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Council holds TERA hearing and approves resolution to permit public‑finance authority bond issuance for a behavioral‑health facility
Summary
Council held the federally required TERA public hearing and adopted a resolution authorizing issuance of public‑finance authority revenue bonds for Flyland Holdings LLC as part of a larger financing; up to about $11 million would finance the Roseville facility and any bonds would be the borrower's obligation, not the city's.
Scott Pentingel, the city’s finance director, opened a federally mandated Tax Equity and Fiscal Responsibility Act (TERA) public hearing on a proposed issuance of tax‑exempt and/or taxable revenue bonds to refinance a behavioral health and substance‑use disorder outpatient facility at 317 Douglas Boulevard.
Pentingel told council the borrower, Flyland Holdings LLC, is seeking to include the Roseville facility as part of a larger multi‑state financing program (up to $750 million in aggregate across projects), with up to approximately $11 million allocated to the Roseville site. He emphasized that any debt issued by the public finance authority would be the borrower’s sole responsibility and that the city would have no legal or financial obligation for repayment.
Council members asked clarifying questions about the facility’s operations, tenant/ownership status and the nature of tax‑exempt financing; staff noted the hearing is limited to the financing action required by federal rules and does not constitute a land‑use, permitting or operational approval. Following the presentation and public comment, the council adopted a resolution approving the bond issuance authorization for the public finance authority to proceed with the financing for the Flyland Holdings obligated group.
