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Council holds TEFRA hearing and approves extension of Courtyard Village bond maturity
Summary
The council held a required TEFRA hearing and approved a staff recommendation supporting a six‑month extension of the maturity date on previously issued tax‑exempt bonds for the Courtyard Village affordable housing project; the city said it has no legal responsibility for repayment.
The West Sacramento City Council on March 19 conducted a TEFRA public hearing and adopted a resolution approving the reissuance of previously issued tax‑exempt multifamily bonds for the Courtyard Village affordable housing project.
Housing Manager Raul Huerta explained the history: in February 2009 the California Statewide Communities Development Authority (CSCDA) issued approximately $10 million in tax‑exempt multifamily bonds to assist Evergreen Circle Investors acquire and rehabilitate the 294‑unit Courtyard Village property. Huerta said the bonds matured Dec. 16, 2024 and the bond purchaser requested a six‑month extension of the maturity date to June 16, 2025. Because the change in maturity constitutes a reissuance for tax purposes, federal law requires a TEFRA hearing by the local jurisdiction where the project is located.
Huerta emphasized that no new bonds are being issued, that financing terms remain otherwise unchanged, and that the City of West Sacramento will have “no financial, legal or moral obligation, liability or responsibility for the repayment of the bonds.” Staff recommended adoption of the resolution supporting the CSCDA reissuance.
No members of the public requested to speak on the item. The council adopted the resolution (recorded as Resolution 20530 in the staff presentation) by roll call: Council member Alcala — Aye; Council member Early — Aye; Council member Orozco — Aye; Mayor Pro Tem Sulpizio Hall — Aye; Mayor Guerrero — Aye.
Staff and the developer representative were available for follow‑up but the council took no additional action beyond adopting the resolution to support the requested bond maturity extension.
