Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Culver City moves to create Public Finance Authority to issue up to roughly $36 million in bonds for housing and infrastructure
Summary
The council authorized creation of a Culver City Public Financing Authority and directed staff to return with term-sheet documents next meeting; staff said a direct-purchase bond could raise about $27.5 million for economic development and $8.3 million for city infrastructure, with the first lease payment capitalized until 2028.
The Culver City Council voted unanimously April 13 to authorize formation of a joint powers authority called the Culver City Public Financing Authority and to advance a term sheet that would let the authority issue lease-revenue bonds to finance affordable housing and deferred maintenance projects.
City staff and bond counsel told the council the proposed financing, under a direct purchase with Barclays, would seek approximately $35.9 million in par amount in two tranches: an estimated $27.5 million taxable tranche intended to support economic development and affordable-housing initiatives and about $8.3 million of tax-exempt proceeds for traditional city capital projects. Steve Agostini, the city’s chief financial officer, said the plan…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
