HomeMy WebLinkAboutItem 6a. Reissuance of Conduit Financing for HASLO for the acquisition and rehabilitation of 172 Affordable Housing Units (TEFRA Hearing) Item 6a
Department: Community Development
Cost Center: 4008
For Agenda of: 1/10/2023
Placement: Public Hearing
Estimated Time: 15 minutes
FROM: Michael Codron, Community Development Director
Prepared By: Owen Goode, Assistant Planner
SUBJECT: REISSUANCE OF CONDUIT FINANCING FOR THE HOUSING
AUTHORITY OF THE CITY OF SAN LUIS OBISPO FOR THE
ACQUISITION AND REHABILITATION OF 172 AFFORDABLE HOUSING
UNITS LOCATED IN THE CITY
RECOMMENDATION
1. Conduct a public hearing under the Tax Equity and Fiscal Responsibility Act
(TEFRA) of 1982 and pursuant to the requirements of the Internal Revenue Code
of 1986, as amended; and
2. Adopt a Draft Resolution entitled, “A Resolution of the City Council of the City of
San Luis Obispo, California, adopting the Reissuance of a Tax-Exempt Note by
the Housing Authority of San Luis Obispo” allowing the reissuance of a tax-exempt
obligation by the Housing Authority of the City of San Luis Obispo (HASLO), for
the purpose of providing financing for the acquisition and rehabilitation of various
multifamily rental housing facilities located in the City (the “Project”), in order to
preserve existing affordable housing; such adoption of the resolution is solely for
the purposes of satisfying the requirements of TEFRA, the Code, and the California
Government Code Section 6500 et seq.
POLICY CONTEXT
A public hearing to maintain the tax-exempt status of various “notes” by HASLO for
various multi-family rental housing facilities is required by the Tax Equity and Fiscal
Responsibility Act of 1982 (commonly known as “TEFRA"), which is codified in Section
147(f) of the Internal Revenue Code (“the Code”). This effort is also supportive of the
Council’s 2021-23 adopted Major City Goal focused on affordable housing.
DISCUSSION
Background
On October 16, 2018, the City Council adopted Resolution 10949 (2018 Series)
authorizing the Housing Authority of the City of San Luis Obispo (the “Authority”) to
procure tax-exempt financing of up to $62,000,000 (approximately $57,000,000 actually
issued) for the acquisition and rehabilitation of 14 affordable rental housing properties ,
consisting of a total of 172 units, located in the City to preserve the affordable housing.
Page 35 of 786
Item 6a
The Authority is now requesting that the City Council of the City of San Luis Obispo (the
“City”) hold a public hearing to facilitate the reissuance of that tax-exempt debt obligation,
with a current principal balance of approximately $13,700,000, to change the amortization
term from 17 years to 35 years. This is needed, as some of the originally executed
documents contained the incorrect amortization term.
The proceeds of the tax-exempt debt have been used to pay expenses incurred in
connection with the issuance of the Bonds and to finance the acquisition and rehabilitation
of the following multifamily rental housing facilities:
Current Name
of Facility Location of Facility Number of Rental
Housing Units
1. King-South-
Branch
448 South Street, 441 Branch Street and
2173 King Street, San Luis Obispo, CA 8
2. Torro Gardens 1600 Toro Street, San Luis Obispo, CA 20
3.
Hathway
Apartments
508-520 Hathway Street, San Luis
Obispo, CA 20
4. High Street 478-480 High Street, San Luis Obispo, CA 10
5. Palm View
Apartments
11650-11690 Los Osos Valley Road, San
Luis Obispo, CA 20
6. Leff Street
Apartments 456-493 Leff Street, San Luis Obispo, CA 20
7. Highland
Apartments 228 High Street, San Luis Obispo, CA 6
8. Loma Vista
Apartments
2929 Augusta Street, San Luis Obispo,
CA 16
9. Harris 2126 Harris Street, San Luis Obispo, CA 3
10. Royal Way 1497 Royal Way, San Luis Obispo, CA 8
11. Southwood 1240 Southwood Drive, San Luis Obispo,
CA 3
12. Upham 711 Upham Street, San Luis Obispo, CA 3
13. Puerta Del Sol 4280 South Higuera, San Luis Obispo, CA 15
14. Arbor Place 1172 Leff Street, 1175 Islay Street and
1635 Toro Street, San Luis Obispo, CA 20
TOTAL 172
The rehabilitation project was completed by September 2021, and all the units have been
placed back into service. As part of this process, new regulatory agreements have been
recorded on the properties guaranteeing the affordability requirements for 55 years.
