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Li ......... 4�"Iify OF
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<br />City Council Memorandum
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<br />TO: HONORABLE MAYOR AND CITY COUNCIL DATE: APRIL 24, 2012
<br />FROM: OFFICE OF THE CITY MANAGER ITEM NO: 2
<br />FINANCE DIVISION
<br />WARD: 5
<br />SUBJECT: PUBLIC HEARING — FINANCING NOT -TO- EXCEED $40 MILLION THROUGH
<br />THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
<br />FOR: 1) COLONY STUDENT HOUSING, LLC FOR COSTS ASSOCIATED WITH
<br />THE ACQUISITION AND CONSTRUCTION OF A STUDENT HOUSING
<br />DEVELOPMENT TO BE OWNED AND OPERATED BY COLONY STUDENT
<br />HOUSING, LLC; AND 2) CALIFORNIA BAPTIST UNIVERSITY FOR COSTS
<br />ASSOCIATED WITH THE CONSTRUCTION OF CERTAIN EDUCATIONAL
<br />BUILDINGS TO BE OWNED AND OPERATED BY CALIFORNIA BAPTIST
<br />UNIVERSITY
<br />ISSUES
<br />That the City Council: 1) conduct a public hearing; and 2) consider adoption of a Resolution
<br />approving the issuance of tax - exempt debt in an amount not -to- exceed $40 million by the
<br />California Statewide Communities Development Authority ( CSCDA) for: a) the acquisition and
<br />construction of a student housing development to be owned and operated by the Colony Student
<br />Housing, LLC (Colony); and b) the construction of certain educational buildings to be owned and
<br />operated by California Baptist University (CBU).
<br />RECOMMENDATIONS
<br />That the City Council:
<br />1. Conduct a public hearing on behalf of Colony and CBU to consider the issuance of debt by
<br />the CSCDA for: 1) the acquisition and construction of a student housing development to be
<br />owned and operated by Colony; and 2) the construction of certain educational buildings to
<br />be owned and operated by CBU; and
<br />2. Adopt a Resolution approving the issuance of not -to- exceed $40 million of tax - exempt debt
<br />by the CSCDA for the above named purposes for the benefit of Colony and CBU.
<br />BACKGROUND
<br />California Baptist University approached the City for its assistance with an approval process,
<br />required by federal law, which allows the University and affiliated nonprofit organizations to take
<br />advantage of tax - exempt financing rates for a proposed acquisition and improvement project.
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