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I n <br />CITY OF <br />RIIVEIZSIDE <br />City Council Memorandum <br />City �JArts Unnovation <br />TO: HONORABLE MAYOR AND CITY COUNCIL DATE: NOVEMBER 16, 2021 <br />FROM: FINANCE DEPARTMENT WARD: 7 <br />SUBJECT: PUBLIC HEARING — RESOLUTION AUTHORIZING THE CALIFORNIA <br />STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY TO ISSUE BONDS <br />ON BEHALF OF GOLDEN PIERCE HOUSING PARTNERS, L.P. OR ANOTHER <br />ENTITY CREATED BY NATIONAL COMMUNITY RENAISSANCE OF <br />CALIFORNIA IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED <br />$40,000,000 TO FINANCE AN 80 -UNIT AFFORDABLE MULTIFAMILY HOUSING <br />FACILITY <br />ISSUE: <br />Conduct a Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing regarding the <br />issuance of revenue bonds and the related plan of financing to finance the acquisition and <br />development of an 80 -unit affordable housing project located at 11253 Pierce Street, Riverside, <br />California; and adopt a resolution to authorize the issuance of revenue bonds or refunding bonds <br />in an aggregate principal amount not to exceed $40,000,000 by the California Statewide <br />Communities Development Authority, on behalf of Golden Pierce Housing Partners, L.P., which <br />includes a plan of financing for the purpose of financing or refinancing the Project. <br />RECOMMENDATIONS: <br />That the City Council: <br />Conduct the Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing regarding <br />the issuance of revenue bonds along with the related plan of financing for the acquisition <br />and development of Vista De La Sierra Apartments, an 80 -unit affordable housing project <br />to be located at 11253 Pierce Street, Riverside, California; and <br />2. Adopt a resolution authorizing the issuance of one or more series of revenue bonds in an <br />aggregate amount not to exceed $40,000,000 by the California Statewide Communities <br />Development Authority, on behalf of Golden Pierce Housing Partners, L.P., a California <br />limited partnership company to provide for the financing of the Project. <br />BACKGROUND: <br />The California Statewide Communities Development Authority (the "Authority") was created in <br />1988, under California's Joint Exercise of Powers Act, to provide California's local governments <br />with a tool for financing community-based public benefit projects. Under the California <br />