The Housing Authority is committed to providing much needed a dditional affordable
housing in the City of San Luis Obispo. Preservation of existing affordable housing is
identified as a key implementation strategy in the City’s affordable housing program and
adopted Housing Element. The primary funding source for this project is the low-income
housing tax credits awarded by the California Tax Credit Allocation Committee (TCAC).
These tax credits are then purchased by investors who become s limited partners.
Page 36 of 786
Item 6a
California statue does not allow Housing Authorities to be a party in these partnerships,
so the Housing Authority holds its interest through its related entity San Luis Obispo Non-
profit Housing Corporation (SLONP). The facilities financed are owned by RAD175, LP,
a California limited partnership (the “Borrower”) formed by SLONP, and the facilities will
be operated by the Authority. There is no financial exposure or liability to the City in taking
the requested actions and this hearing is a requirement of the Tax Equity and Fiscal
Responsibility Act of 1982 (commonly known as “TEFRA"), which is codified in Section
147(f) of the Internal Revenue Code.
Previous Council or Advisory Body Action
On October 16, 2018, the City Council adopted Resolution 10949 (2018 Series) approving
the Housing Authority of the City of San Luis Obispo (the “Authority”) to incur tax-exempt
financing of up to $62,000,000 for the acquisition and rehabilitation of 14 affordable rental
housing properties located in the City to preserve the affordable housing. This project has
been completed and the hearing is required to allow an amendment to be made to the
existing agreements to appropriately identify the amortization date. These amendments
will create a cost reduction for HASLO, an affordable housing provider within the City of
San Luis Obispo.
Public Engagement
A legal notice of the TEFRA hearing was published in The New Times, a newspaper
circulated in the city of San Luis Obispo. Public comment may be provided to the City
Council through written correspondence prior to the meeting and through public testimony
at the meeting. This is an administrative item, so no outside public engagement was
completed.
ENVIRONMENTAL REVIEW
The project is exempt from environmental review per Section 15061 (b)(3) General Rule
of the CEQA Guidelines. The project is an action to award funding.
FISCAL IMPACT
Budgeted: N/A Budget Year: 2022-23
Funding Identified: N/A
Fiscal Analysis:
Funding
Sources
Total Budget
Available
Current
Funding
Request
Remaining
Balance
Annual
Ongoing
Cost
General Fund $ $ $ $
State
Federal
Fees
Other:
Total N/A N/A N/A N/A
Page 37 of 786
Item 6a
The reissuance of HASLO’s debt with a longer term will be the sole responsibility of the
HASLO, and the City will have no financial, legal, moral obligation, liability or responsibility
for this debt or its repayment for the financing of the above-described Project. The debt
does not become an obligation of the City and will not show up on its debt schedules and
will for HASLO.
All financing documents with respect to the issuance of the Bonds will contain clear
disclaimers that the Bonds are not obligations of the City or the State of California but are
to be paid for solely from funds provided by the Borrower.
ALTERNATIVES
1. Do not approve the issuance of financing for the benefit of the multifamily
residential facilities. Due to the lack of liability for repayment of financing by the
City, this option is not recommended.
2. Defer consideration of the request. Due to the critical need for tax exempt bond
financing to complete the acquisition and rehabilitation of the Project, this option is not
recommended.
