2/13/2025
1 RiversideCA.gov1
RiversideCA.gov
TAX EQUITY AND FISCAL RESPONSIBILITY ACT (TEFRA) PUBLIC HEARING FOR BRANDON PLACE APARTMENTS PROJECTCity Council February 25, 2025Finance Department RiversideCA.gov2
•Revenue bond financing to fund capital projects•Issued by California Statewide CommunitiesDevelopment Authority (CSCDA)•Bonds related to the acquisition, construction,development and equipping of a 197-unit multi-familyresidential rental project located at 3941 Polk Street,Riverside, CaliforniaBACKGROUND1 2 2/13/2025
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 received from Brandon Place, LP, an entitycreated by the developer Spira Equity Partners•Issue revenue or refunding bonds in an amount not-to-exceed $40 million•Acquisition, construction, development, and equipping ofa 197-unit affordable multifamily residential rental projectlocated at 3941 Polk Street, Riverside, CaliforniaTEFRA PUBLIC HEARING3 4 2/13/2025
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 197-unit multi-family housing residential rental project located at 3941 PolkStreet within the City of Riverside;2. Adopt a resolution to authorize the issuance of revenue or refundingbonds in an amount not-to-exceed $40 million by the CaliforniaStatewide Communities Development Authority on behalf of BrandonPlace, LP, (the “Borrower”); and3. Authorize the City Manager, or his designee, to execute all the requireddocuments, including making minor and non-substantive changes.RECOMMENDATIONS5 6