RECEIVED
San Jose City Clerk
CITY OF
SAN JOSE Mem0and41662
CAPITAL OF SILICON VALLEY
TO: Toni Taber, CMC FROM: Julia H. cooper
City Clerk
SUBJECT: Public Record DATE: March 27, 2023
Director's TEFRA Public Hearing
Attached are the following documents:
1. Certificate Numbers 2023-01, 2023-02, 2023-03 and 2023-04 each, a Declaration of Evidence of TEFRA Hearing
2. Agenda packet
3. Notice of Public Hearing for the Director's TEFRA Public Hearing on March 27, 2023, as requested by the City of San José as Issuer.
The TEFRA hearing was held for the following projects:
777 West San Carlos Apartments
• The Charles
• Tamien Station Affordable
• 1860 Alum Rock Apartments.
The agenda was posted as required by law.
Please file the attached documents as part of the public record. If you have any questions, please call Soumya Panday at extension 5-7042.
julia Cooper
JULIA H. COOPER
Director of Finance
Attachments
CC: Luz Cofresí-Howe, Finance Department
Qianyu Sun, Finance Department
S. Shasta Greene, City Attorney's Office
Hana Hardy, City Attorney's Office
Kemit Mawakana, Housing Department
CITY OF
SAN JOSE Memorandum
CAPITAL OF SILICON VALLEY
TO: Honorable Mayor Matt Mahan FROM: Julia H. Cooper
SUBJECT: Certificate of Finance Director's DATE: March 27, 2023 TEFRA Public Hearing
Approved Date
Pursuant to Municipal Code Section 5.06.430, the Finance Department held a Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing on March 27, 2023, at 10:00 a.m.
The hearing was held to give interested persons an opportunity to express their views for or against the issuance of tax-exempt multifamily housing revenue bonds for the acquisition and rehabilitation of the projects listed below.
Project Units Bond Certificate
Borrower Issuer San José Location
Name Amount No.
777 West San Jose City 266 Sunol St, 270
154 of San Sunol St, and 777
San Carlos Sunol $72,700,000 2023-01
Apartments Street LP José West San Carlos, San
José, CA 95126
551 Keyes Street, on
a parcel bordered to
the south by Keyes
Street and situated
The east of S.12th Street,
Charles 99 of San south of Interstate $55,000,000 2023-02 280 and west and
southwest of Coyote
Creek, San José, CA
95112
Tamien Tamien City 1197 Lick Avenue,
Station 135 Affordable, of San San José, CA 95110 2023-03 $75,000,000
Affordable L.P. José
1860 Alum Rock
1860 Alum Alum City Avenue, San José,
Rock 60 Rock, L.P. of San CA 95116 $38,000,000 2023-04
Apartments José
Director's TEFRA Hearing Memo to Mayor
March 27, 2023
Attached are the Certificates (2023-01, 2023-02, 2023-03, 2023-04) for your signature.
If you or your staff has any questions, please call Rick Bruneau at extension 57011.
JuliaN Cooper
JULIA H. COOPER
Director of Finance
Certificate No. 2023-1
of the
MAYOR
The undersigned, Matt Mahan, Mayor of the City of San José (the "City"), hereby certifies as follows:
I am the Mayor of the City, duly elected by the people of the City.
2. Pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), I am the chief elected executive officer of the City, and, as such, I am an "applicable elected representative" of the City authorized to approve the issuance of tax-exempt notes and bonds by or on behalf of the City.
The City of San José (the "City") proposes to issue one or more series of its tax- exempt revenue notes in an aggregate principal amount not to exceed $72,700,000 designated as City of San José, California Multifamily Housing Revenue Note (777 West San Carlos Apartments) or a similar title (referred to below as the "Bonds"), as part of a plan of financing, to finance the costs of the acquisition, construction and development by San José Sunol Street LP, a California limited partnership, or another entity formed by Danco Communities, of a 154-unit multifamily rental housing facility to be occupied by low-income and very low-income residents to be located at 266 Sunol St, 270 Sunol St, and 777 West San Carlos, San José, CA 95126 (the "Project"').
4. The City caused to be published on March 15, 2023, in the San Jose Post- Record, a newspaper of general circulation in the City, a notice of a public hearing that was held at San José City Hall on March 27, 2023, at 10:00 a.m. concerning the issuance of the Bonds, all in accordance with the requirements of Section 147(f) of the Code.
