TITLE:
title
PUBLIC HEARING ON ISSUANCE OF TAX-EXEMPT BONDS FOR MESA VISTA APARTMENTS AND RESOLUTION APPROVING THE ISSUANCE OF BONDS
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DEPARTMENT: CITY MANAGER'S OFFICE
PRESENTED BY: NATE ROBBINS, NEIGHBORHOOD IMPROVEMENT MANAGER
CONTACT INFORMATION: NATE ROBBINS, NEIGHBORHOOD IMPROVEMENT MANAGER; 714-754-5274
RECOMMENDATION:
recommendation
1. Conduct a Tax Equity and Fiscal Responsibility Act Hearing, as required by Section 147(f) of the Internal Revenue Code of 1986 to receive comments in consideration of the issuance of tax-exempt bond financing by the California Statewide Communities Development Authority for the benefit of Costa Mesa M6 LP, to provide financing for the acquisition, construction, improvement, and equipping of an 87-unit multifamily rental housing project generally known as Mesa Vista Apartments.
2. Adopt a resolution approving the issuance of Bonds by the California Statewide Communities Development Authority not to exceed $25,000,000 for the benefit of Costa Mesa M6 LP, to provide financing for the acquisition, construction, improvement, and equipping of an 87-unit multifamily rental housing project generally known as Mesa Vista Apartments.
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BACKGROUND:
On December 6, 2022, the City of Costa Mesa (City) entered into an affordable housing agreement with CM Mercy House CHDO, LLC to help fund the acquisition and conversion of the Motel 6 at 2274 Newport Boulevard into permanent housing. The project was separated into two (2) phases. Phase 1 was completed in early 2023 and produced 40 units of Permanent Supportive Housing for individuals experiencing homelessness. The commencement of Phase 2 is contingent upon the receipt of tax-exempt multi-family housing revenue bonds and, upon completion, will produce 47 units (one is a manager's unit) of general affordable housing for Costa Mesa senior citizens earning at or below 50% of the Area Median Income.
Costa Mesa M6 LP has requested that the California Statewide Communities Devel...
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