HomeMy WebLinkAboutAGENDA REPORT 1999 1117 CC REG ITEM 09ATO:
FROM:
DATE:
CITY OF MOORPARK
AGENDA REPORT
Honorable City Council
rrEM 7. A.
CITY OF'VIOORP- .RK., CALIFORNIA
City Cmincil Meeting
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ACTION: i��y
BY: 62 LAA� .
John E. Nowak, Assistant City Manager
05 November 1999 (Meeting of 11/17/99)
SUBJECT: Consider the Tax Equity Fiscal Responsibility Act
(TEFRA) Hearing Related to the Villa Del Arroyo
Mobilehome Park. (CONTINUED PUBLIC HEARING)
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.
00(060
TEFRA Hearing on Villa Del Arroyo Bonds
Meeting of 17 November 1999
Page 02
The TEFRA hearing does not approve the Bonds' sale, or and
conditions that might be imposed on the sale. The actual
approval of the Bond documents will take place at a
subsequent Council meeting.
The hearing was initially scheduled for the November 3
Council meeting. At that time the Council opened the
public hearing and took testimony. The matter was then
continued to this meeting with the public hearing remaining
open.
STAFF RECOMMENDATION: Staff recommends that the City
Council take the following actions:
1. 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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