5. On March 27, 2023, the City's Director of Finance, pursuant to Municipal Code Section 5.06.430, held a duly noticed public hearing pursuant to Section 147(f) of the Code at which hearing interested persons were given an opportunity to express their views for or against the issuance of the Bonds and on the nature and location of the Project.
6. I have been provided with a summary of the hearing and information concerning the Project and the Bonds.
Pursuant to Section 147(f) of the Code, I hereby approve the issuance of an aggregate principal amount not to exceed $72,700,000 of the Bonds by the City.
8. This action is taken expressly for purposes of Section 147(f) of the Code, and in connection with the Project, or that the City will make any expenditures, incur any indebtedness or proceed with the financing of the Project.
Executed this 27 day of March - 2023.
Late than
MATT MAHAN
Mayor of the City of San José
Certificate No. 2023-2
of the
MAYOR
The undersigned, Matt Mahan, Mayor of the City of San José (the "City"), hereby certifies as follows:
1. 1 am the Mayor of the City, duly elected by the people of the City.
Pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), 1 am the chief elected executive officer of the City, and, as such, 1 am an "applicable elected representative" of the City authorized to approve the issuance of tax-exempt notes and bonds by or on behalf of the City.
The City of San José (the "City") proposes to issue one or more series of its tax- exempt revenue notes pursuant to a plan of financing in an aggregate principal amount not to exceed $55,000,000 (together with a like amount of refunding obligations) designated as City of San José, California Multifamily Housing Revenue Note (The Charles) or a similar title (referred to below as the "Bonds") to finance the costs of the acquisition, construction and development by Keyes, L.P., a California limited partnership, or another entity to be created by Charities Housing Development Corporation of Santa Clara County, of a 99-unit multifamily rental housing facility to be occupied by very low-income residents to be located at 55l Keyes Street, San José, CA 95112 (the "Project"'), on a parcel bordered to the south by Keyes Street and situated east of S. 12th Street, south of Interstate 280 and west and southwest of the Coyote Creek.
4. The City caused to be published on March 15, 2023, in the San Jose Post- Record, a newspaper of general circulation in the City, a notice of a public hearing that was held at San José City Hall on March 27, 2023, at 10:00 a.m. concerning the issuance of the Bonds, all in accordance with the requirements of Section 147(f) of the Code.
On March 27, 2023, the City's Director of Finance, pursuant to Municipal Code Section 5.06.430, held a duly noticed public hearing pursuant to Section 147(f) of the Code at which hearing interested persons were given an opportunity to express their views for or against the issuance of the Bonds and on the nature and location of the Project.
6. I have been provided with a summary of the hearing and information concerning the Project and the Bonds.
7. Pursuant to Section 147(f) of the Code, I hereby approve the issuance of an aggregate principal amount not to exceed $55,000,000 (together with a like amount of refunding obligations) of the Bonds by the City.
This action is taken expressly for purposes of Section 147(f) of the Code, and nothing contained herein shall be construed to signify that the Project complies with the planning, zoning, subdivision and building laws and ordinances applicable thereto or to suggest that the City or any officer or agent of the City will grant any such approval, consent or permit that may be required in connection with the Project, or that the City will make any expenditures, incur any indebtedness or proceed with the financing of the Project.
Executed this27 day of March 2023.
Mattleyllahan
MATT MAHAN
Mayor of the City of San José
Certificate No. 2023-3
of the
MAYOR
The undersigned, Matt Mahan, Mayor of the City of San José (the "City"), hereby certifies as follows:
I am the Mayor of the City, duly elected by the people of the City.
2. Pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), I am the chief elected executive officer of the City, and, as such, 1 am an "applicable elected representative" of the City authorized to approve the issuance of tax-exempt notes and bonds by or on behalf of the City.
The City of San José (the "City") proposes to issue one or more series of its tax- exempt revenue notes in an aggregate principal amount not to exceed $75,000,000 designated as City of San José, California Multifamily Housing Revenue Note (Tamien Station Affordable) or a similar title (referred to below as the "Bonds"), as part of a plan of financing, to finance the costs of the acquisition, construction and development by Tamien Affordable, LP, a California limited partnership, or another entity to be created by Core Affordable, LLC, of a 135-unit (including one manager unit) multifamily rental housing facility to be occupied by low-income, very low-income and extremely low-income residents to be located at | 197 Lick Avenue, San José, CA 95110 (the "Project").
4. The City caused to be published on March 15, 2023, in the San Jose Post- Record, a newspaper of general circulation in the City, a notice of a public hearing that was held at San José City Hall on March 27, 2023, at 10:00 a.m. concerning the issuance of the Bonds, all in accordance with the requirements of Section 147(f) of the Code.