ATTACHMENTS
A - Draft Resolution adopting the Reissuance of a Tax-Exempt Note by the Housing
Authority of San Luis Obispo
Page 38 of 786
R _____
RESOLUTION NO. ______ (2023 SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, APPROVING THE REISSUANCE OF A TAX-
EXEMPT NOTE BY THE HOUSING AUTHORITY OF THE CITY OF SAN
LUIS OBISPO THAT PROVIDED FINANCING FOR VARIOUS
MULTIFAMILY RENTAL HOUSING FACILITIES LOCATED IN THE CITY
IN ORDER TO PRESERVE EXISTING AFFORDABLE HOUSING
WHEREAS, the Housing Authority of the City of San Luis Obispo (the “Authority”)
is authorized by Chapter 1 of Part 2 of Division 24 of the Health and Safety Code of the
State of California, as amended (the “Act”), to incur indebtedness and to make loans for
housing purposes specified in the Act; and
WHEREAS, on October 16, 2018, the City Council of the City adopted Resolution
No. 10949 (2018 Series) approving the incurrence by the Authority of a tax -exempt
obligation of the Authority (the “Note”) for the purpose of providing financing for the
acquisition and rehabilitation of various multifamily rental housing facilities located in the
City in order to preserve existing affordable housing; and
WHEREAS, on August 13, 2019, the Authority issued the Note in the principal
amount of $57,000,000 and loaned the proceeds of the Note to RAD 175, L.P., a
California limited partnership (the “Borrower”), the managing general partner of which is
the San Luis Obispo Nonprofit Housing Corporation, and the Borrower used the proceeds
of the loan to acquire and rehabilitate the housing facilities ide ntified in Exhibit A to this
Resolution (the “Housing Facilities”); and
WHEREAS, all or a portion of the rental housing units in the Housing Facilities are
being rented to persons and families of low or very low income as required by the Act and
the Internal Revenue Code of 1986, as amended (the “Code”); and
WHEREAS, the interest payable on the Note is exempt from federal income taxes
under the provisions of the Code; and
WHEREAS, the Note is payable solely from payments made by the Borrower, and
the Note is currently outstanding in the principal amount of $13,664,227.77; and
WHEREAS, the Borrower and Pacific Western Bank, the entity currently holding
the Note, have agreed to modify some of the documents executed in connection with the
issuance of the Note to change the amortization schedule for the repayment of the
principal of the Note (the “Modification”), and the Modification will result in a “reissuance”
of the Note for purposes of the Code; and
Page 39 of 786
Resolution No. ______ (2023 Series) Page 2
R _____
WHEREAS, in order for the interest on Note to continue to be tax-exempt, Section
147(f) of the Code requires that the “applicable elected representative” with respect to the
Authority approve the reissuance by the Authority of the Note following the holding of a
public hearing with respect thereto; and
WHEREAS, the Authority has determined that the Council of the City is the
“applicable elected representative” to approve the reissuance by the Authority of the Note
because all of the Housing Facilities are located within the City; and
WHEREAS, notice of a public hearing by the Council regarding the reissuance of
the Note and the financing of the Housing Facilities has been duly given as required by
the Code, and the Council has held the public hearing at which all interested persons
were given an opportunity to be heard on all matters relative to the financing of the
Housing Facilities, including the Authority's reissuance of the Note; and
WHEREAS, the City has no liability or responsibility related to the repayment or
administration of the Note, and the reissuance of the Note will not impose any legal,
financial or moral obligation on the City; and
WHEREAS, it is in the public interest, for the public benefit and in furtherance of
the public purpose of the City that the Council approve the reissuance by the Authority of
the Note for the aforesaid purposes.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows:
SECTION 1. Approval of Reissuance of Note. The Council of the City of San Luis
Obispo hereby approves the reissuance by the Authority of the Note for purposes of the
Code.
SECTION 2. Effective Date. This Resolution shall take effect upon its adoption.
Page 40 of 786
Resolution No. ______ (2023 Series) Page 3
R _____
SECTION 3. Authorization to Execute. The Council hereby authorized the City
Manager, Community Development Director and/or Finance Director of the City of San
Luis Obispo to execute any documents necessary to effectuate the purposes of this
Resolution.
