The City Council Committee on Finance met for less than five minutes Tuesday morning because no one signed up to submit public testimony on a proposed ordinance to issue additional Multi-Family Housing Revenue Bonds, capped at $2.5M, for the Goldblatts Supported Living Project, a redevelopment project turning a former Goldblatt’s Department Store building into an affordable housing complex for senior citizens. Pursuant to federal tax law, the City must hold a public hearing, known as a TEFRA hearing, before the full City Council can approve the issuance of these types of bonds. Chairman Ed Burke (14) read a prepared statement before adjourning the meeting. The City’s Department of Planning requested additional bonds to pay for higher than expected construction costs associated with the project.
TEFRA hearings, named after the federal Tax Equity and Fiscal Responsibility Act of 1982 and the federal Tax Reform Act of 1986, are mandated by the Internal Revenue Service to provide a reasonable opportunity for interested individuals to express their views, either orally or in writing, on the issuance of bonds and the nature of the improvements and projects for which the bond funds will be allocated.
There was no discussion on Ald. Joe Moreno’s (1) proposed ordinance to amend permit fees SSAs have to pay to provide services in the public way. Raymond Valadez, Ald. Moreno’s Chief of Staff, says the item was incorrectly scheduled for yesterday and will be discussed at the Finance Committee’s next meeting in June.
Committee Members Present: Chairman Ed Burke (14), Marty Quinn (13), Matt O’Shea (19), Michael Zalewski (23), Jason Ervin (28), Ariel Reboyras (30), Scott Waguespack (32). Newly elected Ald. Raymond Lopez (15) was also present in the Council Chambers, but he is not a member of the committee.