Orinda Council OKs $15M TEFRA Bond Authorization for Vista Verde Senior Housing After Contentious Hearing

The Orinda City Council on Tuesday approved a TEFRA resolution authorizing the California Public Finance Authority to issue up to $15,000,000 in tax‑exempt multifamily housing revenue bonds to help finance the 53‑unit Vista Verde senior housing project at 15 Irvin Way.

The vote, 4–1 in favor, followed roughly three hours of public hearing and council deliberation that centered less on the financing mechanism—staff emphasized the city would have no legal or financial obligation for repayment—and more on the developer's decision to change general contractors and whether bond approval should require contractor prequalification or prevailing‑wage commitments.

Victoria Smith, president of the Orinda Senior Housing Foundation, told the council the project has been seven years in the making and said the bonds are essential to close the financing gap. "If our request for approval of the tax‑exempt bonds is not granted, this project will not be built," Smith said, adding that the foundation and its mission partner, Orinda Community Church, have assembled financing and local support.

Ken Jones of Urban Core…