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Board OKs TEFRA support for Meadow Pines preservation project; nonprofit to manage park
Summary
Supervisors authorized bond-related approvals and a joint-exercise agreement to allow Augusta Communities (nonprofit) to acquire and operate a mobile-home park with affordability covenants on many spaces.
The board voted to approve TEFRA-related actions to permit the California Municipal Finance Authority financing on behalf of Augusta Communities for the Meadow Pines project.
Suzanne Taylor, executive director of Augusta Communities, said nonprofit ownership and lower interest financing will let the organization preserve the existing park and invest in improvements while keeping many spaces affordable. "The other thing the nonprofit brings to the table is the ability to have lower taxes related to that," Taylor said, describing administrative fees and reinvestment into the mission rather than outside investors.
Supervisors discussed whether reduced financing costs would translate to lower resident rents and asked about the nonprofit's operating track record and portfolio; Taylor said the organization manages or owns about 1,590 spaces and serves roughly 3,800 residents, and that 32 of the Meadow Pines spaces will carry affordability covenants. The board approved the item and adopted required conditions and resolutions 5-0.
