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Committee advances $5 million TEFRA refinancing for Mission Economic Development Agency project
Summary
The committee forwarded a resolution approving CEDA revenue obligations of up to $5 million to refinance a Mission Economic Development Agency facility and related improvements; a public hearing was held Oct. 14 with no comments and the committee voted 3–0 to advance.
The Budget & Finance Committee on Nov. 5 forwarded a resolution enabling the California Enterprise Development Authority to issue revenue obligations not to exceed $5,000,000 to refinance improvements to a commercial building at 2301 Mission Street owned by Mission Resource Center LLC and operated by the Mission Economic Development Agency (META).
Keith Savini of the Controller’s Office provided a TEFRA overview, noting federal tax rules require a local governing-body approval following a duly noticed public hearing (the Oct. 14 hearing produced no public comments). The proceeds will be loaned to Mission Resource Center LLC, and the city and county will have no obligation to repay the loan; repayment is from loan payments by the borrower.
The committee voted 3–0 to forward the resolution to the full Board with a positive recommendation.
Ending: The item advances for full Board consideration; staff noted similar financing occurred in 2015.
