08-02-2022 CC RPT 11 - Laserfiche WebLink

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City °JArts &Innovation City Council Memorandum IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII TO: HONORABLE MAYOR AND CITY COUNCIL DATE: AUGUST 2, 2022 FROM: FINANCE DEPARTMENT WARD: 1 SUBJECT: PUBLIC HEARING — RESOLUTION AUTHORIZING THE CALIFORNIA PUBLIC FINANCE AUTHORITY TO ISSUE EXEMPT FACILITY BONDS ON BEHALF OF ASPIRE, L.P. OR ANOTHER ENTITY CREATED BY KINGDOM DEVELOPMENT, INC. IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $16,000,000 TO FINANCE A 33 -UNIT AFFORDABLE HOUSING FACILITY, AND AUTHORIZING THE CITY OF RIVERSIDE TO JOIN THE CALIFORNIA PUBLIC FINANCE AUTHORITY AS A NON -CHARTER ADDITIONAL MEMBER ISSUES: Conduct a Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing regarding the issuance of revenue bonds and the related plan of financing to finance the acquisition and development of a 33 -unit affordable housing project located at 3861-3893 3rd Street, Riverside, California; and adopt a resolution authorizing the City of Riverside to join the California Public Finance Authority as a non -charter additional member and authorizing the issuance of revenue bonds or refunding bonds in an aggregate principal amount not to exceed $16,000,000 by the California Public Finance Authority, on behalf of Aspire, L.P. or another entity created by Kingdom Development, Inc., which includes a plan of financing for the purpose of financing or refinancing the Project, and. RECOMMENDATIONS: That the City Council: 1. Conduct the Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing regarding the issuance of revenue bonds along with the related plan of financing for the acquisition and development of The Aspire, a 33 -unit affordable housing project to be located at 3861- 3893 3rd Street, Riverside, California; 2. Adopt a resolution authorizing the City of Riverside to join the California Public Finance Authority as a non -charter additional member, and authorizing the issuance of one or more series of revenue bonds in an aggregate amount not to exceed $16,000,000 by the California Public Financing Authority, on behalf of Aspire, L.P. or another entity created by Kingdom Development, Inc., to provide for the financing of the Project; and 3. Authorize the City Manager, or designee, to execute any supporting documents to effectuate the resolution.