On March 27, 2023, the City's Director of Finance, pursuant to Municipal Code Section 5.06.430, held a duly noticed public hearing pursuant to Section 147(f) of the Code at which hearing interested persons were given an opportunity to express their views for or against the issuance of the Bonds and on the nature and location of the Project.
6. I have been provided with a summary of the hearing and information concerning the Project and the Bonds.
7. Pursuant to Section 147(f) of the Code, I hereby approve the issuance of an aggregate principal amount not to exceed $75,000,000 of the Bonds by the City.
8. This action is taken expressly for purposes of Section 147(f) of the Code, and nothing contained herein shall be construed to signify that the Project complies with the planning, zoning, subdivision and building laws and ordinances applicable thereto or to suggest that the City or any officer or agent of the City will grant any such approval, consent or permit that may be required in connection with the Project, or that the City will make any expenditures, incur any indebtedness or proceed with the financing of the Project.
Executed this 27 day of March. 2023.
Matther Mahan
MATT MAHAN
Mayor of the City of San José
Certificate No. 2023-4
of the
MAYOR
The undersigned, Matt Mahan, Mayor of the City of San José (the "City"), hereby certifies as follows:
1. I am the Mayor of the City, duly elected by the people of the City.
Pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), I am the chief elected executive officer of the City, and, as such, I am an "applicable elected representative" of the City authorized to approve the issuance of tax-exempt notes and bonds by or on behalf of the City.
The City of San José (the "City") proposes to issue one or more series of its tax- exempt revenue notes in an aggregate principal amount not to exceed $38,000,000 designated as City of San José, California Multifamily Housing Revenue Note (1860 Alum Rock Apartments) or a similar title (referred to below as the "Bonds"), as part of a plan of financing, to finance the costs of the acquisition, construction and development by Alum Rock, L.P., a California limited partnership, or another entity to be created by Charities Housing Development Corporation of Santa Clara County, of a 60-unit multifamily rental housing facility to be occupied by low-income, very low-income and extremely low- income residents to be located at 1860 Alum Rock, San José, CA 95116 (the "Project").
4. The City caused to be published on March 15, 2023, in the San Jose Post- Record, a newspaper of general circulation in the City, a notice of a public hearing that was held at San José City Hall on March 27, 2023, at 10:00 a.m. concerning the issuance of the Bonds, all in accordance with the requirements of Section 147(f) of the Code.
On March 27, 2023, the City's Director of Finance, pursuant to Municipal Code Section 5.06.430, held a duly noticed public hearing pursuant to Section 147(f) of the Code at which hearing interested persons were given an opportunity to express their views for or against the issuance of the Bonds and on the nature and location of the Project.
6. I have been provided with a summary of the hearing and information concerning the Project and the Bonds.
Pursuant to Section 147(f) of the Code, I hereby approve the issuance of an aggregate principal amount not to exceed $38,000,000 of the Bonds by the City.
This action is taken expressly for purposes of Section 147(f) of the Code, and nothing contained herein shall be construed to signify that the Project complies with the planning, zoning, subdivision and building laws and ordinances applicable thereto or to suggest that the City or any officer or agent of the City will grant any such approval, consent or permit that may be required in connection with the Project, or that the City will make any expenditures, incur any indebtedness or proceed with the financing of the Project.
Executed this 27 day of March - 2023.
