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Council opens TEFRA hearing for tax-exempt bonds for senior-living project; hearing continued to Feb. 18
Summary
The City Council opened a TEFRA hearing to consider authorizing Cal PFA to issue tax-exempt bonds for a nonprofit senior-living project and continued the public hearing to Feb. 18, 2025; staff said the city would not be liable for bond repayment and the developer offered a PILOT to replace property tax revenue.
The Huntington Beach City Council opened a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing to consider authorizing the California Public Financing Authority (Cal PFA) to issue tax-exempt bonds for a nonprofit senior-living development on property at or near 21091 Pacific Coast Highway.
David Kane, Interim Chief Financial Officer, told the council the TEFRA hearing is required under the Internal Revenue Code before a joint powers authority can issue tax-exempt bonds for a privately developed project. Kane said the council’s approval would not create a city liability: “We have no liability, we have no…
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