Archive for March, 2017

Low Cost, Tax-Exempt Financing Provided for the Making Waves Charter School

Mar 31, 2017

The CMFA issued $45,000,000 in tax-exempt bond financing. The proceeds of the Bonds will be used by Makin Waves Charter School to: (a) renovate the existing three (3) buildings comprising the Making Waves Academy high school campus located at 4123 Lakeside Drive in Richmond, CA, comprising approximately 99,000 square feet of building space;  

(b) construct and equip a new two story school building comprising approximately 47,000 square feet of building space, a new one story gymnasium building comprising approximately 21,500 square feet of building space and a new sports field adjacent to the existing Making Waves Academy high school campus at 4075 and 4123 Lakeside Drive in Richmond, CA, to serve such high school campus, and associated parking;

(c) construct and equip a new middle school campus directly northeast of the existing high school campus at 2925, 2930, 2975 Technology Court, and 4301 and 41754197 Lakeside Drive in Richmond, CA, consisting of (i) a new two story school building comprising approximately 72,500 square feet of building space, (ii) a new two story school building comprising approximately 39,000 square feet of building space, (iii) a new one story gymnasium building comprising approximately 25,000 square feet of building space, (iv) a new sports field, and (v) associated parking;

(d) construct and equip a new sports complex at 2600 Hilltop Drive, Richmond, California approximately a mile south of the Making Waves Academy consisting of approximately 13 acres of land which will contain sports fields, baseball facilities and a swimming facility (the items described in paragraphs (a) through (d), collectively, the “Project”);

(e) prepay a 2009 taxable loan from Mechanics Bank Community Development Corporation, the proceeds of which were used to construct and equip two buildings located at 4123 Lakeside and 4131 Lakeside in Richmond, California, currently leased to Making Waves Academy for its administration department and upper school multi-purpose/kitchen/classrooms (the “Mechanics Bank Loan”); and

 (f) prepay a 2014 taxable loan from First Republic Bank, the proceeds of which were used to repair, update and remodel 4123 and 4131 Lakeside Drive and acquire properties at 4301 Lakeside Drive, 2925 and 2930 Technology Court and 2600 Hilltop Drive (the “First Republic Bank Loan”).

The CMFA Works with Retirement Housing Foundation to Finance Affordable Housing with Tax-Exempt Financing

Mar 24, 2017

Retirement Housing Foundation (“RHF”) is a non-profit organization of 170 communities in 26 states, Washington, D.C., Puerto Rico, and the U.S. Virgin Islands. RHF provides housing and services to more than 18,000 older adults, low-income families, and persons with disabilities.

The bond proceeds will be used to finance the Culver City Rotary Plaza, an acquisition/rehabilitation of an existing age-restricted (62+) and income restricted community consisting of 100-units located at 5100 Overland Avenue, Culver City, CA. Built in 1985, the improvements sit on a 53,143-square foot site with surface area for 26 parking spaces. Because of the age of the development, substantial renovations are needed. Renovations include the retrofitting of major building systems to increase the physical lifetime and energy efficiency of each building and increase the financial sustainability of the project. The financing of this project will result in preservation of affordable housing for 99 low income senior households in Culver City for the next 55 years.

CMFA Financings Enable $190,000 in Contributions to California Nonprofits

Mar 17, 2017

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Nine 501(c)(3) organizations received $190,000 total in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The nine well-deserving organizations include:

Desert Hot Springs Library

Mini Therapy Horses

Golden Rays Senior Citizens of Sierra County, Inc.

Mariposa Safe Families Incorporated.

National Forest Foundation. Restricted to the Tahoe Basin Project.

Lassen Family Services, Inc.

Dan Hernandez Youth Foundation.

Volunteers of America Secures Tax-Exempt Debt Through the CMFA

Mar 17, 2017

The CMFA issued $4,700,000 in tax-exempt bond proceeds to Volunteers of America in order to refund the outstanding California Municipal Finance Authority Insured Revenue Bonds (Southern California Development Corporation of VOA, Inc.), Series 2011, issued to make a loan to the Corporation to finance the acquisition, renovation and equipping of two buildings located at 2300-2301 East 7th Street, National City, California, to be operated as a residential facility for treatment and recovery of alcohol and drug addiction, replacing three separate leased facilities in the City of San Diego and to prepay a taxable bank loan from California Bank and Trust incurred to finance additional expenses related to the Project