Mattkellatan
MATT MAHAN
Mayor of the City of San José
Sign In Sheet
CITY OF SAN JOSE - FINANCE DEPARTMENT
DIRECTOR'S TEFRA PUBLIC HEARING
SAN JOSE CITY HALL
200 East Santa Clara Street, Room T-1352
San José, CA 95113-1905
Sal a cope 0200a mance
Print Name Signature Title Company Name Address Phone Number 200 E. Santa Clara St, 13th
Julia H. Cooper cooper Director of Finance City of San José Floor, San José, CA 9511: 408-535-7001 200 E. Santa Clara St, 13th
Luz Cofresi-Howe Assistant Director of Finance City of San José Floor, San José, CA 95113 408-535-7041 Deputy Director Finance Debt & 200 E. Santa Clara St, 13th Qianyu Sun Treasury Division City of San José Floor, San José, CA 95113 408-535-7032 200 E. Santa Clara St, 13th
Rick Bruneau Deputy Director Finance Accounting City of San José Floor, San José, CA 95113 408-535-8310 200 E. Santa Clara St, 13th
Soumya Panday Financial Analyst City of San José Floor, San José, CA 95113 408-535-7042 200 E. Santa Clara St, 16th
Gabriel Rodriguez. Deputy City Attorney III U City of San José Floor, San José, CA 95113 408.535.1905 Development Officer - Housing 00 E. Santa Clara St, 121 Michael Jun Department City of San José loor, San José, CA 9511 408-534-2954 Jerry S Lity of San Soc - 200 E Santa clara
Jimmy Lin Development officer tons
Note: If your name is not on the list please fill in the details DECLARATION NO. 2023-1
A DECLARATION OF THE DIRECTOR OF FINANCE
OF THE CITY OF SAN JOSE
EVIDENCING A TEFRA HEARING
(777 WEST SAN CARLOS APARTMENTS)
WHEREAS, the City of San José (the "City") is authorized by Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California, as amended (the "Act"), to issue tax- exempt revenue notes for providing financing for the acquisition, construction, and development Capitovaie developers of mulifamily rental housing facilities located within the City of San Jose, WHEREAS, Danco Communities, a California corporation (the "Sponsor"), on behalf of San José Sunol Street LP, a California limited partnership, or an affiliated entity formed by the Sponsor (the "User'''), has requested that the City issue tax-exempt obligations in an aggregate amount not to exceed $72,700,000 (the "Obligations") pursuant to the Act for financing the construction and development of 777 West San Carlos apartments, a 154 unit (including one unrestricted manager's unit) affordable apartments facility to be located at 266 Sunol St, 270 Sunol St and 777 West San Carlos Street, San José, CA 95126 (the "Project"); and WHEREAS, it is intended that the interest on Obligations the City intends to issue to assist in the financing of the acquisition, construction and development of the Project would be excluded from the gross income of the owners of the Obligations for federal income tax purposes; and WHEREAS, the Obligations will constitute "qualified bonds" under Section 141(e) of the Internal Revenue Code of 1986 (the "Code") provided that, pursuant to Section 147(f) of the Code, the "applicable elected representative" of the City approves the issuance of the Obligations after a duly noticed public hearing ("TEFRA Hearing"); and WHEREAS, pursuant to Municipal Code Section 5.06.430, the City's Director of Finance is authorized to hold the TEFRA Hearing; and
WHEREAS, a notice of public hearing in a newspaper of general circulation in the City was published on March 15, 2023, to the effect that the TEFRA Hearing would be held by the City's Director of Finance on March 27, 2023, regarding the issuance of the Obligations by the City and the nature and location of the Proiect.
1 NOW THEREFORE, THE DIRECTOR OF FINANCE DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
SECTION 1. The City Director of Finance held the TEFRA Hearing on March 27, 2023.
SECTION 2. The adoption of this Declaration is solely for the purpose of evidencing the holding of the TEFRA Hearing as described in Section 1. Neither the City nor its staff have fully reviewed or considered the financial feasibility of the Project or the expected operation of the Project with regard to any State of California statutory requirements. Such adoption shall not obligate the City to issue the Obligations without further formal action to be taken by the City Council, including, but not limited to any obligation with respect to, (i) the approval of the financing documents by the City Council by resolution, (ii) the City to provide financing to the User for the acquisition, construction and development of the Project or to issue the Obligations or incur other debt taxable obligations for purposes of such financing; or (iii) the City, or any department of the City, to approve any application or request for, or take any other action in connection with, any environmental, General Plan, zoning or any other permit or other action necessary for the construction or operation of the Project.
EXECUTED 27 day of March. 2023.
