3/13/2025
1 RiversideCA.gov1
RiversideCA.gov
TAX EQUITY AND FISCAL RESPONSIBILITY ACT (TEFRA) PUBLIC HEARING REGARDING BONDS FOR MULBERRY GARDENS FAMILY APARTMENTSCity Council March 25, 2025Finance Department RiversideCA.gov2
1. Revenue bond financing to fund capital projects2. Issued by the California Municipal Financing Authority(CMFA)3. Proceeds of the Bonds will be used to:•Finance and refinance the acquisition, construction,development and equipment of a qualified residentialproject named “Mulberry Gardens”BACKGROUND1 2 3/13/2025
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 from Mulberry Gardens Family LP•Issue revenue or refunding bonds in an amount not-to-exceed $65 million•Acquisition, construction, development and equipping of a150-unit qualified residential rental project, located at 2560Mulberry StreetTEFRA PUBLIC HEARING3 4 3/13/2025
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 theproject2. Adopt a resolution authoring the issuance of revenue or refundingbonds in an amount not-to-exceed $65 million by the CaliforniaMunicipal Finance Authority, on behalf of Mulberry Gardens LP; and3. Authorize the City Manager, or his designee, to execute all the requireddocuments, including making minor and non-substantive changes.RECOMMENDATIONS5 6