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August 5, 2009 > Bonds approved for housing rental facility

Bonds approved for housing rental facility

By Meenu Gupta

Union City Council unanimously approved a $40M bond issue by the Redevelopment Agency to finance construction of a 100-unit, multi-family housing rental facility. This is a 55 year loan.

"We shall not go for bonds until the latter part of this year. We shall wait until the bond market is better," said City Manager Larry Cheeves.

The bond issue is expected to consist of a mix of Redevelopment project tax allocation bonds and agency multi-family housing bonds.

The proposed residential facility is known as the Station District Family Housing Phase 1 and will be located at the corner of Eleventh Street and Cheeves Way in the Intermodal Station District. A limited partnership will be formed, Mid-Peninsula Housing Coalition or an associated legal entity being the general partner, for borrowing purposes. The residential facility will be operated, initially, by Mid-Peninsula Housing Management Corporation.

Mid-Peninsula Housing Coalition requested that the principal amount of the bond issue should not exceed $40M so that the bonds would qualify for tax-exemption. The council conducted a public hearing to qualify the bonds as tax-exempt. There were no speakers at the hearing and no written comments.

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