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San Bruno council authorizes CMFA BOLD application for Highlands development after debate over wage commitments
Summary
Council voted 5-0 to authorize a California Municipal Finance Authority (CMFA) BOLD financing application for the 58‑unit Highlands project, after labor union testimony asking for area-standard wages and developer and bond counsel answers on costs, repayment and prepayment options.
The City of San Bruno authorized staff to allow the California Municipal Finance Authority to accept an application from City Ventures for a BOLD program bond to finance part of the Highlands housing project, following a public hearing and council discussion.
Roscoe Mata, planning manager, summarized the request: the Highlands is a 58‑unit multifamily townhome project at Glenview Drive and San Bruno Avenue. The CMFA BOLD program would form a community facilities district (CFD) to finance development impact fees that will be assessed on future property owners; Mata emphasized the special assessment would not apply to income-restricted units in the…
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