Stockton City Council
November 19, 2024
Agenda Item 16.2
TEFRA PUBLIC HEARING FOR THE
LA PASSEGGIATA APARTMENTS
LOCATED AT 622 E. LINDSAY
STREET, STOCKON CA
Visionary Home Builders of
California, Inc
Background
• California Municipal Finance Authority (CMFA) has requested approval to issue up to $50 million of tax-exempt Revenue Bonds on behalf of Visionary Home Builders of California, Inc., a California nonprofit corporation.
• CMFA is a Joint Powers Authority formed to assist local governments, nonprofit organizations, and businesses with the issuance of both taxable and tax-exempt debt
• Members include Stockton and over 240 municipalities
• Bonds will be used to finance the acquisition, construction, improvement and equipping of the 94-unit rental housing facility for low-income households to be located at 622 E. Lindsay Street, Stockton CA.
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
• Public Notice
• The required public notice was published in The Stockton Record on Friday November 8, 2024
• Visionary Home Builders (VHB)
• Founded in 1983, from a small group of farm workers whose sole purpose was to improve the living environment for farm workers. VHB has grown into a prominent leader in the development of quality affordable housing in the Central Valley region
• VHB has built more than 700 single-family homes and developed more than 1,200 units of rental housing
• Public Benefit
• The development is part of the initiative to build on surplus land owned by the State of California (EO N-06-19 issued January 2019) • The project will consist of 94 energy efficient units with LEED Certification • The development will consist of two buildings, 5 and 6 stories high, with a breezeway connecting both buildings
• Construction is expected to begin in 2025
The Project – Public Benefit
Project Site
La Passeggiata Exterior Elevations
1. Approving the issuance of bonds by CMFA in the amount not to exceed $50 million on behalf of Visionary Home
Builders of California, Incorporated, a California nonprofit corporation; and
2. Authorizing the City Manager, or designee, to take actions that are necessary and appropriate to carry out the purpose and intent of the resolution.