City Council Meeting 03/23/2026 (Closed Session starts at 5:00 PM) — Staff Report

Summary

Simi Valley Pacific Associates II, LP is seeking tax-exempt financing through the California Municipal Finance Authority (CMFA) to support the Tapo Street Apartments project, a 240-unit mixed-use affordable housing project located at 2267 and 2295 Tapo Street. A TEFRA public hearing must be held to consider approval of the CMFA’s issuance of up to $60 million in tax-exempt revenue bonds for the project. This action fulfills the requirements of Section 147(f) of the Internal Revenue Code so the bonds may qualify as tax-exempt.

Details

Subject

A Public Hearing to consider adoption of a resolution approving the issuance of revenue bonds by the California Municipal Finance Authority to finance or refinance the acquisition, construction, improvement, and equipping of a multifamily rental housing project located at 2267 & 2295 Tapo Street, Simi Valley, California

Summary

Simi Valley Pacific Associates II, LP is seeking tax-exempt financing through the California Municipal Finance Authority (CMFA) to support the Tapo Street Apartments project, a 240-unit mixed-use affordable housing project located at 2267 and 2295 Tapo Street. A TEFRA public hearing must be held to consider approval of the CMFA’s issuance of up to $60 million in tax-exempt revenue bonds for the project. This action fulfills the requirements of Section 147(f) of the Internal Revenue Code so the bonds may qualify as tax-exempt.

Adopting Body

City Council of the City of Simi Valley

Adoption Date

2026-03-23

Resolution Number

2026-06