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Council holds TEFRA hearing and approves CSCDA bond issuance for Heritage Park Apartments (up to $35M)
Summary
Council opened and closed a Tax Equity and Fiscal Responsibility Act (TEFRA) hearing and adopted a resolution consenting to issuance of tax‑exempt bonds by the California Statewide Communities Development Authority (CSCDA) to refinance Heritage Park Apartments; the city does not assume liability for the bonds.
The Roseville City Council opened a TEFRA (Tax Equity and Fiscal Responsibility Act) hearing on Feb. 5 for Heritage Park Apartments, received staff presentation and public comment, then adopted a resolution approving the issuance by the California Statewide Communities Development Authority (CSCDA) of tax‑exempt bonds for the project.
Assistant Finance Director Scott Pettengill explained TEFRA requires a public hearing by the governing body where a tax‑exempt bond‑financed project is located. The proposed CSCDA financing would refinance acquisition, construction, improvements and equipment at Heritage Park Apartments, located at 1098 Woodcreek Oaks Boulevard. Pettengill stated the borrower requested CSCDA serve as the municipal issuer of bonds not to exceed $35,000,000 and that debt issued by CSCDA would be the borrower’s sole responsibility; the city would have no financial or legal obligation for repayment.
After no public opposition, the council adopted the staff resolution consenting to the bond issuance. Council members praised the long‑standing property as an example of a well‑run affordable complex while recording the unanimous vote to approve the resolution.
Votes at a glance: council adopted the resolution approving CSCDA issuance of tax‑exempt bonds for the benefit of Heritage Park Apartments (roll call: Vice Mayor Albert: Yes; Council member Howde Shell: Yes; Council member Ricucci: Yes; Mayor Brunosconi: Yes).
