Title
HEARING - Consider recommendations regarding the issuance of bonds by the Housing Authority of the County of Santa Barbara (Housing Authority) for financing the new construction development of The Residences at Depot Street, consisting of 80 units of affordable multifamily housing for individuals and families with special needs in the County of Santa Barbara (County), as follows: (EST. TIME: 10 MIN.)
a) Hold a public hearing in compliance with the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) regarding the Housing Authority of the County of Santa Barbara’s plan to issue Private Activity Bonds, specifically multifamily housing revenue bonds (Bonds) for The Residences at Depot Street, and consider public comment;
b) Adopt a Resolution of the Board of Supervisors of the County of Santa Barbara approving the issuance of multifamily housing revenue bonds for The Residences at Depot Street by the Housing Authority of the County of Santa Barbara, in an amount not-to-exceed $25,000,000.00; it is the purpose and intent of the Board of Supervisors that this Resolution constitute approval of the Bonds for the purposes of Section 147(f) of the Code;
c) Authorize and direct, jointly and severally, the officers of the County to do any and all things and to execute and deliver any and all documents that they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this resolution and the financing approved hereby; and
d) Determine that the above actions for The Residences at Depot Street are not approvals of a project subject to environmental review under the California Environmental Quality Act (CEQA), pursuant to Section 15378(b)(4) of the CEQA Guidelines.
COUNTY EXECUTIVE OFFICER’S RECOMMENDATION: APPROVE