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Council approves host approval for up to $15 million in tax‑exempt revenue obligations for TIP Property
Summary
San Bernardino’s City Council unanimously approved a resolution allowing the California Enterprise Development Authority to issue up to $15 million in tax‑exempt revenue obligations for TIP Property Karas LLC, a project controlled by Community Action Partnership; council members raised accountability and community benefit questions prior to the vote.
The San Bernardino City Council unanimously approved a resolution on April 15 to allow the California Enterprise Development Authority to issue tax‑exempt revenue obligations not to exceed $15 million for TIP Property Karas LLC, a borrower the staff presentation said is controlled by Community Action Partnership (CAPS), a county nonprofit that provides housing assistance, food distribution and utility assistance.
Staff stresse…
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