Upon motion of Council Member _______________ seconded by Council Member
_________________, and on the following roll call vote:
AYES:
NOES:
ABSENT:
The foregoing Resolution was adopted this ______ day of ______________, 2023.
Mayor Erica A. Stewart
ATTEST:
Teresa Purrington,
City Clerk
APPROVED AS TO FORM:
J. Christine Dietrick
City Attorney
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of San Luis Obispo, California, on ______________________.
Teresa Purrington
City Clerk
Page 41 of 786
Resolution No. ______ (2023 Series) Page 4
R ____
EXHIBIT A
HOUSING FACILITIES THAT WERE FINANCED
Current Name
of Facility Location of Facility
Number
of Rental
Housing
Units
King-South-Branch 448 South Street, 441 Branch Street and
2173 King Street, San Luis Obispo, CA 8
Torro Gardens 1600 Toro Street, San Luis Obispo, CA 20
Hathway Apartments 508-520 Hathway Street, San Luis Obispo, CA 20
High Street 478-480 High Street, San Luis Obispo, CA 10
Palm View Apartments 11650-11690 Los Osos Valley Road, San Luis
Obispo, CA 20
Leff Street Apartments 456-493 Leff Street, San Luis Obispo, CA 20
Highland Apartments 228 High Street, San Luis Obispo, CA 6
Loma Vista Apartments 2929 Augusta Street, San Luis Obispo, CA 16
Harris 2126 Harris Street, San Luis Obispo, CA 3
Royal Way 1497 Royal Way, San Luis Obispo, CA 8
Southwood 1240 Southwood Drive, San Luis Obispo, CA 3
Upham 711 Upham Street, San Luis Obispo, CA 3
Puerta Del Sol 4280 South Higuera, San Luis Obispo, CA 15
Arbor Place 1172 Leff Street, 1175 Islay Street and
1635 Toro Street, San Luis Obispo, CA 20
Page 42 of 786
City Council
January 10, 2023
Public Hearing for Rehabilitation, Acquisition, and
Development (RAD 175) –Tax Equity and Fiscal
Responsibility Act (TEFRA) for the Housing Authority of San
Luis Obispo
Recommendation
1.Conduct a public hearing under the Tax and Equity Fiscal
Responsibility Act (TEFRA) of 1982 and pursuant to the requirements
of the Internal Revenue Code of 1986, as amended; and
2.Adopt a Draft Resolution entitled, “A Resolution of the City Council of the City
of San Luis Obispo, California, adopting the Reissuance of a Tax-Exempt Note
by the Housing Authority of San Luis Obispo” allowing the reissuance of a tax-
exempt obligation by the Housing Authority of the City of San Luis Obispo
(HASLO), for the purpose of providing financing for the acquisition and
rehabilitation of various multifamily rental housing facilities located in the City
(the “Project”), in order to preserve existing affordable housing; such adoption
of the resolution is solely for the purposes of satisfying the requirements of
TEFRA, the Code, and the California Government Code Section 6500 et seq.
Background
On October 16, 2018, City Council held a public hearing and adopted a
resolution regarding the issuance of debt obligations in an aggregate
principal amount not to exceed $62,000,000 of tax-exempt revenue bonds.
The proceeds of the bonds will be used to finance the acquisition and
rehabilitation of a 14 multifamily rental housing facilities (172 units).
TEFRA hearing is required under federal regulations for tax -exempt
financing.
In November of 2022, it was identified by the Housing Authority that the
amortization date of the loan needed to be amended in order to make the
loan payments more financially feasible.
This project has been completed and the adoption of the proposed resolution
will allow the Housing Authority to make an amendment to their agreement
with their investors of the project.
