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Tustin council authorizes participation in CMFA bond program to support development
Summary
The council authorized participation in the California Municipal Finance Authority's community facilities district bond program, a financing option for developer-funded public improvements; the motion passed unanimously and was described as a step advancing the Red Hill housing project.
The Tustin City Council voted unanimously to authorize participation in the California Municipal Finance Authority’s Community Facilities District Bond Opportunities for Land Development program, a mechanism that enables land developers to finance public improvements and development impact fees through tax-exempt bonds.
City staff explained the program’s purpose and noted there was no presentation from outside consultants and no public speakers on the item. Councilmembers characterized the authorization as part of a continuing effort to advance the Red Hill housing project discussed at previous meetings.
After brief remarks and by roll call, Councilmembers Fink, Snell and Gallagher and Mayor Pro Tem Nielsen voted "Aye" and the motion passed 4-0. Councilmembers emphasized that participation authorizes the city to engage with the CMFA program but does not itself issue bonds; further steps and approvals would be required before any specific financing is adopted.
No amendments or specific financing structures were approved at the meeting; the action is recorded as an authorization to participate in the program.
