Archive for October, 2016

Jurupa Valley Public Utilities Department Selects the CMFA as Issuer

Oct 27, 2016

The City of Jurupa Valley (the “Local Agency”) is located in the far western portion of the County of Riverside approximately 50 miles southeast of Los Angeles. The Local Agency was incorporated as a general law city on July 1, 2011, joining together the unincorporated areas that were previously known as Mira Loma, Sky Country, Country Village, Glen Avon, Pedley, Indian Hills, Jurupa Hills, Sunnyslope, Crestmore Heights, Rubidoux and Belltown. The Local Agency has an area of approximately 46 square miles, with borders running along the Interstate 15 freeway to the west, the Santa Ana River to the south and east and San Bernardino County to the north.

The Local Agency is undertaking the Projects as part of the its ongoing effort to accelerate street system improvements within its jurisdiction. The Projects are expected to include the construction of improvements to streets and roadways within the corporate limits of the Local Agency, which improvements are eligible costs payable from Measure A Revenues, including engineering, inspection, contract administration and other incidental costs. The designation of the particular streets and roadways to be improved will be made by the City Manager of the Local Agency.

Projects:

Limonite Avenue widening (Etiwanda to Bain)

Miscellaneous Street Pavement Rehabilitation

Annual Pavement Rehabilitation

 

Low Cost, Tax-Exempt Financing Provided for the University of the Pacific

Oct 26, 2016

The University of the Pacific (the “University”), founded in 1851, is the oldest chartered university in California.  From its beginnings in Santa Clara, the institution has evolved into an institution with campuses in Stockton, Sacramento, and San Francisco.

The CMFA issued $33,120,000 in tax-exempt bond financing. The proceeds of the Bonds will be used by the University of the Pacific to: (1) finance and refinance all or a portion of the acquisition, construction, improvement and equipping of educational and related facilities, including related administrative facilities, athletic facilities, site improvements, and parking, including but not limited to construction of facilities for student housing to be known as Upper Division Housing, to be located at the University’s campus at 3601 Pacific Avenue, Stockton, California 95211 and other improvements located on the Stockton Campus.

The CMFA Works with People’s Self Help Housing Corporation to Finance Affordable Housing with Tax-Exempt Financing

Oct 21, 2016

Peoples’ Self-Help Housing (“PSHH”) is a national award-winning nonprofit organization that creates affordable housing and self-sufficiency programs on California’s Central Coast; San Luis Obispo, Santa Barbara, and Ventura Counties.

The bond proceeds will be used to finance the Village at Los Carneros development. Village at Los Carneros is a new construction project with 70-units of permanently affordable multi-family rental apartments, located in Goleta California. The Village at Los Carneros design consists of 4 three-story residential buildings with elevator service and includes 14 one-bedroom units, 25 two-bedroom units, and 30 three-bedroom units. One two-bedroom unit of the development is dedicated as residence for an onsite property manager. This financing will create 69 units of high quality, affordable housing for households in the City of Goleta for the next 55 years.

The CMFA Completed the issuance of $18,566,190 in Bonds for Many Mansions

Oct 19, 2016

This bond financing will enable Many Mansions to acquire and rehabilitate the Shadow Hills Apartments affordable multifamily rental housing facility. The project consists of 7 two-story buildings and 1 three-story building. Seventy-percent of the units will be restricted to low income households making 60% or less of the Area Median Income and thirty-percent will be restricted to very low income households making 50% or less of Area Median Income. The project is located at 227 E. Wilbur Road, Thousand Oaks, California. This financing will continue to provide 100 units of affordable housing for the City of Thousand Oaks for the next 55 years.

The CMFA Assists Pomona College on a 17,225,000 Tax-Exempt Bond Financing in Claremont, CA

Oct 18, 2016

Pomona College is the founding member of The Claremont Colleges, a unique consortium of seven independent institutions on adjoining campuses. Pomona College offers approximately 1,600 students, the personal experience of a small, academically superb liberal arts college and the breadth of resources normally associated with major universities.

