TEFRA PUBLIC HEARING
BENNETT VALLEY APARTMENTS
702 & 716 BENNETT VALLEY ROAD AND
921 & 927 RUTLEDGE AVENUE
City Council Meeting
March 28, 2023
JULIE GAREN
Program Specialist
Housing and Community Services
1 TEFRA PUBLIC HEARING
Jurisdictions are required to hold a public
hearing and receive public comment.
Jurisdictions are required to approve bond
issuance prior to an award by the state.
Tax Equity and Fiscal Responsibility Act of
1982 (“TEFRA”) and Internal Revenue Code.
No fiscal impact on the General Fund - all
financial costs and repayment obligations are
the responsibility of the developer.
2 PROJECT
702 & 716 Bennett Valley Road and 921 & 927
Rutledge Avenue
Site of the former Bennett Valley Senior Center
3 PROJECT
62-unit affordable housing development
51% of the units set aside for formerly
homeless individuals and households
32 units targeted to households with
incomes up to 30% of Area Median
Income (“AMI”), 29 units targeted to
household incomes up to 50% AMI, and
one non-restricted manager unit
19 studios, 19 1-bd, 9 2-bd, 15 3-bd units 4
PREVIOUS APPROVALS
On June 29, 2021,City Council approved a
Disposition and Development Agreement for low-
income housing development on City property.
On January 11, 2022 declared the Real Property
owned by the City and located at 702 & 716
Bennett Valley Road and 921 & 927 Rutledge
Avenue, Santa Rosa California as exempt surplus
land, and finding that such declaration and
authorization is exempt from Environmental
Review under the California Environmental
Quality Act (“CEQA”)
5 RECOMMENDATION
It is recommended by the Housing and Community Services Department that the Council, (1) conduct a public hearing under the requirements of the Tax Equity and Fiscal
Responsibility Act of 1983 and the Internal Revenue Code of 1986, as amended; and (2) by resolution, approve the issuance of tax exempt multifamily housing revenue bonds by the
California Municipal Finance Authority in an aggregate amount not to exceed $30 million to finance and refinance the
acquisition, construction, development and equipping of Bennett Valley Apartments, a 62-unit affordable housing project located at 702 & 716 Bennett Valley Road and 921 & 927
Rutledge Avenue within the City of Santa Rosa.
6 QUESTIONS?
7