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Committee forwards TEFRA resolution for Related California Mariposa project to full Board

San Francisco Board of Supervisors Finance Committee · November 2, 2016
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Summary

The Finance Committee forwarded a TEFRA resolution allowing conduit financing up to $240 million for an approximately 299‑unit multifamily project (addresses including 1601 Mariposa) so the project can participate in a CDLAC program; the motion passed without objection.

The committee considered a TEFRA resolution for a Related California‑sponsored multifamily housing project at multiple city addresses including 1601 Mariposa. MOHCD stated this is a conduit financing that does not pledge city funds for bond repayment and that TEFRA public noticing is required to enable the project to pursue a California Debt Limit Allocation Committee (CDLAC) special program. The Board previously adopted an inducement resolution for the project in June 2016; the TEFRA action is a follow‑up step to advance conduit bond financing.

MOHCD introduced Matt Kiper from Related California and concluded the staff report with an offer to answer questions; none were raised and public comment was closed. Supervisor Katie Tang moved to forward the resolution with a positive recommendation; Supervisor Norman Yee seconded and the committee took the motion without objection to send the item to the full Board for consideration on the 11/15/2016 agenda.

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