HomeMy WebLinkAboutAGENDA REPORT 1999 0217 CC REG ITEM 10MWiz
FROM:
DATE:
MOORPARK CITY COUNCIL
AGENDA REPORT
Honorable City Council
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CITY OF MOORPARK, CALIFORNIA
City Council Meeting
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John E. Nowak, Assistant City Manager =IeN
04 February 1999 (Council Meeting of 02- 17 -99)
SUBJECT: Consider Approving Assistance with the
Refinancing of Bonds for Archstone Communities
and Setting a Date for a Tax Equity Fiscal
Responsibility Act Hearing
BACKGROUND: In 1997 Archstone Communities purchased the
Le Club Apartments in the City of Moorpark and the City
assisted in the sale of bonds for the purchase in June
1997. Archstone desires to refinance the bonds along with
other properties it owns. The City's assistance is again
being requested.
DISCUSSION: In 1997 Archstone Communities purchased the
Le Club Apartments in Moorpark and requested the City's
assistance in refinancing the bonds that had been issued
for construction. In June 1997 the City approved the
refinancing. Archstone Communities is proposing to
refinance those bonds along with the bonds issued for other
properties that it owns, but requires the City's
assistance.
The City would be required to hold a Tax Equity and
Financial Responsibility Act (TEFRA) hearing on the
proposed bond refinance. Staff proposes that this be held
on March 17, 1999. In addition the Council would need to
approve amendments to the various covenants on the bonds
before they can be sold. These would be developed with the
assistance of the City's consultants, Urban Futures, Inc.
and well as financial implications to the City.
oOO214
Bond Refinancing Assistance
Meeting of 17 February 1999
Page 02
RECOMMENDATION: Staff recommends that the City Council
approve providing assistance for Archstone Communities,
proposed refinancing of bonds for Le Club Apartments and
set the TEFRA hearing for March 17, 1999.
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