesses with the issuance of taxable and tax-exempt bonds aimed at improving the standard of living in California. To date, over 320 municipalities, including the City of Indio, have become members of CMFA. CMFA has the power to issue revenue bonds to finance AGENDA ITEM #12.3
Resolution No. 10478, approving the issuance of tax-exempt revenue bonds... Page 413 of 420 affordable housing projects, such as the proposed JFM Villas Family Apartments Project. The Coachella Valley Housing Coalition will use the requested bond proceeds to finance or refinance the acquisition, construction, improvement, and equipping of the Project.
Prior to the proposed issuance of the bonds, the Tax Equity Financial Responsibility Act ("TEFRA") requires a local jurisdiction in which a project is to be financed with the tax-exempt bonds to adopt a resolution approving the issuance of the bonds after holding a public hearing.
Financial Analysis:
There is no financial impact on the City. Specifically, the City will not be a party to the bond financing documents, and issuance of the bonds will not represent or constitute any debt or obligation to the City. In addition, future bond payments will be the sole responsibility of the Coachella Valley Housing Coalition.
ATTACHMENTS:
Attachment 1- Proposed TEFRA Resolution
Attachment 2- Vicinity Map
Attachment 3- Project Description
APPROVAL(S):
Brian Halvorson, Dir. Of Community Development Approved - 26 Feb 2025 Steven Graham Pacifico, City Attorney Approved - 28 Feb 2025 Ruby D. Walla, Director of Finance Approved - 28 Feb 2025 Jonathan Nicks, Assistant City Manager Approved - 28 Feb 2025
Resolution No. 10478, approving the issuance of tax-exempt revenue bonds... Page 414 of 420 RESOLUTION NO. 10478
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF INDIO
APPROVING A PLAN OF FINANCE OF THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY TO ISSUE AND REISSUE
REVENUE BONDS FOR A QUALIFIED RESIDENTIAL RENTAL
PROJECT FOR THE BENEFIT OF JFM VILLAS FAMILY
APARTMENTS, L.P., AND CERTAIN OTHER MATTERS RELATING
THERETO
WHEREAS, The Coachella Valley Housing Coalition, a California nonprofit public benefit corporation (the “Sponsor”), on behalf of JFM Villas Family Apartments, L.P., a California limited partnership, or another ownership entity created by the Sponsor or an affiliate thereof (such limited partnership or other ownership entity being referred to herein as the “Borrower”), has requested that the California Municipal Finance Authority (the “Authority”) undertake a proposed plan of finance to issue and reissue from time to time one or more series of revenue bonds in an outstanding principal amount not to exceed $50,000,000 (the “Bonds”) to finance and refinance the acquisition, construction, development and equipping of a 100-unit qualified residential rental project (the “Project”) to be owned and operated by the Borrower and located at 47155 Van Buren Street (APN 612-170-013), City of Indio, California (the “City”); and WHEREAS, an “applicable elected representative” of the jurisdiction in which the Project is to be located is required to approve the proposed plan of finance for the Project under Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”); and
WHEREAS, the City Council of the City (the “City Council”) is the elected legislative body of the City and is an “applicable elected representative” for purposes of Section 147(f) of the Code; and
WHEREAS, the Authority has advised that the Bonds may be issued pursuant to a “plan of finance” to issue an original issue of Bonds and to issue or reissue one or more additional series of Bonds from time to time after the original issue of Bonds, if necessary or desirable to comply with applicable legal requirements, all in an aggregate principal amount not to exceed $50,000,000 to finance the Project, and all within the three-year period commencing on the date of the issuance of the first series of Bonds pursuant to this resolution; and WHEREAS, the Authority has requested that the City Council approve the proposed plan of finance in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the “Agreement”), among certain local agencies, including the City; and
Resolution No. 10478, approving the issuance of tax-exempt revenue bonds... Page 415 of 420 WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the proposed plan of finance for the Project; NOW, THEREFORE, BE IT RESOLVED, by the City Council of Indio, as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council hereby approves the proposed plan of finance of the Authority to issue and reissue from time to time of one or more series of revenue bonds in an outstanding principal amount not to exceed $50,000,000. It is the purpose and intent of the City Council that this resolution constitute approval of the proposed plan of finance for the Project for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of a governmental unit having jurisdiction over the area in which the Project is to be located, in accordance with said Section 147(f) and (b) Section 4 of the Agreement.
Section 3. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this resolution and the financing transaction approved hereby.
Section 4. The City Clerk shall forward a certified copy of this Resolution to the Authority in care of its counsel:
Ronald E. Lee, Esq.
Jones Hall, APLC
475 Sansome Street, Suite 1700
San Francisco, CA 94111
Section 5. This resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 5th day of March 2025.
__________________________
GLENN MILLER
MAYOR
ATTEST:
_________________________________
SABDI SANCHEZ, MMC
DIRECTOR OF CITY CLERK SERVICES
Resolution No. 10478, approving the issuance of tax-exempt revenue bonds... Page 416 of 420 JFM Family Villas
47155 Van Buren St.
APN# 612-170-013
Resolution No. 10478, approving the issuance of tax-exempt revenue bonds...Page 417 of 420 JFM Villas Family Apartments
Attachment 12-A1: Narrative Description of Proposed Project Construction and Design Description
The JFM Villas Family Apartments will consist of 99 affordable housing units and 1 managers unit.
The development is being proposed as a large family and farmworkers project with fifty -one of the units being set aside for farmworkers and their families. The development will be built on 5.52 acres of vacant land at the northern portion of the existing Fred Young Farm Labor Camp located at 47155 Van Buren St., in the City Indio, Riverside County, California. The proposed site has a rectangular shape and a relatively flat topography. A lot split for the 5.5 2 acres will be recorded at the time of construction loan closing.
