HomeMy WebLinkAboutItem No. 18 Multifamily Housing Rev Bonds Mission Trail AptsText File
City of Lake Elsinore 130 South Main Street
Lake Elsinore, CA 92530
www.lake-elsinore.org
File Number: ID# 17-232
Agenda Date: 6/13/2017 Status: Public HearingVersion: 1
File Type: ReportIn Control: City Council
Agenda Number: 18)
Page 1 City of Lake Elsinore Printed on 6/8/2017
REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Grant Yates, City Manager
Prepared By: Jason Simpson, Assistant City Manager
Date:June 13, 2017
Subject:Multifamily Housing Revenue Bonds for Mission Trail Apartments.
Recommendation
The Public Hearing needs to be opened, however, the developer has requested and staff concurs
to continue to June 27, 2017, meeting. As required by Section 147(f) of the Internal Revenue Code
of 1986, at which it will hear and consider information concerning a proposed plan of financing
providing for the issuance by the California Statewide Communities Development Authority of
multifamily housing revenue bonds in one or more series issued from time to time, including bonds
issued to refund such revenue bonds in one or more series from time to time, and at no time to
exceed $20,000,000 in outstanding aggregate principal amount, to finance the acquisition,
construction and development of a 81-unit multifamily rental housing project located on the West
side of Mission Trail, South of Hidden Trail (APN: 365-030-001). Lake Elsinore, California.