11/6/2024
1 RiversideCA.gov1
RiversideCA.gov
TAX EQUITY AND FISCAL RESPONSIBILITY ACT (TEFRA) PUBLIC HEARING FOR THE SUNRISE AT BOGART APARTMENTS PROJECTCity Council November 19, 2024Finance Department RiversideCA.gov2
1. Revenue bond financing to fund capital projects2. Issued by California Municipal Financing Authority(CMFA)3. Bonds related to the acquisition, construction,development and equipping of a 23-unit qualifiedresidential rental project located at 11049 BogartAvenue, Riverside, CaliforniaBACKGROUND1 2 11/6/2024
2 RiversideCA.gov3
•Section 147(f) of the IRS Code of 1986 requires anyissuance of private activity revenue bonds beapproved by the local government entity within whichthe project is located•Requires a TEFRA public hearing to allow members ofthe public to comment on the project•City is not under any obligation to repay the bondedindebtednessTAX-EXEMPT REVENUE BONDS RiversideCA.gov4
•Request from Sunrise at Bogart, LP, an entity created byMany Mansions, a California nonprofit public benefitcorporation•Issue revenue or refunding bonds in an amount not-to-exceed $15 million•Acquisition, construction, development, and equipping ofa 23-unit qualified residential rental project located at11049 Bogart Avenue, Riverside, CaliforniaTEFRA PUBLIC HEARING3 4 11/6/2024
3 RiversideCA.gov5
Strategic Priority No. 2 – Community Well-BeingGoal 2.1 - Facilitate the development of a quality and diverse housing supply that is available and affordable to a wide range of income levels.Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
RiversideCA.gov6
That the City Council:1. Conduct the Tax Equity and Fiscal Responsibility Act (TEFRA) PublicHearing regarding the issuance of revenue or refunding bonds for a 23-unit qualified residential rental project to be located at 11049 BogartAvenue, Riverside, California;2. Adopt a resolution to authorize the issuance of revenue or refundingbonds in an amount not-to-exceed $15 million by the CaliforniaMunicipal Finance Authority on behalf of Sunrise at Bogart, LP, aCalifornia Limited partnership company for the project;3. Authorize the City Manager, or his designee, to execute all the requireddocuments, including making minor and non-substantive changes.RECOMMENDATIONS5 6