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Council holds TEFRA hearing and approves bond financing for Adams Avenue senior apartments
Summary
Murrieta held a Tax Equity and Fiscal Responsibility Act hearing and approved a CSCDA bond issuance to finance Phase 2 of the Oakview Ranch / Adams Avenue senior apartments project; council approved the TEFRA resolution by a 4-0 vote with Council member DeForest recused.
Murrieta — The City Council conducted a TEFRA (Tax Equity and Fiscal Responsibility Act) public hearing on Feb. 18 and approved a resolution allowing the California Statewide Communities Development Authority (CSCDA) to issue tax‑exempt bonds for the Oakview Ranch/Adams Avenue Apartments Phase 2 senior units.
Carl Steele, city planner in Development Services, presented the item and described the financing structure. Steele said CSCDA would provide approximately $25,000,000 in bond financing for the project and that the debt would be the borrower’s responsibility; “the city will have no financial or legal obligations or responsibilities with regard to repayment of the debt,” he said during the presentation.
Steele said the project site is part of a June 2022 approval that envisions 200 affordable housing units together with amenities and a Boys & Girls Club. He explained the TEFRA hearing is required under federal rules when tax‑exempt bonds are issued for projects within a jurisdiction.
No members of the public testified during the TEFRA hearing. After council questions and discussion, the council closed the hearing and approved the recommended resolution. The motion passed 4-0 (Council member DeForest recused herself because she stated she has a business within 500 feet of the project).
Why it matters: TEFRA approval allows CSCDA to proceed with issuing tax‑exempt bonds that the applicant will use for construction financing; staff emphasized the city will not be liable for repayment.
What’s next: Staff will finalize the CSCDA issuance documents and the borrower will pursue bond closing and construction financing under CSCDA’s program.
