Stockton City Council Agenda Item 16.2June 18, 2024
TEFRA PUBLIC HEARING FOR THE GRAND VIEW APARTMENTS LOCATED AT 240 EAST MINER AVE & 240 NORTH HUNTER ST Visionary Home Builders of California
Bonds were used to finance the acquisition, construction, improvement, and equipping of the 75-unit rental housing facility for low-income households, located at 240 E. Miner Ave. Stockton CA 95202 TEFRA Hearing•City Council approval is required by Tax and Equity Fiscal Responsibility Act (TEFRA), Section 147(f) of the Internal Revenue Code•Role of Council is to certify public benefit of project for the purpose of facilitating financing•The City will incur no debt or liability with the approval of the issuance of the Revenue Bonds•The required public notice was published in The Record on Friday June 7, 2024.•The City Council originally granted TEFRA approval for the bond financing of the Project on January 12, 2021. Under the Tax Code, that approval expired on January 11, 2024. A renewal of that approval is required to complete the construction close-out.
The project was completed February 01, 2024, and the building was 100% leased by February 21, 2024.
1. Renew the approval for the reissuance of bonds by CMFA in the amount not to exceed $23 million on behalf of the Visionary Home Builders of California, Incorporated, a California nonprofit corporation. This renewal is our final request in order to complete the transition of construction close-out ; and2. Authorize the City Manager to take appropriate actions necessary to carry out the purpose and intent of the resolution.