Recommendation to receive supporting documentation into the record regarding the Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing; and adopt resolution approving the issuance of revenue bonds by the California Statewide Communities Development Authority (CSCDA), to benefit Brethren Manor Senior Care, L.P., or its affiliates, Brethren Manor Apartments, in an amount not to exceed $25,000,000.  (District 7)
Item 13 Report from Financial Management Recommendation to receive supporting documentation into the record regarding the Tax Equity and Fiscal Responsibility Act. Public Hearing and adopt resolution approving the issuance of revenue bonds by the California Statewide Communications Development Authority to benefit Brethren, Manor Senior Care or its facilities in the amount not to exceed 25 million. District seven Count Summary Ranked. Did you want to go first to get a staff report or. Would you prefer a go ahead with staff reporting? Okay. We'll do a short staff report. Mayor, council members, this is a tougher hearing, a tax equity and Fiscal Responsibility Act hearing basically through the California Statewide Communities Development Authority. We they will be issuing $25 million in. Financing to ensure that this facility. At three, three, three, three Pacific Place in District seven, which is called Brethren Manor Apartments. Remains a low income senior citizen complex. And our treasurer, David Nakamoto is. Here to answer any questions. That we might have. Okay. Councilman Ringa. There's a motion by customary rank in a second by Castro, Richardson, Guthrie, Ringo. I just want to ask if the during the remodel, if you will, that these tenant current tenants are going to be taken care of with moved to another facility. How is that going? How is that going to be taking place? Councilmember It is a plan that there will be no permanent relocations if you desire. Representatives from Brethren Manor are here also to speak. Good evening, my honorable mayor and city council members and Councilman turanga the the plan at brethren manor is to take eight units and sequentially move people out of eight units, rehab the interiors of those units, then move people back within one week. And to do that for the entire property in which we've done on a variety of different cases in other buildings here in Long Beach, in your district and in other districts, I had some concerns have been raised as to whether the the tenants who will be displaced for a while and then allowed to to resettle if their their fees or their rent is going to be changed in any way. Their rent will be abated during the period of time that they're out of their unit. And we are also going to give them a stipend which is identified in the relocation plan that we turned in to both the tax credit authority and HUD. And what about continuing rent? Will they be able to maintain the same rent? In other words, are they going to have to pay more rent because the place was renovated? Great question. There are 296 apartment units at Brother Manor, of which we have income qualified, 254 of those residents that will either be paying at or potentially below what they're currently paying. Based on the tenant protection vouchers that I think we've discussed, there will be approximately 40 residents who have incomes that are 60 to 80% of median who will be probably have a rent increase. So is that to say that the other registers where they're senior held, the senior housing facility? Correct. It is it is, as of this date. A senior housing facility, and it will expire as a Caesar senior housing facility as of July one, 2015. So our efforts are to preserve it as a senior facility. Okay. Well, I can support this motion as long as I know that and have an assurance that the tenants who are going to be. Moved out and put and allowed to return that at least they maintain that very close, if not exactly their their rental agreement that they had before before the remodel. Yes. That's the objective. Thank you, sir. There's a motion and a second. No other public comment on this. So please cast your votes. Motion carries eight zero. Q Back to the regular agenda item number nine.