DATE: April 8, 2026
TO: Honorable Mayor and City Councilmembers
FROM: Housing and Neighborhood Services Department
TITLE: APPROVAL OF ISSUANCE OF TAX-EXEMPT REVENUE BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY (CSCDA) TO BENEFIT BEDFORD SUNTERRA APARTMENTS, LLC
RECOMMENDATION
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Staff recommends that the City Council:
1) Conduct the public hearing under the requirements of Tax and Equity Fiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended (the "Code"); and
2) Adopt a resolution approving the issuance of qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986 (the "Code") by CSCDA for the benefit of Bedford Sunterra Apartments, LLC (the "Borrower"), in an aggregate principal amount not to exceed $105,000,000, (the "Bonds") for the purpose of financing or refinancing the acquisition, rehabilitation, improvement and equipping of Sunterra multifamily rental housing located at 3851 Sherbourne Drive within the City of Oceanside, California (the "City").
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BACKGROUND AND ANALYSIS
The California Statewide Communities Development Authority ("CSCDA"), a joint exercise of powers authority and public entity of the State of California, has received a request from Bedford Sunterra Apartments, LLC, a 501(c)(3) non-profit organization, to serve as the conduit bond issuer of tax exempt revenue bonds, in an aggregate principal amount not to exceed $105,000,000 (the "Bonds"). The proceeds of the Bonds will be used to finance or refinance the acquisition, rehabilitation, improvement and equipping of a 240-unit residential rental project to be owned and operated by the Borrower and located at 3851 Sherbourne Drive within the City of Oceanside, California (the "Project").
Previously, on December 17, 2025, the City held a TEFRA hearing for the proposed issuance of Bonds for this Project. At that time, the Project was being acquired by a different party (Maple Housing Foundation) ...
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