Council approves TEFRA hearing and supports revenue bonds for Sequoia Living’s ViaMonte
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Summary
Council held a TEFRA public hearing and approved a resolution supporting issuance of revenue bonds by the California Statewide Communities Development Authority to refinance Sequoia Living’s obligated group that includes the ViaMonte facility in Walnut Creek.
Walnut Creek — The City Council closed a public hearing June 3 under the Tax Equity and Fiscal Responsibility Act (TEFRA) and adopted a resolution approving the issuance of revenue bonds by the California Statewide Communities Development Authority (CSCDA) to benefit Sequoia Living, which operates the ViaMonte residential care facility in Walnut Creek.
Staff presentation: Jennifer Yamas, a housing analyst in the Community Development Department, introduced the TEFRA hearing and invited Dave Latina, chief business development officer for Sequoia Living, to address the council. Latina said the proposed financing is a refinance — not new construction financing for ViaMonte — and explained the $165 million placement will support Sequoia Living’s broader obligated group of continuing care retirement communities; ViaMonte’s portion of the refinancing is limited and mainly for reserves.
Why it matters: Under federal tax rules, the TEFRA hearing is a local government step required to consider the proposed issuance of tax‑exempt bonds for private nonprofit projects. City staff clarified the bonds would not be an obligation of the city and that there would be no cost to Walnut Creek.
Council action: After hearing written comments (staff said written comments had already been posted), the council voted unanimously on a motion to adopt a resolution approving the issuance of bonds by CSCDA for the benefit of Sequoia Living. The roll call vote was recorded as all ayes.
Ending: The council closed the hearing with no public speakers at the podium and took the ministerial vote supporting the bond issuance; staff noted the bonds do not create a city liability.