City of San José, a
municipal corporation
Julia H. Cooper
Director of Finance
2 DECLARATION NO. 2023-2
A DECLARATION OF THE DIRECTOR OF FINANCE
OF THE CITY OF SAN JOSE
EVIDENCING A TEFRA HEARING
(THE CHARLES)
WHEREAS, the City of San Jose (the "City") is authorized by Chapter 7 of Part 5 of Division WHEREAS, Charities Housing Development Corporation of Santa Clara County, a California nonprofit corporation (the "Sponsor"), on behalf of Keyes, L.P., a California limited partnership, or another entity to be created by the Sponsor (the "User"), has requested that the City issue tax- exempt obligations, in one or more series, pursuant to a plan of financing, in the aggregate amount not to exceed $55,000,000 (together with a like amount of refunding obligations) (the "Obligations") pursuant to the Act for financing the acquisition, construction and development of The Charles, a 99-unit (including two unrestricted manager's units) multifamily rental housing project for very low-income and extremely low-income households, to be located at 551 Keyes Street in San José, CA 95112 (the "Project"), on a parcel bordered to the south by Keyes Street and situated east of S. 12th Street, south of Interstate 280 and west and southwest of the Coyote Creek; and
WHEREAS, it is intended that the interest on Obligations the City intends to issue to assist in the financing of the acquisition, construction and development of the Project would be excluded from gross income of the owners of the Obligations for federal income tax purposes; and WHEREAS, the Obligations will constitute "qualified bonds" under Section 141(e) of the Internal Revenue Code of 1986 (the "Code") provided that, pursuant to Section 147(f) of the Code, the "applicable elected representative" of the City approves the issuance of the Obligations after a duly noticed public hearing (TEFRA Hearing"); and WHEREAS, pursuant to Municipal Code Section 5.06.430, the City's Director of Finance is authorized to hold the TEFRA Hearing; and
WHEREAS, a notice of public hearing in a newspaper of general circulation in the City was published on March 15, 2023, to the effect that the TEFRA Hearing would be held by the City's Director of Finance on March 27, 2023, regarding the issuance of the Obligations by the City and the nature and location of the Project.
NOW THEREFORE, THE DIRECTOR OF FINANCE DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
SECTION 1. The City Director of Finance held the TEFRA Hearing on March 27, 2023.
SECTION 2. The adoption of this Declaration is solely for the purpose of evidencing the holding of the TEFRA Hearing as described in Section 1. Neither the City nor its staff have fully reviewed or considered the financial feasibility of the Project or the expected operation of the Project with regard to any State of California statutory requirements. Such adoption shall not obligate the City to issue the Obligations without further formal action to be taken by the City Council, including, but not limited to any obligation with respect to, (i) the approval of the financing documents by the City Council by resolution, (ii) the City to provide financing to the User for the acquisition, construction and development of the Project or to issue the Obligations or incur other debt taxable obligations for purposes of such financing; or (iii) the City, or any department of the City, to approve any application or request for, or take any other action in connection with, any environmental, General Plan, zoning or any other permit or other action necessary for the construction or operation of the Project.
EXECUTED 27 day of_ march. 2023.
City of San José, a
municipal corporation
BY: JuliaN Cosper
Julia/H. Cooper
Director of Finance
2 DECLARATION NO. 2023-3
A DECLARATION OF THE DIRECTOR OF FINANCE
OF THE CITY OF SAN JOSE
EVIDENCING A TEFRA HEARING
(TAMIEN STATION AFFORDABLE)
WHEREAS, the City of San José (the "City") is authorized by Chapter 7 of Part 5 of Division WHEREAS, Core Affordable Housing, LLC, a California limited liability company (the Sponsor"), on behalf of Tamien Affordable, L.P., a California limited partnership, or an affiliated entity formed by the Sponsor (the "User"), has requested that the City issue tax-exempt obligations in the aggregate amount not to exceed $75,000,000 (the "Obligations") pursuant to the Act for financing the acquisition, construction and development of Tamien Station Affordable, a 135- unit (including one unrestricted manager's unit) multifamily rental housing project for low income, very low-income and extremely low-income households, to be located at 1197 Lick Avenue, San José, CA 95110 (the "Project"); and
WHEREAS, it is intended that the interest on Obligations the City intends to issue to assist in the financing of the acquisition, construction and development of the Project would be excluded from the gross income of the owners of the Obligations for federal income tax purposes; and WHEREAS, the Obligations will constitute "qualified bonds" under Section 141(e) of the Internal Revenue Code of 1986 (the "Code") provided that, pursuant to Section 147(f) of the Code, the "applicable elected representative" of the City approves the issuance of the Obligations after a duly noticed public hearing ("TEFRA Hearing"); and Authorize 5, porse T Ra Hearing a Section 5,06.430, the Ciry's Director of Finance is WHEREAS, a notice of public hearing in a newspaper of general circulation in the City was published on March 15, 2023, to the effect that the TEFRA Hearing would be held by the City' Director of Finance on March 27, 2023, regarding the issuance of the Obligations by the City and the nature and location of the Project.
NOW THEREFORE, THE DIRECTOR OF FINANCE DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
SECTION 1. The City Director of Finance held the TEFRA Hearing on March 27, 2023.
