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Committee OKs recommendation for up to $65M in tax‑exempt bonds for HealthRight 360 projects
Summary
The committee forwarded a resolution recommending Board approval of tax‑exempt financing (not city debt) through the California Municipal Finance Authority for HealthRight 360, up to $65 million total and about $50.6 million allocable to San Francisco projects; staff said the TEFRA process was completed and recommended approval.
Michelle Trivedi of the Controller's Office told the committee the resolution would permit the California Municipal Finance Authority to issue revenue bonds or a loan not to exceed $65,000,000 to refinance outstanding obligations and finance clinic and treatment facilities operated by HealthRight 360 in San Francisco. Trivedi explained the federal Tax Equity and Fiscal Responsibility Act (TEFRA) requires the governing body of the jurisdiction in which the project is located to approve the financing after a duly noticed public hearing; staff said the hearing notice ran in the San Francisco Examiner and that no public comments were received during the local TEFRA hearing process.
Trivedi provided background on HealthRight 360, which grew out of the merger of Haight Ashbury Free Clinics and Walden House and operates multiple facilities providing primary care, mental‑health, substance‑use disorder and residential treatment services. She said the authority would issue bonds in an amount not to exceed $65 million, of which approximately $50.6 million would be allocable to projects located within the city and county of San Francisco. "The bonds do not constitute a debt of the city," Trivedi said, and bond counsel on the transaction is listed as Quentin Theming LLP.
With no public comments, Chair Feuer moved the item to the full Board with a positive recommendation and the committee took the motion without objection. The Clerk noted items acted upon would appear on the Oct. 8 Board agenda.
