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Board holds TEFRA hearing, approves tax-exempt conduit financing for Sequoia Living's Greenbrae senior facility
Summary
Following a public TEFRA hearing, the Board approved a resolution authorizing California Statewide Communities Development Authority to issue tax-exempt and taxable obligations for Sequoia Living’s project at 501 Via Casitas (Greenbrae).
The Marin County Board of Supervisors conducted a Tax Equity and Fiscal Responsibility Act (TEFRA) hearing Tuesday and approved a resolution allowing the California Statewide Communities Development Authority (CSCDA) to issue tax-exempt and taxable obligations for Sequoia Living’s project at 501 Via Casitas in Greenbrae.
Assistant County Executive Dan Eilerman and a Sequoia Living representative explained that the TEFRA hearing is a required public-review step for conduit tax-exempt financing of a private nonprofit project located within the county. The CSCDA, a joint-powers authority, requested approval to issue up to $165 million in obligations to finance and refinance construction and related debt for a senior residential and care facility in Greenbrae. County staff emphasized that the county is not a borrower and will have no financial responsibility for repayment.
There was no public comment during the hearing, and the board moved to adopt the resolution approving the issuance of obligations by CSCDA for the benefit of Sequoia Living. Supervisor Luca moved, Supervisor Colbert seconded; the motion passed by unanimous voice vote. County staff advised the public that the borrower and the CSCDA will carry disclaimers in the financing documents clarifying there is no county obligation.
The TEFRA hearing satisfies Internal Revenue Service requirements for conduit financings by local jurisdictions and does not commit county funds. County counsel and staff made clear that any future county involvement, such as permits or land use approvals, would be separate from the TEFRA action taken Tuesday.
