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Oxnard City Council hears $20M TEFRA request for Cypress Place at Garden City Phase 2
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Summary
David Metchas, a project manager in the housing department, presented a recommendation that the council conduct a TEFRA hearing and adopt a resolution to approve up to $20 million in tax-exempt bonds to finance Cypress Place at Garden City Phase 2, a proposed 60-unit affordable rental project at 5482 Cypress Road.
David Metchas, project manager with the housing department, presented a proposal to the Oxnard City Council to allow tax-exempt bond financing for Cypress Place at Garden City Phase 2, a proposed 60-unit multifamily rental project at 5482 Cypress Road.
Metchas said the project has applied for issuance and reissuance of $20,000,000 in exempt facility bonds through the California Municipal Finance Authority (CMFA) to finance and refinance acquisition, construction and development. He emphasized that "there is no city financial obligation or liability arising from the state bond issuance," meaning the city would not be on the hook for the bonds.
The presenter named People’s Self Help Housing Corporation as the project's developer and administrative general partner and identified Cypress Place at Garden City 2 LP as the borrower applying for the bonds. He said the development would include 60 units, including one manager unit, targeted to households with incomes between 30 and 60 percent of the area median income for Ventura County. Metchas estimated construction would begin in 2026 with completion in 2028.
As a next step, Metchas recommended that the council (1) formally conduct the TEFRA hearing required under the Tax Equity and Fiscal Responsibility Act so the bonds can qualify as tax-exempt and (2) adopt a resolution titled "Resolution of the City Council of the City of Oxnard approving a plan of finance of the California Municipal Finance Authority to issue and reissue revenue bonds" in an amount not to exceed $20,000,000 for the benefit of Cypress Place at Garden City 2 LP. No council vote or final action on that recommendation was recorded in the presentation.
If the council proceeds, the TEFRA hearing would allow public comment on the use of tax-exempt bonds for the project; final bond issuance would be a separate action by the CMFA and the borrower. The council was not asked to pledge city funds or assume debt under the proposal.