Project Locations
Current Name
of Facility Location of Facility Number of Rental Housing
Units
King-South-Branch 448 South Street, 441 Branch Street and 2173 King Street, San Luis Obispo, CA 8
Torro Gardens 1600 Toro Street, San Luis Obispo, CA 20
Hathway Apartments 508-520 Hathway Street, San Luis Obispo, CA 20
Highland Apartments 478-480 High Street, San Luis Obispo, CA 10
Palm View Apartments 11650-11690 Los Osos Valley Road, San Luis Obispo, CA 20
Leff Street Apartments 456-493 Leff Street, San Luis Obispo, CA 20
High Street 228 High Street, San Luis Obispo, CA 6
Loma Vista Apartments 2929 Augusta Street, San Luis Obispo, CA 16
Harris 2126 Harris Street, San Luis Obispo, CA 3
Royal Way 1497 Royal Way, San Luis Obispo, CA 8
Southwood 1240 Southwood Drive, San Luis Obispo, CA 3
Upham 711 Upham Street, San Luis Obispo, CA 3
Puerta Del Sol 4280 South Higuera, San Luis Obispo, CA 15
Arbor Place 1172 Leff Street, 1175 Islay Street and 1635 Toro Street, San Luis Obispo, CA 20
TOTAL 172
Recommendation
1.Conduct a public hearing under the Tax and Equity Fiscal Responsibility
Act (TEFRA) of 1982 and pursuant to the requirements of the Internal
Revenue Code of 1986, as amended; and
2.Adopt a Draft Resolution entitled, “A Resolution of the City Council of the
City of San Luis Obispo, California, adopting the Reissuance of a Tax-
Exempt Note by the Housing Authority of San Luis Obispo” allowing the
reissuance of a tax-exempt obligation by the Housing Authority of the City
of San Luis Obispo (HASLO), for the purpose of providing financing for the
acquisition and rehabilitation of various multifamily rental housing facilities
located in the City (the “Project”), in order to preserve existing affordable
housing; such adoption of the resolution is solely for the purposes of
satisfying the requirements of TEFRA, the Code, and the California
Government Code Section 6500 et seq.
1010 Marsh St., San Luis Obispo, CA 93401
(805) 546-8208 . FAX (805) 546-8641
PROOF OF PUBLICATION
(2015.5 C.C.P.)
STATE OF CALIFORNIA,
County of San Luis Obispo,
I am a citizen of the United States and a resident
of the county aforesaid; I am over the age of
eighteen years, and not a party interested in the
above entitled matter. I am the principal clerk
of the printer of the New Times, a newspaper
of general circulation, printed and published
weekly in the City of San Luis Obispo, County
of San Luis Obispo, and which has been
adjudged a newspaper of general circulation by
the Superior Court of the County of San Luis
Obispo, State of California, under the date of
February 5, 1993, Case number CV72789: that
notice of which the annexed is a printed copy
(set in type not smaller than nonpareil), has been
published in each regular and entire issue of said
newspaper and not in any supplement thereof on
the following dates, to -wit:
in the year 2022.
I certify (or declare) under the the penalty of
perjury that the foregoing is true and correct.
Dated at San Luis Obispo, California, this day
V of 3D-Q—C— .2022.
Michael Gould, New Times Legals
AdMn a[ Veun,l/.NTMLaNrvn/NTMG CBi¢/9USINFS$/WNi, Nan.n/Rocl e! Wb
Proof of Publication of
SAN LUIS OBISPO CITY COUNCIL
NOTICE OF PUBLIC HEARING
The San Luis Obispo City Council invites all interested persons to attend a public hearing on Tuesday January 10. 2O1 x 6:30 pan. in Ux Council
Chambers an City Hell, In g Palm Street, San Wis Obispo, California. Meetings can be viewed rammaly on Government Access Channel M or streamed
live homthe Cilys YouTube channel atmml/vomubesbcity. Public comment, poor. the start ofthe reading, maybe submitted in writing via US. Mail
delivered to the City Clerk's office at 980 Palm sheet San Wis Obispo, CA ti or by ¢math* emailc*unci0slonwom.
