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Committee clears revenue bond approvals for Institute on Aging project with wording amendment
Summary
The committee advanced ABAC-authorized revenue bond financing for Institute on Aging facilities, with the Institute clarifying proceeds are not for acquisition and the deputy city attorney agreeing to remove acquisition language from the resolution; public commenters encouraged stronger program support for services and physicians.
The Budget & Finance Committee on July 23 advanced a resolution authorizing issuance and sale of revenue bonds by the ABAG Finance Authority for nonprofit corporations to finance facilities for the Institute on Aging.
Anthony Aberbon of the Office of Public Finance opened the item and said the transaction is structured under tax‑exempt issuance procedures and that the obligations carry no fiscal impact to the city because the nonprofit borrower bears repayment responsibility. Ken Donnelly of the Institute on Aging described the project and corrected preparatory materials: he said proceeds would not be used for acquisition and summarized the Institute’s services, including a primary‑care clinic, PACE‑type services and case management. Donnelly also described a partnership with Bridge Housing that will place 150 affordable housing units above the Institute’s facilities.
Deputy City Attorney Mark Blake confirmed the word "acquisition" could be stricken from the resolution and advertising materials without legal effect, and staff agreed to remove the term throughout the documents.
Members of the public urged stronger support for the Institute’s service capacity, with one commenter asking for restoration of budget lines for medical staff. The committee closed public comment and advanced the item without objection. The item will proceed to the Board for final approval and any ministerial document edits required by the city attorney’s office.
The committee record shows the bond issuance is planned to support services for low‑income, frail older adults and complement affordable housing being developed by private partner Bridge Housing.