SITE AND UNIT DESCRIPTON
The development will consist of one (1) 2 -story building with four distinctive wings connected by corridor balconies. A total of 31 one -bedrooms, 34 two-bedrooms, 26 three -bedrooms, and 8 four- bedrooms units will be constructed as part of the development. A summary of type, size and number of units is below as well as a summary of all accessible units:
Summary Size (Sq. Ft.) Quantity Total (Sq. Ft.)
One-Bedroom / One Bath 715 31 22,165
Two-Bedroom /Two Bath 939 34 30,048
Two-bedroom/ Two Bath 1,014 2 2,028
Three-Bedroom/Two Bath 1,307 26 33,982
Four-Bedroom/Two Bath 1,472 8 11,776
One Manager’s Unit 1,307 1 1,307
Community Room , Managers Office (Mail Room,
Break Room, Administration Office, IT Room, Entry Lobby) 3,427 1 3,427
Childcare Center (Childcare rooms, Kitchen/Dining Area, Staff Breakroom, Office)
3,934 1 3,934
Total Buildable Area 108,666
Resolution No. 10478, approving the issuance of tax-exempt revenue bonds... Page 418 of 420
Accessible Units Summary
Unit Types 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom Total No. of Units
TOTAL NUMBER OF UNIT
TYPES
31 32 27 8 100
15% Fully Mobility Accessible units
required
4.65 5.1 4.05 1.2 15 Required
Fully Mobility Accessible Units
PROVIDED
5 6 5 2 18
Fully Adaptable Units PROVIDED 26 28 22 6 82
10% Communication Accessible Units
required
3.1 3.4 2.7 0.8 10 Required
Hearing & Visual Impaired Units
provided
4 4 3 1 12
Rents will be set at 30%, 40%, 50%, and 60% of area median income. An award of twenty -five (25) section 8 project -based vouchers from the Housing Authority of Riverside County was awarded for the project.
All units feature energy star rated efficient appliances, washers/dryers, dishwashers, garbage disposals, heat/air conditioners, carpeting, and blinds.
Site amenities will include a 3,531 sq. ft. community room, a computer room, a managers’ office, a mail room, a break room, a administration office. In addition to the community room there will be an approximately 3,934 sq. ft. day care center.
Service amenities will include Instructor-led Adult Educational and Wellness, or Skill Building classes such as computer training classes, a diabetes education program, a mobile clinic, COVID 19 Vaccines, Resource Fairs, and an after -school program for school age children. There will also be an on -site childcare facility which will be available to residents at a minimal fee. CVHC’s Resident Services department will be responsible for developing and implementing programs at JFM Villas Family Apartments.
The development will also feature a formal outdoor area and landscaped courtyard/green space. In keeping with the topography of the area, the site will be landscaped with drought tolerant desert landscaping providing residents with a vibrant natural aesthe tic. There will be 1 87 parking spaces constructed as part of the development. 103 spaces will be covered while the remaining 84 will be
uncovered. Of the 187 parking spaces, 99 are standard spaces, 8 are standard accessible spaces, 3 are van accessible spaces, and 11 are EV charger spaces, 47 EV ready spaces and 19 EV capable spaces.
Resolution No. 10478, approving the issuance of tax-exempt revenue bonds... Page 419 of 420
The project will be type-V-A construction, wood framing, fully sprinklered with color stucco walls, constructed on a concrete slab foundation. All buildings will conform to HUD building code standards.
The building will be serviced by 2 elevators, one at the east wing and the other at the west wing of the corridor building.
Green Building: This community is to be designed utilizing materials, equipment, and/or systems that will increase the energy efficiency of the buildings above Title 24 energy standards and will be powered entirely through electricity with no connections to natural gas infrastructure. A photovoltaic system will be constructed as part of the development.
Offsite Improvements : Currently, there are no offsite improvement costs identified as part of construction.
Per Unit Costs Exceeding $650,000: Over the last couple of years and with the construction of our most recent developments, The Coachella Valley Housing Coalition and its general contractors have seen a significant rise in per unit costs of its multifamily developments. Currently the per unit cost for the JFM Villas Family Apartments is projected to be $771,336.
From the developer standpoint, factors that have had an impact on costs include higher insurance rates, increased construction loan interest rates, and increased development impact fees. On the construction side, general contractors are also seeing a rise in insurance rates, as well as an increase in material costs, i.e. high-priced concrete, lumber increased by at least 24% since COVID. Our contractors report that although lumber pricing for 2024 has maintained a steady pace, the prices are still much hig her than pre-COVID pricing. Contractors are also having a hard time e mploying and retaining qualified construction workers. Prevailing wage requirements are also a factor, inflation in fuel pricing which impacts the delivery prices for materials and longer construction schedules. Whereas before a job scheduled to be completed in 14 – 16 months was common, projects are now running anywhere between 18 – 24 months to complete, this is due to long lead times from material suppliers. Based on what we experienced with the last project, the lead times of 18 – 24 months still exist for a switchgear to be received by the contractor. When projects last longer, the General Requirements for the project are higher and add additional costs to the project because temporary facilities and salaries still need to be paid during this time. Exposure to other materia l changes also increase if prices are not “locked in.” Nowadays, most subcontractors and supply houses are offering shorter price “guarantees”, some being as short as two weeks. When this occurs, prices cannot be locked in, and therefore prices are likely to increase. Longer lead times will lead to higher prices. Overall, these and many other factors have caused an increase in the cost of construction making it harder to keep projects under the $650,000 per unit cost.
Construction Timeline:
Construction is scheduled to begin in May 2025 with a completion date of November 2026.
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