SECTION 2. The adoption of this Declaration is solely for the purpose of evidencing the holding of the TEFRA Hearing as described in Section 1. Neither the City nor its staff have fully reviewed or considered the financial feasibility of the Project or the expected operation of the Project with regard to any State of California statutory requirements. Such adoption shall not obligate the City to issue the Obligations without further formal action to be taken by the City Council, including, but not limited to any obligation with respect to, (i) the approval of the financing documents by the City Council by resolution, (ii) the City to provide financing to the User for the acquisition, construction and development of the Project or to issue the Obligations or incur other debt taxable obligations for purposes of such financing; or (iii) the City, or any department of the City, to approve any application or request for, or take any other action in connection with, any environmental, General Plan, zoning or any other permit or other action necessary for the construction or operation of the Project.
EXECUTED 27 day of march, 2023.
City of San José, a
municipal corporation
BY:_ pile ~ Compa
Julia H. Cooper
Director of Finance
DECLARATION NO. 2023-4
A DECLARATION OF THE DIRECTOR OF FINANCE
OF THE CITY OF SAN JOSE
EVIDENCING A TEFRA HEARING
(1860 ALUM ROCK APARTMENTS)
WHEREAS, the City of San José (the "City") is authorized by Chapter 7 of Part 5 of Division WHEREAS, Charities Housing Development Corporation of Santa Clara County, a California nonprofit public benefit corporation (the "Sponsor"), on behalf of Alum Rock, L.P., a California limited partnership, or an affiliated entity formed by the Sponsor (the 'User"), has requested that the City issue tax-exempt obligations in the aggregate amount not to exceed $38,000,000 (the "Obligations") pursuant to the Act for financing the acquisition, construction, and development of 1860 Alum Rock Apartments, a 60 unit (including one unrestricted manager's unit) multifamily rental housing project for extremely low-income, very low-income and low-income households, to be located at 1860 Alum Rock Avenue, San José, CA 95116 (the "Project"); and WHEREAS, it is intended that the interest on Obligations the City intends to issue to assist in the financing of the acquisition, construction and development of the Project would be excluded from the gross income of the owners of the Obligations for federal income tax purposes; and WHEREAS, the Obligations will constitute "qualified bonds" under Section 141(e) of the Internal Revenue Code of 1986 (the "Code") provided that, pursuant to Section 147(f) of the Code, the "applicable elected representative" of the City approves the issuance of the Obligations after a duly noticed public hearing (TEFRA Hearing"); and WHEREAS, pursuant to Municipal Code Section 5.06.430, the City's Director of Finance is authorized to hold the TEFRA Hearing; and
WHEREAS, a notice of public hearing in a newspaper of general circulation in the City was published on March 15, 2023, to the effect that the TEFRA Hearing would be held by the City's Director of Finance on March 27, 2023, regarding the issuance of the Obligations by the City and the nature and location of the Project.
NOW THEREFORE, THE DIRECTOR OF FINANCE DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
SECTION 1. The City Director of Finance held the TEFRA Hearing on March 27, 2023.
SECTION 2. The adoption of this Declaration is solely for the purpose of evidencing the holding of the TEFRA Hearing as described in Section 1. Neither the City nor its staff have fully reviewed or considered the financial feasibility of the Project or the expected operation of the Project with regard to any State of California statutory requirements. Such adoption shall not obligate the City to issue the Obligations without further formal action to be taken by the City Council, including, but not limited to any obligation with respect to, (i) the approval of the financing documents by the City Council by resolution, (ii) the City to provide financing to the User for the acquisition, construction and development of the Project or to issue the Obligations or incur other debt taxable obligations for purposes of such financing; or (iii) the City, or any department of the City, to approve any application or request for, or take any other action in connection with, any environmental, General Plan, zoning or any other permit or other action necessary for the construction or operation of the Project.
EXECUTED 27 day of march, 2023.
City of San José, a
municipal corporation
BY:
Julia H. Cooper
Director of Finance
2 CITY OF
SANJOSE Finance Department
CAPITAL OF SILICON VALLEY
SAN JOSE FINANCE DEPARTMENT
FINANCE DIRECTOR'S TEFRA HEARING
San José City Hall
200 East Santa Clara Street, Room T-1352
San José, CA 95113-1905
Meeting Agenda
March 27, 2023, 10:00 a.m.
Julia H. Cooper, Director of Finance
Due to technical difficulties, the original hearing via Zoom on February 27, 2023 was not held. This is to reschedule the hearing. The March 27, 2023 hearing will be held in person.
1. Call to Order
2. Evidence
Consider and File Evidence of the TEFRA hearings held on March 28, 2022, which have been posted by the City along with the agenda.
