Sacramento Board approves $1.5M tax-exempt bonds for Verge Center for the Arts

The Sacramento County Board of Supervisors convened on June 3, 2025, to address several key agenda items, beginning with a public hearing regarding the Tax Equity and Fiscal Responsibility Act. The primary focus of this hearing was a request for the approval of tax-exempt bonds by the California Enterprise Development Authority for the Verge Center for the Arts, with a proposed amount not to exceed $1,500,000.

Colin Bettis, the county debt officer, presented the request, explaining that the Verge Center for the Arts is a nonprofit organization dedicated to providing contemporary art and resources to the Sacramento region. He noted that federal law mandates a public hearing and approval from the local jurisdiction before the bonds can be issued. The proceeds from this bond issuance will be utilized to finance or refinance debt related to the building located at 625 S Street in Sacramento.

Bettis clarified that the bonds would be payable solely by the Verge Center for the Arts and would not represent a direct obligation of either the California Enterprise Development Authority or Sacramento County. He recommended that the board conduct the public hearing and, upon its conclusion, adopt a resolution approving the bond issuance.

Following the presentation, the board chair, Supervisor Serna, inquired if there were any questions from the supervisors. With no questions raised, the chair asked the clerk if there were any public speakers on the matter, to which the response was negative. Subsequently, Supervisor Serna moved to approve the item, and the motion received a second. The board then voted unanimously in favor of the bond issuance.

After this item, the meeting briefly adjourned for a short break before reconvening at 10:15 AM. Upon reconvening, the board reestablished a quorum and prepared to continue with the next items on the agenda. The meeting's progression highlighted the board's commitment to supporting local arts initiatives through financial mechanisms that facilitate growth and sustainability in the community.