1. Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing Related Front Porch Communities and Services
Presented by Vic Erganian
City Treasurer/Deputy Finance Director
June 19, 2017 – City Council
Item 19

2. TEFRA Hearing – Pacific Oaks College
Front Porch Communities requested that the California Statewide Communities Development Authority issue $175 million in revenue bonds for the purpose of financing and refinancing the acquisition and renovation of its senior living communities in Pasadena, San Diego, and Anaheim.
The bonds will be issued on a tax-exempt basis under the IRS Code of 1986.

3. The Villa Gardens The Villa Gardens Constructed in 1987
842 E. Villa Street
190 Independent living units and 39 assisted living units
Skilled nursing facility with 54 skilled nursing beds

4. TEFRA Hearing – Pacific Oaks College
Since the project is located in Pasadena, Section 147(f) of the IRS Code requires that for the bonds to be issued on a tax-exempt basis.
They must be approved by the Pasadena City Council prior to their issuance.

5. Fiscal Impact
There is no fiscal impact to the City. The TEFRA hearing is required under Section 147(f) of the Internal Revenue Code.
The City of Pasadena does not bear any responsibility for the tax exempt status of the bonds, the debt service on the bonds, nor any other matter related to the bonds.