TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: David Chantarangsu, AICP, Development Services Director
PREPARED BY: Carl Stiehl, City Planner
SUBJECT:
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Financing for Oak View Ranch, Murrieta Apartments Phase II Senior Units, Adams Avenue Affordable Housing Project
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RECOMMENDATION
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Conduct a Public Hearing under the requirements of the Tax and Equity Fiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, (IRS Code) as amended; and
Adopt Resolution No. 25-4804 entitled: A Resolution of the City Council of the City of Murrieta Approving the Issuance by the California Statewide Communities Development Authority of Exempt Facility Bonds for the Construction and Improvement of Certain Facilities for Phase Two of Oak View Ranch Senior Apartments.
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PRIOR ACTION/VOTE
On June 6, 2022, the City Council approved the Adams Avenue Affordable Project, now known as Oak View Ranch, which included various land use entitlements (Development Plan 2021-2311, Tentative Parcel Map 2021-2326, and Disposition and Development Agreement 2022-2491) to develop a multi-family affordable residential project between the Murrieta Housing Authority and National Community Renaissance of California at 24960 Adams Avenue (Vote: 4-0-1).
On April 4, 2023, the City Council approved the financing for Oak View Ranch Phase I by National CORE, including the issuance of bonds in an amount not to exceed $40,000,000 (Vote: 4-0-1).
CITY COUNCIL GOAL
Plan, program and create infrastructure development.
BACKGROUND
The Murrieta Housing Authority (MHA), as the successor housing entity to the former Murrieta Redevelopment Agency, has long planned for the development of the City-owned property at 24960 Adams Avenue for affordable housing. After a multi-year property disposition and development process, the MHA directed staff to work with National CORE on the property. In April 2021, National CORE submitted an application for a project...
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