Title:
Title
(City Council / Housing Authority) Metro at 7th Phase I Tax Equity and Fiscal Responsibility Act Hearing, Approval of Tax-Exempt Bonds And Approval of Loan Commitment (Noticed 11/26/2019) [Two-Thirds Vote Required]
End
FileID
File ID: 2019-01503
Location
Location: Northwest corner of 7th Street and F Street, District 3
Recommendation:
Recommendation
Conduct a public hearing and upon conclusion: 1) pass a Motion by two-thirds vote waiving Sacramento City Code Section 4.04.020 and Council Rules of Procedure (Chapter 7, Section E.2.d) mandating that unless waived by a 2/3 vote of the City Council, all labor agreements and all agreements greater than $1,000,000 shall be made available to the public at least ten (10) days prior to council action; 2) a City Council Resolution indicating the City Council has conducted a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing related to the proposed acquisition, construction and permanent financing of Metro at 7th Phase I (Project); 3) a Housing Authority Resolution which a) indicates the intention of the Housing Authority of the City of Sacramento to issue up to $26,000,000 in tax-exempt mortgage revenue bonds to provide acquisition and construction financing for the Project, b) authorizes an application to the California Debt Limit Allocation Committee (CDLAC) for allocation authority to issue the bonds, and c) authorizes the Executive Director, or designee, to execute the necessary documents associated with the transaction; and 4) a City Council Resolution authorizing the Sacramento Housing and Redevelopment Agency (SHRA) to: a) amend the SHRA budget, b) approve a loan commitment of $1,200,000 comprised of Housing Trust Funds to the Project (Loan Commitment), c) execute a Loan Commitment and all necessary documents associated with this transaction with USA Properties Fund, Inc. and Jamboree Housing Corporation or related entity, and d) make related findings.
Contact: Christine Weich...
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