Public hearing on revenue bonds for multifamily rental housing project in Simi Valley.

NOTICE OF PUBLIC HEARING
BY THE CITY COUNCIL OF THE CITY OF SIMI VALLEY 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 CANYON STREET, SIMI VALLEY, CALIFORNIA
NOTICE IS HEREBY GIVEN that a Public Hearing will be held on March 23, 2026 by the City Council of the City of Simi Valley as required by Internal Revenue Code Section 147(f) (the “Code”), to consider a proposed plan of financing providing for issuing tax exempt facility bonds by the California Municipal Finance Authority (the “Authority”) for a qualified residential rental project 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 $60,000,000 in aggregate principal amount (the “Bonds”). The proceeds of the Bonds will be used to: (1) finance or refinance the acquisition, construction, improvement and equipping of Tapo Street Apartments, a multifamily rental housing project located at 2267 & 2295 Tapo Street, Simi Valley, California; and (2) pay certain expenses incurred in connection with the issuance of the Bonds. The facilities are to be owned by Simi Valley Pacific Associates II, LP (the “Borrower”) or a partnership of which Pacific West Communities, Inc. (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. If issued, the Bonds would be a limited obligation of the Authority, payable solely from certain revenues duly pledged therefor and generally representing amounts paid by the Borrower.
The Public Hearing will be held in the City Council Chamber, 2929 Tapo Canyon Road, Simi Valley, California on March 23, 2026 at 6:30 p.m. or as soon thereafter as the matter may be heard. At that time any interested person is welcome to attend 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 or, before the time of the hearing, submit written comments.
If you wish to challenge the City Council's decision 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 written correspondence delivered to the City of Simi Valley at, or before, the public hearings.
Additional information concerning the above matter may be obtained from, and written comments should be addressed to, City Clerk, City of Simi Valley, 2929 Tapo Canyon Road, Simi Valley, California 93063 or emailed to PublicStatements@simivalley.org.
Dated this 6th day of March 2026
CITY OF SIMI VALLEY, CALIFORNIA
Lucy Blanco, CMC, City Clerk
Legal Ad No. 8235 Acct. No 305002
To be published in the Ventura County Star, March 11, 2026
Ad#12152796