Title
Report regarding conducting a public hearing under the Tax and Equity Fiscal Responsibility Act in connection with the proposed issuance of revenue bonds by the California Municipal Finance Authority to finance Rotary Gardens at 500 Linden Avenue. (Mike Noce, Housing Manager)
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RECOMMENDATION
Staff recommends that the City Council take the following actions.
Conduct a public hearing under the requirements of the Tax and Equity Fiscal Responsibility Act (“TEFRA”) and the Internal Revenue Code of 1986, as amended (the “Code”), in connection with the proposed issuance of revenue bonds by the California Municipal Finance Authority (“CMFA”), a joint exercise of powers authority and public entity of the State of California, in an amount not to exceed $30,000,000, (the “Bonds”), to finance and refinance the acquisition, development, construction and equipping of an 80-unit affordable housing project (the “Project”) to be owned and operated by Rotary Gardens, L.P. (the “Borrower”), and to be located at 500 Linden Avenue within the City of South San Francisco, California (the “City”).
Adopt the associated resolution approving the issuance of the Bonds by the CMFA for the benefit of the Borrower, to provide for the financing of the Project, such adoption is solely for the purposes of satisfying the requirements of TEFRA, the Code, and the California Government Code Section 6500.
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BACKGROUND
The South San Francisco Rotary Club, in partnership with Beacon Development, proposed an affordable housing development at the Liberty Bank site located at 500 and 522 Linden (the Development). The two-phase Development, known as Rotary Gardens, was approved ministerially on July 2, 2025 - each standing 6 stories or approximately 75 feet tall. The senior building at 500 Linden includes 80 units, and the family building at 522 Linden will contain 64 units.
Both phases have received funding commitments from the City; however, the senior building at 500 Linden Ave...
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