Title
HEARING - Consider recommendations regarding California Municipal Finance Authority Issuance of Qualified 501(c)(3) Bonds on Behalf of Step Up Housing, as follows: (EST. TIME: 5 MIN.)
a) Hold a public hearing in compliance with the Tax Equity and Fiscal Responsibility Act of 1982 regarding the issuance by the California Municipal Finance Authority of qualified 501(c)(3) bonds, to finance or refinance the acquisition, rehabilitation, improvement and equipping of a multifamily rental housing project located at 4036 Cedarhurst Drive, Santa Maria, California, and consider public comment;
b) Adopt a Resolution of the Board of Supervisors of the County of Santa Barbara approving the issuance of the California Municipal Finance Authority qualified 501(c)(3) bonds in an aggregate principal amount not-to-exceed $60,000,000.00 for the purpose of financing or refinancing the acquisition, rehabilitation, improvement, and equipping of Knollwood Meadows Apartments, and certain other matters relating thereto; and
c) Determine that the above actions involve government funding mechanisms and/or fiscal activities and are not a project under the California Environmental Quality Act (CEQA), pursuant to Section 15378(b)(4) of the CEQA Guidelines.
COUNTY EXECUTIVE OFFICER’S RECOMMENDATION: POLICY