3. Public Hearing
The public hearing (known as a TEFRA hearing) is required by Section 147(f) of the Internal Revenue Code of 1986 to provide an opportunity for the public to comment on the proposed issuance of tax-exempt obligations (Notes). Following consideration of oral petitions and staff recommendation, the Mayor of San José will execute a certificate indicating that the hearing was held for the following projects and the certificate will be filed with the City Clerk.
1. Name: 777 West San Carlos Apartments
Location: 266 Sunol St, 270 Sunol St and 777 West San
Carlos, San José, CA 95126
Owner/User: San José Sunol Street LF
Issuer: City of San José
Note Amount: $72,700,000
2. Name: The Charles
Location: 551 Keyes Street, San José, CA 95112
Owner/User: Keyes, L.P.
Issuer: City of San José
200 E. Santa Clara St. 13 Floor, San José, CA 95113-1905 tel (408) 535-7010 fax (408) 292-6482 www.sanjoseca.gov
CITY OF
SAN JOSE Finance Department
CAPITAL OF SILICON VALLEY
Note Amount: $55,000,000
3. Name: Tamien Station Affordable
Location: 1197 Lick Avenue, San José, CA 95110
Owner/User: Tamien Affordable, LP
Issuer: City of San José
Note Amount: $75,000,000
1860 Alum Rock Apartments
Location: 1860 Alum Rock Avenue, San José, CA 95116
Owner/User: Alum Rock, L.P.
Issuer: City of San José
Note Amount: $38,000,000
Any comments provided at these hearings will be made available to the City Council prior to it taking action on note issuance resolutions
5. Adjournment
:
200 E. Santa Clara St. 13" Floor, San José, CA 95113-1905 tel (408) 535-7010 fax (408) 292-6482 www.sanjoseca.gov DECLARATION NO. 2022-1
A DECLARATION OF THE DIRECTOR OF FINANCE
OF THE CITY OF SAN JOSE
EVIDENCING A TEFRA HEARING
(ALGARVE APARTMENTS)
WHEREAS, the City of San Jose (City) is authorized by Chapter 7 of Part 5 of Division 3l of WHEREAS, on behalf of Algarve Apartments Development, LP, a California limited partnership, or another affiliated entity to be formed by the Reed Community Partners (Borrower), Reed Community Partners requested the City to issue tax-exempt obligations in the aggregate amount not to exceed $32,532,700 (Obligations) pursuant to the Act for financing the acquisition, construction and development of a 91-unit (including one unrestricted manager's unit) residential rent and income-restricted apartments project located at 1135 East Santa Clara Street, San José, CA 95116 (Project'); and
WHEREAS, it is intended that the interest on Obligations the City intends to issue to assist in the financing of the acquisition, construction and development of the Project would be excluded from gross income of the owners of the Obligations for federal income tax purposes; and WHEREAS, the Obligations will constitute "qualified bonds" under Section 141(e) of the Internal Revenue Code of 1986 (Code) provided that, pursuant to Section 147(D) of the Code, the "applicable elected representative" of the City approves the issuance of the Obligations after a duly noticed public hearing (TEFRA Hearing); and
WHEREAS, pursuant to Municipal Code Section 5.06.430, the City Director of Finance is authorized to hold the TEFRA Hearing; and
WHEREAS, a notice of public hearing in a newspaper of general circulation in the City was : published on March 16, 2022, to the effect that the TEFRA Hearing would be held by the City's Director of Finance on March 28, 2022, regarding the issuance of the Obligations by the City and the nature and location of the Project.
1 NOW THEREFORE, THE DIRECTOR OF FINANCE DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
SECTION 1. The City Director of Finance held the TEFRA Hearing on March 28, 2022 at which hearing interested persons were given an opportunity to express their views for or against the issuance of the Obligations and on the nature and location of the Project.
SECTION 2. The adoption of this Declaration is solely for the purpose of evidencing the Borrower for the acquisition, construction and development of the Project or to issue the Obligations or incur other debt taxable obligations for purposes of such financing; or (Iii the City, or any department of the City, to approve any application or request for, or take any other action in connection with, any environmental, General Plan, zoning or any other permit or other action necessary for the construction or operation of the Project EXECUTED_28 day of _April _2022.
City of San José, a
municipal corporation
Dele: 20220428 20 08.30 ar00
BY:
Julia H. Cooper
Director of Finance
.......
