“BOLD” FINANCING
FOR THE CANOPY
February 17, 2026
City Council Meeting
AGENDA
2 I. Objective
II. Background
III. Discussion
IV. Recommendation
V. Questions
OBJECTIVE
1. Hold public hearing on BOLD Program
2. Adopt Resolution joining CMFA
3. Adopt Resolution authorizing BOLD solely for City Ventures’ The Canopy development project
3 BACKGROUND
▪ April2, 2024
▪ City Council
approveda 80-unit
townhouse project
(“The Canopy”)
4 ▪ December 17, 2024
▪ City Council
approved the Final
Map for The Canopy
DISCUSSION
5 ▪ CMFA – California Municipal Finance Authority
▪ BOLD – Bond Opportunities for Land Development Program ▪ Offered by CMFA for financing of housing development
CMFA
6 ▪ California Municipal Finance Authority (CMFA) is a State-wide joint powers authority (“JPA”) whose members are numerous public entities throughout California.
▪ CMFA has the authority to act on behalf of its members to provide a variety of services to its member public agencies, including formation of community facilities districts and issuance of bonds to meet its mission of supporting economic development, job creation and social programs throughout the State of California (the “State”), while giving back to California communities.
▪ Over 100 cities are members of CMFA, including Windsor, Santa Rosa, Napa, and Mill Valley.
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6 BOLD: THE CANOPY
Maximum Annual Assessment/Unit: $3,220
DISCUSSION ▪ City Ventures applying to
CMFA to use the BOLD
Program to fund
development impact fees for
“The Canopy” project
▪ Future homeowners would
have an extra line on their
property tax bill
▪ Income-restricted units will
be exempt from the
special assessment
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