Goodwill Industries
of San Joaquin Valley, Inc.
TEFRA PUBLIC HEARING
Stockton City Council
November 15, 2022
Agenda Item 16.1
Background
• California Enterprise Development Authority (“CEDA”) has requested approval to issue $14,500,000 of tax-exempt conduit financing on behalf of Goodwill Industries of San Joaquin Valley, Inc., a California nonprofit public benefit corporation.
• CEDA is a joint exercise of powers authority (“JPA”) established by the California Association for Local Economic Development (“CALED”) to issue tax-exempt and taxable conduit revenue bonds to fund commercial and industrial development projects that provide a public benefit and serve residents within member jurisdictions.
• There are more than 200 cities and counties that are associate members of CEDA.
• Bonds will be used to finance, refinance and/or reimburse the cost of acquiring, constructing, improving, equipping, and furnishing a commercial facility located at 4533 Alitalia Avenue for the use of Goodwill’s corporate headquarters and distribution facility.
TEFRA Hearing
• City Council approval is required by Tax and
Equity Fiscal Responsibility Act (TEFRA),
Section 147(f) of the Internal Revenue Code.
• The role of Council is to certify the public benefit
of the project for the purpose of facilitating
financing.
• The City will incur no financial, legal, or moral
obligation, liability, or responsibility for the
Project of the repayment of the financing.
• Public Notice
• Posted on CEDA’s primary website at
• Published in The Record on October 25, 2022
The Project – Public Benefit
• Goodwill operates its corporate office, retail
shop, and bulk buying location in Stockton.
• 4533 Alitalia Avenue – The Project
• Provide more than 25 new jobs in the community.
• Allow Goodwill to increase the number of people
with disabilities served.
• Result in the diversion of more than 30% of
materials from community landfills.
• Result in an increase in the efficiency and safety of Goodwill’s workforce and those they serve.
Project Site
Recommendation
Adopt a resolution:
1. Conduct a public hearing under the
requirements of TEFRA and the Internal
Revenue Code of 1986; and
2. Approve the issuance of $14,500,000 of
CEDA tax-exempt conduit obligations for the
benefit of Goodwill Industries of San Joaquin
Valley, Inc. to provide for the financing of the
Project.