9112/23 Item#s
City of Santa Clara
City Council
September 12, 2023
CITY OF Item #5: 23-951
TEFRA Public Hearing for
L
1852 80 Saratoga Ave
THE MISSION CITY
Andrew Crabtree, Director
Community Development Department
1 City of
Santa Clara
The Center of What's Possible
80 Saratoga TEFRA Hearing
Background
• Developer: Pacific West Communities, Inc.
• Project: 200-units of low-income housing
• Land Use entitlements granted in 2022
• Developer applied to State for up to $95M
in tax-exempt bonds to finance the project
• Under the state Tax Equity and Fiscal
Responsibility Act (TEFRA), a public
hearing is required prior to issuing tax
exempt bonds Keysiona
2 POST MEETING MATERIAL
1 RTC# 23-951 RTC#23-951
City of
Santa Clara
The Center of What's Possible
80 Saratoga TEFRA Hearing
Background
• City will have no financial, legal, or moral obligation, liability or responsibility for the Project or repayment of the bonds • The bond issuer will share a small portion of its fees from this transaction with the City as a one-time grant
• Conducting the TEFRA hearing is a procedural action the City is required to take that will allow implementation of the project 3 3
City of
Santa Clara
The Center of What's Possible
80 Saratoga TEFRA Hearing
Recommendation
Hold a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing nd adopt a resolution approving the issuance of up to $95,000,000 i ax-exempt private-activity bonds by California Municipal Financ Authority (CMFA) for the benefit of a 200-unit Multifamily Rental Housing Project to be located in the City of Santa Clara, California at 80 Saratoga Avenue
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