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<br />THE CITY OF <br /> <br />---- <br />II!!!!!J= __ 'J;' :.m:r ,'Ii Ii I <br /> <br />pLEASANTON., <br /> <br />SUBJECT <br /> <br />6E <br /> <br />City Council <br />Staff Report <br /> <br />December 6, 2005 <br />City Manager <br />Finance Department <br /> <br />APPROVAL OF THE CALIFORNIA STATKWIDE COMMUNITIES <br />DEVELOPMENT AUTHORITY TAX-EXEMPT BOND FINANCING <br />TO BENEFIT AMERICAN BAPTIST HOMES OF THE WEST <br /> <br />STAFF RECOMMENDATION: <br /> <br />SUMMARY <br /> <br />SR:05:336 <br />Page 1 <br /> <br />Staff recommends that the City Council approve the Califomia State"W'ide <br />Communities Development Authority (Califomia Communities) issuance of <br />indebtedness. <br /> <br />Califomia Communities is a joint exercise of po"W'ers authority consisting of <br />numerous cities, counties and special districts, including the City of <br />Pleasanton. Califomia Communities is authorized to assist in the financing <br />of facilities for nonprofit organizations. American Baptist Homes of the <br />West (ABHOW), "W'ith its headquarters in Pleasanton, has submitted an <br />application to Califomia Communities for a $120 million tax-exempt <br />financing to provide additions, enhancements and deferred maintenance to <br />eight continuing care facilities located throughout Califomia. ABHOW is <br />also proposing that the financing include technology enhancements and <br />upgrades at its headquarters, in an amount not to exceed $3 million. <br />Because a part of the proposed improvements are located in the City of <br />Pleasanton, the issuance of the debt by Califomia Communities "W'ould have <br />to be approved by the City. The City's only role "W'ould be to conduct the <br />public hearing and approve the sale of indebtedness. There is no financial <br />impact to the City as a result of the Califomia Communities issuance of <br />debt. <br />