Fremont approves reissuance of tax-exempt bonds for Centerville Plaza and Arbor View apartments

Fremont’s City Council on Tuesday approved two separate tax-exempt bond reissuances required for refinancing two multifamily rental projects: Centerville Plaza Apartments and Arbor View (Arbor Beach Gardens) Apartments.

The public hearings opened with staff explaining the federal public-hearing requirement for tax-exempt financings. There were no public speakers or written comments for the Centerville hearing. Finance and housing staff described the Centerville refinancing and said the city previously provided support of $12,850,000 for that project during an earlier funding round; counsel and staff recommended adoption of the resolution. Council member Kimberlin moved adoption; the motion was seconded and passed 6–0 (one absent).

For Arbor View, staff explained the city did not provide funding in the current round and that project financing totals and per-unit costs differ based on economies of scale and deeper-affordability units. Housing Manager Lucia Hughes told the council Arbor View’s total uses for construction were "a little bit over $60,000,000" and that Centerville’s uses were "a little bit over $83,000,000"; Arbor View was described as having about 67 units and Centerville about 140 units. Hughes said deeper-affordability units (for example those at 20% area median income) are more expensive to build and operate and can raise per-unit costs.

Council member Singh moved to adopt the Arbor View bond resolution; Council member Campbell seconded and the motion passed 6–0 with one absence. Staff said future notices of funding availability will return to council with criteria and priorities for city funding decisions.

Both bond actions allow the projects’ refinancing to proceed under tax-exempt bond structures; staff noted the hearings and votes satisfied federal public-notice requirements.