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The Livermore City Council is set at Monday’s regular meeting to hold a public hearing regarding the reissuance of bonds with a principal not-to-exceed $26 million for refinancing the acquisition and construction of a 250-unit multifamily rental housing project.
Centered on the Heritage Estates project at 850 and 900 East Stanley Blvd., amendments to agreements related to the Multifamily Housing Revenue Refunding Bonds are also on the table.
In 2005, the Redevelopment Agency of the City of Livermore issued bonds and loaned the proceeds to the project developer Livermore Senior Living Associates, LP, according to a staff report prepared by Livermore Finance Manager Erik Peterson.
The city of Livermore is the housing successor, the staff report states.
“If this transaction is not approved or otherwise does not occur and the borrower is unable to find an alternative refinancing source, the 2005 Bonds will be in default on March 31, 2026,” according to the staff report.
The public hearing is set to be held in accordance with the Tax Equity and Fiscal Responsibility Act.
The council is scheduled to begin their meeting on Monday (March 9) with closed session at 6:30 p.m., followed by open session at 7 p.m. at the Civic Center Meeting Hall, 1016 S. Livermore Ave. The agenda is available here.
In other business:
*As part of the council’s consent calendar, composed of items typically considered routine and passed with a single motion, the council is set to adopt a resolution declaring its intent to renew the Livermore Valley Wine Heritage District for a five-year period beginning July 1, 2026.
Nonprofit organization Livermore Valley Winegrowers Association manages the district with programs intended to increase the district’s winery sales revenue, according to a staff report prepared by Livermore management analyst Theresa de la Vega.
The district’s revenues are derived from private business assessments.
A final hearing on the renewal is scheduled for June 8.
*Also on consent, the council is set to execute an affordable for sale housing agreement over the 44-unit Garaventa Hills project with Livermore LT Ventures Group, LLC.
The 32-acre project site is located at Bear Creek Drive’s terminus in Livermore.
Under the city’s affordable housing ordinance, the developer must provide 6.15 affordable units, according to a staff report prepared by Livermore management analyst Shelly Haynes.
To satisfy the obligation, the developer has proposed constructing three duet-style homes with six attached units for sale to low- and moderate-income buyers — the homes account for three of the required units. The developer has proposed paying an in-lieu fee for the remaining 3.15 affordable units.
*On consent, the council is also poised to approve an affordable housing agreement and a regulatory agreement and declaration of covenants and restrictions for a 210-unit, multifamily rental development with Livermore Multifamily, LLC.
Located approximately at the northeast corner of Portola Avenue and Collier Canyon Road, the Shea Serenity development is set to include 42 affordable units, according to a staff report prepared by Livermore housing and human services manager Fran Earl.
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