HomeMy WebLinkAbouta200 staff reportCITY OF NATIONAL CITY, CALIFORNIA
COUNCIL AGENDA STATEMENT
MEETING DATE: 'October 16, 2012
AGENDA ITEM NO.
ITEM TITLE:
Public Hearing for the approval by the City of National City of the issuance of multifamily housing
revenue bonds for the purpose of financing the acquisition and rehabilitation of Park Villas
Apartments in National City
PREPARED BY: Carlos Aguirre e9t.
PHONE: (619) 791-4282
EXPLANATION:
DEPARTMENT: Hou d Grants
APPROVED B
Pacific Housing, Inc (the "Applicant") has submitted to the California Statewide Communities
Development Authority (the "Authority") an application for the acquisition and rehabilitation of the Park
Villas Apartments project in National City through the issuance of tax-exempt obligations in an
aggregate principal amount not to exceed $34 million dollars. The Tax and Equity Fiscal Responsibility
Act of 1989 ("TEFRA") hearing process is a public accountability procedure involving the legislative
body of the local agency in which the proposed project is located.
During such process, the legislative body (City Council) conducts a public hearing providing
members of the community the opportunity to speak on behalf of or against the nature and location of
the proposed project to be financed with tax-exempt bonds. Notice of such hearing must be published
in a newspaper of general circulation at least 14 days prior to the date of the public hearing. A public
notice was published on October 1, 2012 in the legal notice sections of the San Diego Union Tribune.
After the public hearing is conducted, the City Council will consider a resolution approving the
issuance of the bonds as further explained in Attachment No. 1 to this report
FINANCIAL STATEMENT: APPROVED: IeLL Finance
ACCOUNT NO. APPROVED: MIS
The City of National City is not a party to the bond transaction and there is no fiscal impact to the City.
ENVIRONMENTAL REVIEW:
Not applicable to this report.
ORDINANCE: INTRODUCTION:
FINAL ADOPTION:
STAFF RECOMMENDATION:
Conduct the Public Hearing.;
BOARD / COMMISSION RECOMMENDATION:
Not applicable to this report.
ATTACHMENTS:
Attachment No. 1: Background Report
Attachment No. 2: Project Bond Application