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Council approves CMFA membership, delays TEFRA vote and approves up to $855,874 in utility reimbursement for 1301 Broadway affordable housing project
Summary
Millbrae’s council voted to join the California Municipal Finance Authority, continued the federal tax‑exempt bond (TEFRA) hearing for the 97‑unit 1301 Broadway affordable housing project to Feb. 25 for further labor dialogue, and approved a utility‑undergrounding reimbursement agreement capped at $855,874.21.
The Millbrae City Council voted unanimously to authorize the city’s membership in the California Municipal Finance Authority (CMFA), paused final local action on tax‑exempt bonds for a 97‑unit affordable housing project at 1301 Broadway to allow additional dialogue with labor representatives, and approved a reimbursement agreement of up to $855,874.21 to underground utility lines adjacent to the same project.
On the CMFA membership (City agenda item 11), the council adopted a resolution authorizing the city to join the CMFA joint exercise of powers agreement. City staff explained membership carries no financial obligation or liability for Millbrae; instead, it enables the CMFA to issue bonds in the city’s jurisdiction and provides the city a portion of issuance fees to offset administrative costs. Vice Mayor Holiver moved approval; Councilmember Nguyen seconded. The roll call vote was 5–0 in favor.
The council then opened a TEFRA (Tax Equity and Fiscal…
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