CITY OF SANTA ROSA
NOTICE OF PUBLIC HEARING
TEFRA PUBLIC HEARING AND ISSUANCE OF BONDS BY THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY IN AN AGGREGATE AMOUNT NOT TO EXCEED $30 MILLION FOR BENNETT VALLEY APARTMENTS – 702 & 716 BENNETT VALLEY ROAD AND 921 & 927 RUTLEDGE AVENUE
Notice is hereby given that a public hearing will be conducted by the City Council on Tuesday March 28, 2023, at or after 5:00 p.m. The purpose of the public hearing will be to receive public comment and recommendations prior to the City Council acting on the approval of the issuance, by the California Municipal Finance Authority (the “Authority”), a joint powers authority of which the City of Santa Rosa (the “City”) is a member, of tax- exempt revenue bonds or other obligations in an aggregate amount of Thirty Million Dollars ($30,000,000) including but not limited to revenue bonds, issued as part of a plan to finance or refinance the facilities described herein (the “Bonds”). The proceeds of the Bonds will be used to finance and refinance the acquisition, construction, renovation, and equipping of Bennett Valley Apartments, of a 62-unit affordable housing project located at 702 & 716 Bennett Valley Road and 921 & 927 Rutledge Avenue (the “Project, and pay certain expenses incurred in connection with the issuance of the Bonds and capitalized interest on the Bonds and to fund certain reserves.
The owner, borrower, and operator of the Project will be Freebird Bennett Valley LLC (the “General Partner”), an affiliate of Freebird Development Company, LLC (the “Sponsor”), on behalf of Bennett Valley Housing Partners, L.P., a California limited partnership, or an ownership entity to be created by the General Partner or another affiliate of the Sponsor (such limited partnership or other ownership entity, the “Borrower”)
The Bonds and the obligation to pay principal thereof and interest thereon and any redemption premium with respect thereto will not constitute indebtedness or an obligation of the City, the Authority, the State of California, or any political subdivision thereof, within the meaning of any constitutional or statutory debt limitation, or a charge against the general credit or taxing powers of any of them. None of the City, the State of California, or any political subdivision thereof will have any obligation to repay the Bonds or to acquire, construct, improve, equip or operate the Project. The Bonds shall be a limited obligation of the Authority, payable solely from certain revenues generally representing amounts derived from the Borrower.
Meeting access information (including instructions) and meeting documents are available online at: https://santa-rosa.legistar.com/Calendar. Members of the public can participate in the meeting by attending in person from Council Chamber at 100 Santa Rosa Avenue or via Zoom Webinar with the credentials listed below.
Online Access: www.zoom.us/join - Meeting ID: 868 7677 9687 Phone Access: Dial: 877 853 5257 (Toll Free) Meeting ID: 868 7677 9687
Comments and questions may be directed to Julie Garen, Program Specialist, Housing and Community Services, City of Santa Rosa, 100 Santa Rosa Avenue, Room 6, Santa Rosa, CA 95404, telephone (707) 543-4339, or [email protected].
Dina Manis, Interim City Clerk, City of Santa Rosa
PUBLISHED: March 17, 2023
The City of Santa Rosa does not discriminate against individuals with disabilities in its employment, services, benefits, facilities, programs, or activities. Requests for accommodations, auxiliary aids, or services necessary to participate in a City program, service, or activity, including printed information in alternate formats, are available by contacting the City Clerk's Office at 707-543-3015 (TTY Relay at 711) or [email protected]. Requests should be submitted as far in advance as possible, but no later than two business days before the scheduled meeting.