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AGENDA REPORT
TO: Honorable City Council
FROM: John E. Nowak, Assistant City Manager
Marshall F. Linn, Urban Futures, Inc.
DATE: 25 October 1999 (Meeting of 11/03/99)
SUBJECT: Consider the Tax Equity Fiscal Responsibility Act
( TEFRA) Hearing Related to the Villa Del Arroyo
Mobilehome Park
BACKGROUND: Prior to issuance of the proposed Mobile Home Park
Revenue Bonds (the "Bonds ") to finance the acquisition of the
241 -space Villa Del Arroyo Mobilehome Park (the "Project ")
located at 15750 East Los Angeles Street, the City Council,
sitting as the legislative body of the City, must hold a public
hearing.
DISCUSSION: As the City Council will recall from prior
memoranda, the Caritas Corp., a California 501(c)(3) non - profit
corporation, has requested that the City of Moorpark be the
conduit to issue non - recourse revenue bonds similar in nature to
other non - recourse housing revenue bonds which have been issued
by the City from time to time. Neither the City, nor any other
public agency will be responsible for the payment of the Bonds,
as they are backed solely by rent revenue generated by the
Project.
The TEFRA hearing is a requirement of the Internal Revenue
Service and is mandated for all housing revenue bond issues. The
purpose of the hearing is to give the general public the
opportunity to express their views regarding either the issuance
of the Bonds, or the Project itself. The TEFRA hearing does not
approve the Bonds' sale, or any conditions that might be imposed
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TEFRA Hearing on Villa Del Arroyo Bonds
Meeting of 03 November 1999
Page 02
on the sale. The actual approval of the Bond documents will take
place at a subsequent Council meeting.
The hearing has been duly advertised as required by law.
RECOMMENDATION: Staff recommends that the City Council take the
following actions:
1. Open the public hearing and take testimony from the public.
2. Close the public hearing.
3. Approve a motion that the TEFRA requirement of the IRS has
been met and public comments have been duly recorded.
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