HomeMy WebLinkAboutAGENDA REPORT 2002 0619 CC REG ITEM 11IITEM I I • _ •
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MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Nancy Burns, Senior Management Analyst
DATE: June 12, 2002 (CC Meeting of June 19, 2002)
SUBJECT: Approval to Conduct Tax Equity and Fiscal
Responsibility Act (TEFRA) Hearing to Consider Bond
Issue for 190 -Unit Senior Housing Project by USA
Properties Fund, Inc. (Parcel Map 5316)
BACKGROUND
USA Properties Fund, Inc., is proposing to develop Vintage Crest
Senior Apartments, a 190 -unit senior apartment project located
at the intersection of Park Lane and Park Crest Lane. All units
will be affordable to low or very low income households. The
proposed project is to be considered by the Planning Commission
at its June 24, 2002, meeting for recommendation to the City
Council for a Zone Change, General Plan Amendment, and
Residential Planned Development Permit.
Financing for this project is anticipated from the issuance of
tax - exempt revenue bonds in the amount of $16,500,000 and from
4% tax credits. The bonds would be paid from the revenue
generated by rents from this project and be non - recourse both to
the City and to the Redevelopment Agency. A Regulatory
Agreement between the Developer and the City would assure
ongoing affordability of all units in the project and would set
forth reporting requirements to monitor this.
Internal Revenue Code requirements stipulate a public hearing be
held to enable the City to consider a bond issue as described in
this report.
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Honorable City Council
June 19, 2002, Meeting
Page 2
STAFF RECOMMENDATION:
Set Tax Equity and Fiscal Responsibility Act (TEFRA) hearing for
July 17, 2002, and direct staff to take necessary actions to
initiate this hearing.