2 :
DECLARATION NO. 2022-2
A DECLARATION OF THE DIRECTOR OF FINANCE
OF THE CITY OF SAN JOSE
EVIDENCING A TEFRA HEARING
(MCEVOY APARTMENTS)
WHEREAS, the City of San José (City) is authorized by Chapter 7 of Part 5 of Division 31 of WHEREAS, on behalf of McEvoy Street, LP, a California limited partnership, or an affiliated entity formed by the First Community Housing, a California non-profit corporation (Borrower), First Community Housing has requested the City to issue tax-exempt obligations in the aggregate amount not to exceed $64,160,884 (Obligations) pursuant to the Act for financing the acquisition, construction and development of a 224-unit (including two unrestricted managers' units) residential rent and income-restricted apartments project located at 280 McEvoy Street (also known as 699 W. San Carlos Street), San José, CA 95126 (Project); and WHEREAS, it is intended that the interest on Obligations the City intends to issue to assist in the financing of the acquisition, construction and development of the Project would be excluded from gross income of the owners of the Obligations for federal income tax purposes; and WHEREAS, the Obligations will constitute "qualified bonds" under Section 141(e) of the Internal Revenue Code of 1986 (Code) provided that, pursuant to Section 147(f) of the Code, the "applicable elected representative" of the City approves the issuance of the Obligations after a duly noticed public hearing (TEFRA Hearing); and
WHEREAS, pursuant to Municipal Code Section 5.06.430, the City Director of Finance is authorized to hold the TEFRA Hearing; and
:
WHEREAS, a notice of public hearing in a newspaper of general circulation in the City was : published on March 16, 2022, to the effect that the TEFRA Hearing would be held by the City Director of Finance on March 28, 2022, regarding the issuance of the Obligations by the City and the nature and location of the Project.
:
NOW THEREFORE, THE DIRECTOR OF FINANCE DOES HEREBY RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
SECTION 1. The City Director of Finance held the TEFRA Hearing on March 28, 2022. roject with regard to any State of California statutory requirements. Such adoption shall n ligate the City to issue the Obligations without further formal action to be taken by the Ci ouncil, including, but not limited to any obligation with respect to, (i) the approval of the inancing documents by the City Council by resolution, (il) the City to provide financing to th action in connection with, any environmental, General Plan, zoning or any other permit or other action necessary for the construction or operation of the Project.
EXECUTED_28_ day of_April , 2022.
City of San José, a
municipal corporation
coUS
BY: Date: 202204282008 14 0700
Julia H. Cooper
Director of Finance
.......
2 SAN JOSE POST-RECORD
Mailing Address : 95 S MARKET ST STE 440, SAN JOSE, CA 95113 elephone (408) 287-4866 / Fax (408) 287-254
/isit us @ www.LegalAdstore.con
LEGAL PUBLICATIONS
SAN JOSE CITY CLERK
200 E. SANTA CLARA ST., 14TH FL.
SAN JOSE, CA 95113 SJ# 3680309
Tax Equity and Fiscal Responsibilit
Act ("TEFRA"
COPY OF NOTICE
amounts
indicated
aquisitior construction,
GPHSJ SAN JOSE CITY PUBLIC HEARING evelopment of the following affordabl Notice Type:
Prosing roams: 1860 Alum Rock
Project
Ad Description Aocation: 1860 Alum Rock Avenue, San 60 units TEFRA NOTICES - 03/27/2023 José, California 95116
Borrower/User: Alum Rock, L.P
mount: $38,000.001
To the right is a copy of the notice you sent to us for publication in the SAl on a parcel JOSE POST-RECORD. Thank you for using our newspaper. Please read thi Keyes Streel and situaled east of S. and situated east of S. i2zh Street, and notice carefully and call us with any corrections. The Proof of Publication will vest and southwest of the Coyote Creek n San José, California 95112
be filed with the County Clerk, if required, and mailed to you after the last date orrower/User: Keyes, L. below. Publication date(s) for this notice is (are): mount: $55,000,00 Project Name: Tamien Station
03/15/2023 Affordable, 135 units
Location: 1197 Lick Avenue, San José.
Califomia 95110
Borrower/User: Tamien Affordable, L.F
Amount: $75,000,000
Project Name: 777 West San Carlos, 154
West José.
The charge(s) for this order is as follows. An invoice will be sent after the last California 95126 date of publication. If you prepaid this order in full, you will not receive an Borrower/User: San Jose Sunol Street LF Amount: $72,700,000
invoice. All those interested in matters related to
Publication $76.50
session,
Total $76.50
San José,
Daily Journal Corporation Dated: March 15, 2023
Serving your legal advertising needs throughout California. city or sa lot, Calice 3/15/23
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