Board holds TEFRA hearing and approves CSCDA bond issuance for Sequoia Living senior facility in Greenbrae

The Marin County Board of Supervisors conducted a TEFRA hearing Tuesday and adopted a resolution approving the California Statewide Communities Development Authority (CSCDA) issuance of tax-exempt and taxable obligations on behalf of Sequoia Living for a senior residential and care facility in Greenbrae.

Dan Eilerman, assistant county executive, and Charlie Shoemake, chief financial officer for Sequoia Living, briefed the board on the TEFRA process. Eilerman described the hearing as a required public review for transactions where a joint powers authority issues tax-exempt conduit debt for a project located within the county. He emphasized the TEFRA hearing does not create county liability for the debt.

Sequoia Living requested CSCDA authority to issue up to $165,000,000 to finance and refinance the project identified in the application as the Tamalpais Marin facility, located at 501 Via Casitas in Greenbrae near Marin General Hospital. County staff and the CSCDA clarified that the obligations would be the sole responsibility of the borrower; the county would not bear payment obligations or costs associated with the issuance.

No public speakers opposed the request during the hearing. A representative from Sequoia Living indicated they would provide further contact information to community members with questions about broader applicability of conduit debt for other nonprofit projects.

The board adopted the TEFRA resolution by motion and voice vote and authorized the clerk to execute the formal notice. Staff said subsequent documents would contain standard disclaimers that the county is not legally responsible for the borrower's debt.

Provenance: The TEFRA hearing, required by federal tax rules, took place on the record; county staff explained the limits of county liability and the board voted to approve CSCDA issuance for Sequoia Living's financing request.