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AGENDA REPORT +
TO: Honorable City Council
FROM: Nancy Burns, Senior Management Analyst
DATE: July 3, 2002 (CC Meeting of July, 1 , 2002)
SUBJECT: Consider Tax Equity Fiscal Responsibility Act (TEFRA)
Hearing Related to Vintage Crest Senior Apartments
(GPA 2002 -01, ZC 2002 -01, RPD 2002 -02), on Application
by USA Properties Fund, Inc.
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 and very low income households.
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 will be repaid 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 will assure ongoing
affordability of all units in the project and will set forth
reporting requirements to monitor this.
DISCUSSION
At a Special Meeting June 19, 2002, the Council approved a
resolution which set forth the City's intent to issue multi-
family housing revenue bonds for this project and to authorize
the reimbursement of certain expenses associated with the
project from the proceeds of the bonds. Internal Revenue Code
requirements stipulate that a public hearing be held to provide
the general public the opportunity to express views regarding
the project itself or the proposed issuance of the bonds. At
its Regular Meeting of June 19, 2002, Council authorized that
Honorable City Council
Meeting of July 17, 2002
Page 2
this hearing be scheduled and publicly noticed. The hearing has
been duly advertised as required by law.
STAFF RECOMMENDATION
1. Open the public hearing and accept testimony form the public;
2. Close the public hearing; and
3. Approve a motion that the TEFRA requirements of the Internal
Revenue Code have been met and public comments have been duly
recorded.