The City Council is being asked to approve the issuance of up to $45,000,000 in tax-exempt notes by the Las Varas Public Facility Corporation to finance a multifamily housing project called Brickstone Flats. The approval is required under Section 147(f) of the federal Internal Revenue Code, which requires a local elected body to approve the issuance of certain tax-exempt bonds after a public hearing. The agenda does not specify the project's location, unit count, or affordability terms.
The item authorizes the issuance of tax-exempt notes in a maximum aggregate amount of $45,000,000. The notes would be issued by the Las Varas Public Facility Corporation, a separate entity from the City, to finance the Brickstone Flats multifamily housing development.
The item is brought forward by Ben Gorzell, Chief of Financial and Administrative Services, and Troy Elliott, Chief Financial Officer in the Finance department. The issuer is the Las Varas Public Facility Corporation, and the funds would support the Brickstone Flats multifamily housing project; the agenda does not specify the developer or future residents.
Show the original agenda text
Ordinance approving the issuance by Las Varas Public Facility Corporation of its tax- exempt “Multifamily Housing Governmental Notes (Brickstone Flats) Series 2026” (the “Notes”) in a maximum aggregate amount of $45,000,000 for purposes of Section 147(f) of the Internal Revenue Code, as amended.
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