PUBLIC HEARING ITEM:
TAX AND EOURY FISCAL RESPONSHOUTY ACT IIEFRAI HEARING FOR THE HOUSING AUTHORITY OF ME CRY OF SAN LUIS OBISPO REGARDING
REISSUANCE OF ATAX-EXEMPT OBLIGATION THAT FINANCED THE ACOUISmON AND REHABILITATION OF In AFFORDABLE HOUSING UNITS
LOCATED IN ME CITY.
NOTICE IS HEREBY GIVEN met a public hearing as required by Section 1471U of the Internal Revenue Code of t996 will be held by to City Council of
the CM of San Wis Obispo (the'Cay'I as out font above with respect to the proposed reissuance by the Housing Authority of the CRY of San Wis
Obispo (Me 'AUNxity') of a tax-exempt revenue note Ithe'Note-I in a principal swum of$13,664,227.77. Proposed amendments to the documents
for Me Note that issued by to Aiffi.r'ey in August of M19 ,If result in a raissuance of the Note for purposes of the Internal Revenue Code of
1 M, as amended.
The yymceeds of the Note were used to pay costs incurred in connection with the issuance of me Note and to finance the acquisition and
rehabiNation nt the following multifamily rental housing facilities:
Number at Reartatnits
Conant Name of Facility laeatimafaeiliry Housing Unite
The housing facilities are owned by BAD 175, LP., a California limited partnership (the "Borrower") olwhich the San Wis Obispo Nonprofit Hooting
Corruption isms managing general partner. Renolume in to housing facilities are being rented to persons andfamilinefloworverylowmcoma.
The Note and the obligation to pay principal of and interest thereon and any redemption premium with respect metal* will rim conscious
en indebtedness or an obligation of the Authority, the CM. the State of California or any political subdivision thereof within the meaning of any
consrNNonal or aMbR*ry debt limitation, or a charge against the general credit or Losing powers of eiw of them, tint will be payable solely from
certain revenues duty pledged therefor and generally representing amourrts paid by the Borrower
Additional information concerning the housing facilities to be financed may be obtained from Ken Lihinget Director at Finance and Chief Financial
Officer of the Authorityy, telephone number (805) 59LStM.
The City Council may also discuss other hearings or business Hems before or after the items listed above. It you challenge the proposed project in court
you may be limited to raising only those issues you or someone else raised at me public hearing described in this notice, or in written correspondence
delivered m Me City Council at or prior to, the public hearing.
Council Agenda Reports for this meeting will be available for review one week in advance of the meeting data on the City's wisdom, under me Public
Meeting Agendas web page' slot v r o n Please call the City Clerk's Office at
(806i1781-7114 far more imurmacion.The City Council meeting will be televisetl live on Charter Cable Channel a and live sgeaming on me Gigs You tube
channel httvl/yo ndfieslocity
December 29,M
King -South -Branch 418 South street 441 Branch$hee[entl 2113 King Street San Luis Obispo,
CA
8
T.rro Gardens
160O Tor. Street San Wis Obispo, CA
2g
HathwayAparbnerrts
5g8-52O HathwaY Street San Wis Obispo, LA
2U
High Street
41BdM High Street son Wis Obispo. CA
10
Palm View Apamnems
1165O11M0 Los Osos Valley Road, son Wis Obispo, CA
20
Leff Sleet Apartments
a56-493 Leff Street San Wis Obispo, CA
20
Highland Apartments
228 High Street San Wis Obispo, CA
6
Lome Vista Apartments
T929Aupusm Street San Wis Obispo, CA
18
Harris
2126Harris Sliest Sen Wis Obispo, CA
3
Royal Way
1497 Royal Way San Wis Obispo, CA
B
Southwood
121O Southwood Drive, San Wis Obispo, CA
3
Upham
711 Upham Street Son Wis Obispo, CA
9
Puerto Del Sal
4100 South Niguera, San Wis Obispo, CA
15
Arbor Place
1P2 Leff street1A51sley Strex end 1835 Tom Street son Wis Obispo, CA
20
1010 Marsh Su, San Luis Obispo, CA 93401
(805) 546-8208 . FAX (805) 546-8641
PROOF OF PUBLICATION
(2015.5 C.C.P.)
