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Oxnard City Council hears presentation on TEFRA financing for proposed 234‑unit Lockwood 3 apartments
Summary
The City of Oxnard heard a presentation recommending a TEFRA hearing and a resolution to authorize tax‑exempt bond financing for the Lockwood 3 Apartments, a proposed 234‑unit affordable rental project at 2151 Lockwood Street. The developer applied for $20 million in bonds; the resolution would authorize up to $70 million.
David Mechas, project manager with the housing department, presented a Tax Equity and Fiscal Responsibility Act (TEFRA) hearing item on financing for the proposed Lockwood 3 Apartments at 2151 Lockwood Street.
Mechas said the project has applied for issuance of $20,000,000 in exempt facility bonds from the California Municipal Finance Authority. "The TEFRA hearing is intended to allow for community input on the use of the tax exempt bonds for financing projects," he said. He added that "there is no city financial obligation or liability arising from the state bond issuance."
According to Mechas, the Lockwood 3 project would include 234 rental units, including two manager units, targeted at households earning about 30 to 70 percent of the Ventura County area median income. Construction is estimated to begin in 2026 and to be completed in 2028.
Mechas recommended that the council (1) conduct the TEFRA hearing required for the bonds to qualify as tax‑exempt and (2) adopt a resolution approving issuance and reissuance of California Municipal Finance Authority exempt facility bonds for a qualified residential rental project in an aggregate principal amount not to exceed $70,000,000 to finance or refinance Lockwood 3 and related matters. He identified Waterford Development LLC as the developer and Lockwood 3 Oxnard LP as the borrower that applied for the bonds.
The presentation concluded without a recorded council vote in the transcript. The next procedural step described in the presentation is for the council to hold the public TEFRA hearing and then consider the resolution authorizing the bond issuance.
