DATE: November 6, 2024
TO: Honorable Mayor and City Councilmembers
FROM: Housing and Neighborhood Services Department
TITLE: APPROVAL OF ISSUANCE OF TAX-EXEMPT MULTIFAMILY HOUSING REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY TO BENEFIT MIRKA EL CAMINO REAL LP, AN AFFORDABLE HOUSING DEVELOPER
RECOMMENDATION
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Staff recommends that the City Council adopt a resolution approving a plan of finance, including the issuance of revenue bonds by the California Municipal Finance Authority, in an aggregate principal amount not to exceed $45,000,000, to finance and refinance the acquisition, construction, development and equipping of a 111-unit qualified residential rental project (the "Project") to be owned and operated by the Borrower and located at 2136 South El Camino Real within the City of Oceanside, California (the "City").
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BACKGROUND AND ANALYSIS
The California Municipal Finance Authority ("CMFA"), a joint exercise of powers authority and public entity of the State of California, has received a request from Mirka El Camino Real, LP, a California limited partnership, or another ownership entity created by its managing general partner, MirKa Investments, LLC, a California limited liability company (such limited partnership or other entity being referred to herein as the "Borrower") to serve as the conduit bond issuer of tax exempt private activity bonds. The bonds, (the "Bonds"), would be issued in an aggregate amount not to exceed $45,000,000 to finance and refinance the acquisition, construction, development and equipping of a 111-unit qualified residential rental project to be owned and operated by the Borrower located at 2136 South El Camino Real (Attachment 2). The Project will have a mix of two and three-bedroom units affordable for various income levels from extremely low- to low-income households (Attachment 3). An application was submitted by the Borrower in April 2024 to the California Debt Limit Allocation Committee (CDLAC),...
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