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The original item was published from 3/22/2023 12:14:50 PM to 4/5/2023 12:00:00 AM.

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City Clerk

Posted on: March 25, 2023

[ARCHIVED] Notice of Public Hearing - Adams Avenue TERFA

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NOTICE IS HEREBY GIVEN that on April 4, 2023, a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986 (the “IRS Code”) will be held with respect to a proposed plan of financing providing for the issuance by the California Statewide Communities Development Authority (the “Authority”) of exempt facility bonds for a qualified residential rental project pursuant to Section 142(a)(7) of the Code in one or more series issued from time to time, including bonds issued to refund such exempt facility bonds in one or more series from time to time, in an amount not to exceed $40,000,000 (the “Bonds”).  The proceeds of the Bonds will be used to: (1) finance or refinance the acquisition, construction, improvement and equipping of Murrieta Apartments Phase I, a multifamily rental housing project located at 24960 Adams Avenue, Murrieta, California; and (2) pay certain expenses incurred in connection with the issuance of the Bonds. The facilities are to be owned by NCRC Murrieta Family Housing LP (the “Borrower”) or a partnership of which National Community Renaissance of California (the “Developer”) or a related person to the Developer is the general partner.

The Bonds and the obligation to pay principal of and interest thereon and any redemption premium with respect thereto do not constitute indebtedness or an obligation of the Authority, the State of California or any political subdivision thereof, within the meaning of any constitutional or statutory debt limitation, or a charge against the general credit or taxing powers of any of them.  The Bonds shall be a limited obligation of the Authority, payable solely from certain revenues duly pledged therefor and generally representing amounts paid by the Borrower.

The hearing will commence at 6:00 p.m. or as soon thereafter as the matter can be heard, and will be held in the City Hall Council Chambers, 1 Town Square, Murrieta, California. Interested persons wishing to express their views on the issuance of the Bonds or on the nature and location of the facilities proposed to be financed or refinanced may attend the public hearing or, prior to the time of the hearing, submit written comments. If you challenge the City’s action on this amendment in court you may be limited to raising only those issues you or someone else raised at the public hearing described in this notice, or in written correspondence delivered to the City Council prior to the public hearing. 

Additional information concerning the above matter may be obtained from, and written comments should be addressed to, City Clerk, City of Murrieta, 1 Town Square, Murrieta, California 92562 or email to [email protected].


Cristal McDonald, City Clerk

Dated: March 22, 2023
 Published: March 25, 2023

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