The proceeds of the Bonds will be loaned to Pomona College to: (1) refinance outstanding bonds that were issued to (a) finance and/or refinance the acquisition, construction, expansion, rehabilitation, remodeling, renovation and equipping of all or a portion of certain educational facilities of the College in each case with related and appurtenant facilities located on the College’s main campus in Claremont, California; (b) refinance bonds which originally financed (i) Bridges Hall of Music, located at 150 East 4th Street; (ii) Mudd-Blaisdell Hall, located at 230 East Bonita Avenue; (iii) Brackett Observatory, located at 400 North Amherst Drive; and (iv) Clark I Residence Hall, located at 328 East 8th Street, all located on the Campus.

The CMFA Issues $12,724,000 in Tax-Exempt Financing for the Sea Breeze Apartments

Oct 14, 2016

MRK Partners, Inc. is a multi-family real estate investment and asset management firm that specializes in the acquisition, repositioning and preservation of affordable housing. They invest in multi-family real estate in primary U.S. markets including California, Florida, Maryland, Virginia and Washington DC metro area.

This financing, issued by the CMFA enabled MRK Partners to rehabilitate a 92-unit, affordable multi-family housing development known as Sea Breeze Apartments. Interior renovations will include laundry room, leasing office, and community room upgrades. Individual apartment units will receive a new appliance package, countertops, cabinets, fixtures, paint, and electrical updates. All interior renovations will allow the apartment units to maintain full functionality, including all utilities, and tenants will be able to utilize the sleeping quarters nightly during the construction period. Lastly, common or site area renovation will consist of concrete repairs, pedestrian gate installation, new pool shed/equipment and egress gate installation, and lighting/signage improvements. This financing will preserve a much needed 91 units of affordable housing for the City of Oxnard for another 55 years.

Creative Center of Los Altos Selects the CMFA as Issuer

Oct 4, 2016

The Creative Center of Los Altos (“CCLA” or the “Schools”) is a not-for-profit corporation founded in 1959 operating as a co-educational organization committed to excellence in primary and secondary college preparatory education.

Recently, CCLA selected the CMFA as its issuer of tax exempt bonds. Proceeds were used to: (1) finance and refinance the acquisition, construction, improvement, renovation, furnishing and equipping of certain educational facilities, including related administrative facilities, site improvements, and parking, located in the County of Santa Clara, including but not limited to, (a) classrooms and administrative space, a multi-purpose room, and an athletic field at the Pinewood School middle campus, located at 327 Fremont Avenue, Los Altos, California 94024 (the “Pinewood School Middle Campus”); (b) an athletic field and new outdoor student quad at the Pinewood School upper campus, located at 26800 Fremont Road, Los Altos Hills, California 94022 (the “Pinewood School Upper Campus”); and (c) a liberal arts building with classroom and administrative space, a theatre for performing arts, music, drama, and performance space, student and faculty meeting space, and faculty offices, a gymnasium, and athletic fields at the Oakwood School’s main campus, located at 105 John Wilson Way, Morgan Hill, California 95037 (the “Oakwood School Campus”); (2) prepay and retire all of the outstanding (a) California Statewide Communities Development Authority Variable Rate Demand Revenue, issued to refinance the costs of the acquisition, construction, installation, improvement, renovation, remodeling, furnishing and equipping of an institution for grade school education on the Oakwood School Campus and the construction and equipping of new educational facilities on such site and paying other related expenses incurred in connection with the issuance of the Series 2003 Bonds; and (b) California Infrastructure and Economic Development Bank Variable Rate Demand Revenue Bonds (Pinewood School Project) Series 2008 (the “Series 2008 Bonds”), issued to (i) finance or reimburse the Borrower for the cost of the acquisition, construction, improvement, restoration and general development of certain educational facilities, including (A) the real properties and improvements at the Pinewood School lower campus, located at 477 Fremont Avenue, Los Altos, California 94024 (the “Pinewood School Lower Campus”), including a 19,000 square foot educational facility with classrooms and enhanced play areas, and (B) a gymnasium and related facilities located at 3750 Fabian Way, Palo Alto, California 94303, for use by students attending Pinewood School; and (ii) payment of certain financing costs and costs of issuance with respect to the Series 2008 Bonds; (3) finance or reimburse the Borrower for various capital expenditures at the Oakwood School Campus, Pinewood School Upper Campus, Pinewood School Middle Campus, and Pinewood School Lower Campus.