STATE OF CALIFORNIA,
County of San Luis Obispo,
I am a citizen of the United States and a resident
of the county aforesaid; I am over the age of
eighteen years, and not a party interested in the
above entitled matter. I am the principal clerk
of the printer of the New Times, a newspaper
of general circulation, printed and published
weekly in the City of San Luis Obispo, County
of San Luis Obispo, and which has been
adjudged a newspaper of general circulation by
the Superior Court of the County of San Luis
Obispo, State of California, under the date of
February 5, 1993, Case number CV72789: that
notice of which the annexed is a printed copy
(set in type not smaller than nonpareil), has been
published in each regular and entire issue of said
newspaper and not in any supplement thereof on
the following dates, to -wit:
b2.CkVV'M9_Ir- 1-
in the year 2022.
I certify (or declare) under the the penalty of
perjury that the foregoing is true and correct.
Dated at San Luis Obis o, California, this day
1 of 0 2022.
Michael Gould, New Times Legals
A 'h nu dl-NTMGAd ,/NTMG C1fin/9USINrsS1ww, Nebm/PmrdW
Proof of Publication of
SAN LUIS OBISPO
0 CITY COUNCIL
NOTICE OF PUBLIC HEARING
The San Luis Obispo City Council invites all interested persons
to attend a public hearing on Tuesday. December 13, 2M2 at
SZ p.m held in the Council Chambers at City Hall, 990 Palm
Street, San Luis Obispo. Please note that Zoom participation
will not be supported, es this will be an in -person meeting.
Meetings can be viewed remotely on Government Access
Channel 20 or streamed live from the City s YouTube channel at
fin l/hut b I .:iMW Public comment, Prior to the start of the
meeting, may be submitted in writing via U.S. Mail delivered to
Me City Clerk's office M 990 Palm Street, San Luis Obispo, CA
93401 or by email to €ma'Icounc IDislo dv
PUBLIC HEARING ITEM:
• TAX AND EQUITY FISCAL RESPONSIBILITY ACT (TEFRA)
HEARING FOR THE HOUSING AUTHORITY OF THE CITY OF
SAN LUIS OBISPO REGARDING REISSUANCE OF A TAX-
EXEMPT OBLIGATION THAT FINANCED THE ACQUISITION
AND REHABILITATION OF 172 AFFORDABLE HOUSING
UNITS LOCATED IN THE CITY.
NOTICE IS HEREBY GIVEN that a public hearing, as
required by Section 147(f) of the Internal Revenue Code
of 1986, will be held by the CM Council of the City of Son
Luis Obispo as set form above with respectto the proposed
reissuance by the Housing Authority of the City of San Luis
Obispo )the "Authority"l of a tax-exempt revenue note (the
"Nate) in a principal amount of $13,664,227,77. Proposed
amendments to the documents for the Note that was issued
by the Authority in August of 2019 will result in a reissuance
of the Note for purposes of the IMemal Revenue Code of
1986, as amended.
For more information, you are invited to corm ct Orion
Goode of the City's Community Development Oepa,m,mm
I8051781-7576 or aood ®l iN
The City Council may also discuss other hearings or business
items before or after the items listed above. If you challenge
the proposed project in court, you may be limited to raising
only those issues you or someone else raised at the public
hearing described in this notice, or in written correspondence
delivered to the City Council at, or prior to, the public hearing.
Council Agenda Reports for this meeting will be available
for review one week in advance of the meeting date on the
City's websde, under the Public Meeting Agendas web page:
fifth// I Hv / d n 'l/
mom Please call the Choy Clerk's Office at
(805) 781-7114 for more information. The City Council meeting
will be televised live on Charter Cable Channel N and live
streaming on the City's YouTube channel hno://vourabe slo cow.
December 1, 2an