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Council holds TEFRA hearing and approves resolution allowing up to $125 million in tax-exempt bonds for Meadows of Napa Valley
Summary
At a public hearing, the council approved a resolution allowing the California Statewide Communities Development Authority to consider issuing up to $125 million in tax-exempt revenue bonds for the Meadows of Napa Valley project; staff said the city assumes no financial obligation in the transaction.
The Napa City Council held a TEFRA hearing Tuesday on a bond-financing request for the Meadows of Napa Valley and adopted a resolution allowing the California Statewide Communities Development Authority (CSCDA) to proceed with possible tax-exempt bond issuance in an aggregate amount not to exceed $125,000,000.
Stephanie Gall, the city's housing manager, told the council that CSCDA—a joint powers authority that issues tax-exempt financing—requested a local TEFRA hearing as part of the procedural record. "As noted in the agenda item, there is no obligation of the city in this potential transaction," Gall said. Representatives of the project owner, Odd Fellows, were present to answer questions; no members of the public provided testimony.
After brief deliberation, Councilmember Painter moved to approve the resolution and the council carried the item by unanimous voice vote.
What’s next: CSCDA and the project owner will proceed with their financing process; council’s action created the public hearing record required for tax-exempt issuance but does not bind the city to the bonds.
