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Council approves TEFRA hearings, moves forward with Palm Villas tax‑exempt bond financing
Summary
The Red Bluff City Council on June 17 approved resolutions to permit CSCDA to issue up to $30 million in tax‑exempt bonds to finance construction of Palm Villas, a 61‑unit affordable housing complex at 321 South Jackson Street.
The Red Bluff City Council on June 17 held a public TEFRA hearing and approved resolutions allowing the California Statewide Communities Development Authority (CSCDA) to issue tax‑exempt multifamily housing revenue bonds to support financing for the 61‑unit Palm Villas affordable housing project at 321 South Jackson Street.
City staff attorney Tom Westberg and representatives from the borrower described the transaction as a conduit financing: CSCDA would serve as issuer and the bonds would be limited obligations payable from project revenues and loan repayments, not by the city. Westberg said the city will bear no liability for the…
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