Council to weigh $30 million bond for San Clemente housing

At 33 San Clemente Drive, the owners of the 79-unit San Clemente II apartment complex are asking the Town Council to sign off on up to $30 million in tax-exempt bonds, to be issued by the California Municipal Finance Authority, to acquire and rehabilitate the existing multifamily rental property.

The council's involvement is a federally required formality known as a TEFRA hearing: before CMFA can issue the bonds, the local jurisdiction where the project sits must hold a public hearing and approve the financing. The resolution before the council would also authorize the mayor or a designee to sign a Joint Exercise of Powers Agreement with CMFA.

Town staff emphasize that Corte Madera takes on no financial liability for the debt — the bonds are backed by the project itself, not town funds. No public comments have been filed on the item yet, and the outcome won't be known until the hearing.

The hearing is set for the council's October 20 meeting at Town Hall, 300 Tamalpais Drive.