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Council approves resolution allowing CalPFA to issue revenue bonds for Enzo Verde senior care project
Summary
Simi Valley adopted Resolution 2026‑12 to satisfy federal TEFRA/TERA public hearing requirements and authorize CalPFA to issue tax‑exempt revenue bonds (not city obligations) for the Enzo Verde residential care facility project; council emphasized the bonds will be the borrower's sole responsibility.
The City Council conducted the required TEFRA/TERA public hearing and adopted Resolution 2026‑12 approving the issuance of tax‑exempt revenue bonds by the California Public Finance Authority (CalPFA) for the benefit of Enzo Verde (formerly Kendall at Ventura). The financing—authorized in a “not to exceed” amount of $450 million—would fund acquisition, construction, improvement and equipping of a residential care facility for seniors at the southwest corner of Tapo Canyon Road and Guardian Street in Simi Valley.
Assistant to the City Manager Angel Sierra and representatives for the borrower explained the public hearing is a federal requirement under section 147(f) of the Internal Revenue Code and does not constitute entitlement approval of the project. Staff emphasized the city will bear no legal, financial or moral obligation for repayment; financing documents will include disclaimers that bonds are not city obligations.
Council members questioned whether earlier bond series issued under a prior borrower name remained covered; a borrower representative stated Enzo Verde will assume responsibility for previously issued series and the original borrower (Kendall at Ventura) has exited the project. Council also asked about secondary fire access and easement progress; staff said easement discussions were underway and the project was making progress.
The council adopted Resolution 2026‑12 by unanimous vote following the public hearing; no members of the public in chambers spoke during the hearing. The action satisfied the federal TEFRA/TERA hearing requirement and clears a procedural step toward the borrower’s next phase of financing, but does not waive or replace required city land‑use reviews and permits the project will still need to secure.
Next step: financing documents will proceed with the borrower and CalPFA; the project must still complete the city’s entitlement and permitting process before construction may proceed.
