Los Angeles City Council, Journal/Council Proceeding
Friday, April 17, 2015
VAN NUYS CITY HALL, 14410 SYLVAN STREET, VAN NUYS, CA 91401 - 10:15 AM

SPECIAL COUNCIL MEETING



(For further details see Official Council Files)

(For communications referred by the President see Referral Memorandum)

ROLL CALL
Members Present: Blumenfield, Bonin, Buscaino, Cedillo, Englander, Fuentes, Huizar, Koretz, Krekorian, Martinez, O'Farrell, Parks, Price and President Wesson (14); Absent: LaBonge (1)
Items for which Public Hearings Have Not Been Held - (10 Votes Required for Consideration)
ITEM NO.(5)15-0436
15-0436
CD 7, 9, 13, 14

CONSIDERATION OF MOTION (FUENTES - O'FARRELL) and RESOLUTION relative to the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) hearing results for the issuance of Conduit Multifamily Housing Revenue Bonds in the amount of $80,667,500 for six affordable housing developments.

 

Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR:

 

  1. INSTRUCT the City Clerk, in accordance with the TEFRA requirements, to schedule and place on the agenda for the City Council meeting to be held on April 17, 2015 consideration of the hearing results of the TEFRA public hearing held on March 24, 2015 at the Los Angeles Housing and Community Investment Department for the six projects below:     
       
    Project  Developer/Sponsor Address  CD   Construction Type Maximum Amount
    Sylmar Court  12415 San Fernando Apartments, L.P. 12415 San Fernando Road, Los Angeles, CA  91342       7 New Construction $26,250,000
    Park Plaza Apartments Vermont Park Plaza, L.P. 960 West 62nd Place, Los Angeles, CA  90044  9 Rehabilitation 1,092,500
    Beverly Terrace Beverly PSH, L.P. 3314 - 3330 West Beverly Boulevard, Los Angeles, CA  90004 13 New Construction 13,125,000
    PATH Metro Villas I  Metro Villas 345, L.P. 345 North Westmoreland Avenue, Los Angeles, CA  90004 13 New Construction 17,500,000
    Skid Row Southeast I         Skid Row Southeast 1, L.P. 1201 East 7th Street and 1205 East 6th Street, Los Angeles, CA  90021 14 Rehabilitation 10,200,000
    T. Bailey Manor Women Organizing Resources, Knowledge and Services (WORKS) 4121 Eagle Rock Boulevard, Los Angeles, CA  90042 14 New Construction 12,500,000
            Total:  $80,667,500
               
  2. ADOPT the accompanying RESOLUTION in accordance with Section 142 of the Internal Revenue Code of 1986, as amended, and Section 147(f) of the Code setting the official intent of the City to issue Conduit Multifamily Housing Revenue Bonds in the amounts listed above, to finance the acquisition and rehabilitation/new construction of the above projects. The sponsors/developers have pledged to comply with all applicable City policies.

Community Impact Statement:  None submitted.

 

(Housing Committee waived consideration of the above matter)

 

 

Adopted - TO THE MAYOR FORTHWITH, (
14)
; Absent: LaBonge
(1)
 
Whereupon the Council did adjourn.
Signature

ATTEST:  Holly L. Wolcott, CITY CLERK

 

 

 

By

          Council Clerk                                           PRESIDENT OF THE CITY COUNCIL