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Developers outline tax‑exempt bond plan, PILOT promise for Huntington Beach senior living project
Summary
Interim Chief Financial Officer David Cain introduced a plan for tax‑exempt bonds and a PILOT agreement to finance a 214‑unit senior living project; developers said the city would receive tax revenues equivalent to what it would collect if the site were taxable.
Interim Chief Financial Officer David Cain introduced developer representatives and a proposed financing plan for the Marisol (Bolsa Chica/Warner Ave area) 214‑unit senior living project, telling council the project team plans to use tax‑exempt bonds issued through the California Public Finance Authority.
Scott Strusiner (presenting for the sponsor) and Andy Blum of the Bloom Family Foundation said a nonprofit subsidiary will be the project sponsor and that the team will seek TEFRA approval so bonds can be sold on a tax‑exempt basis. "The city has absolutely no liability under those bonds," Strusiner told council, and the sponsor presented a draft PILOT (payment…
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