Conduit financing for Blue Mountain Terrace Senior Apartments approved…for the third time

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Housing Programs Manager Dan Maguire came before City Council for a third time to recommend the council conduct a public hearing and approve issuing revenue bonds through the California Municipal Finance Authority to assist in the financing of the Blue Mountain Terrace Senior Apartments Affordable Housing Project. These bonds would go toward the acquisition, construction, equipment and improvement of the project.  This recommendation was familiar to the council, who received it first in June of 2017 and again in July of 2018. This item has now had to come before the council three times because of delays in closing the bond financing. Under the Tax and Equity Fiscal Responsibility Act (TERFA), a public meeting must be held on the resolution for it to be approved, and it must be acted upon within one year of the public meeting.  For the past two years the Blue Mountain Terrace Project was not able to close the bond financing within the year of the public meeting, which triggered the need to once again hold a public hearing.  After Maguire reiterated the recommendation that has been made twice previously, Mayor Protem Wade Cowan’s response was, “Just tell us it’s not going to take another year to get this project started.” Maguire said that unfortunately it was not up to him, and said the hold up was at the state level. One of the funding sources, the Infill Infrastructure Grant, requires an extension. It has been approved by two of the necessary state agencies and is now up for approval at the Department of Financing. Once that agency approves it it will go to the Department of Housing and Community Development, which requires a 30 day comment period, after which point they would issue an extension. “Then at that point it’s all systems go,” Maguire said. Following Maguire’s recommendation, Mayor Bill Biasi opened a public hearing at 6:41 p.m. and asked those present for any questions or comments. A voice in the audience made the one, unofficial public comment: “Hurry up!”  After the laughter died down Biasi announced the close of the public hearing at 6:41 p.m. The adoption of Resolution 2019-21 was approved unanimously by the council.  “Let’s not do this again, alright Dan?” Biasi asked. “Third and last,” Maguire assured the council. ]]>

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