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Council approves expedited TEFRA finding to allow senior-housing conduit bond filing
Summary
Facing an Oct. 4 filing deadline, the council found an urgent need to act and approved a TEFRA-related action so Phillips Temple Community Development, a nonprofit, could proceed with conduit bond financing for a 20-unit senior housing project.
The City Council on Oct. 2, 2001, made the findings required to proceed with a TEFRA public hearing and related actions so that Phillips Temple Community Development, a California nonprofit, could file for conduit bond financing for a proposed 20-unit senior housing development.
City staff told the council the application for the conduit bond financing and TEFRA-related filing had an Oct. 4 deadline and that the need to act arose after the agenda was posted. The council voted unanimously to adopt the necessary findings of urgency so the item could proceed; a subsequent motion approved the action itself and the item was forwarded as required.
Councilmembers made no substantive amendments on the council floor. The roll call for the finding was recorded as 13 ayes.
City staff will proceed with the TEFRA hearing and bond-application process on the accelerated schedule to meet financing deadlines.
