Resolution approving for purposes of Internal Revenue Code of 1986, as amended, Section 147(f) of the Issuance and Sale of Revenue Obligations by the California Enterprise Development Authority in an aggregate principal amount not to exceed $5,000,000 to refinance the cost of acquisition, rehabilitation, improvement, installation and equipping of a portion of administrative facilities owned and operated by Mission Economic Development Agency, a California nonprofit public benefit corporation.

The City Council is approving a resolution for the California Enterprise Development Authority (CEDA) to issue up to $5,000,000 in tax-exempt revenue obligations. This financing will allow Mission Resource Center, LLC, whose sole member is the Mission Economic Development Agency (MEDA), to refinance an existing 2015 loan for the acquisition, rehabilitation, and equipping of its administrative offices at 2301 Mission Street, San Francisco, CA 94110. This approval is a procedural step required by federal tax law (TEFRA) to ensure the tax-exempt status of the obligations, and does not obligate the City financially.

This action helps Mission Economic Development Agency (MEDA) secure favorable financing for its administrative offices, enabling it to continue providing vital economic justice and affordable housing services to low- and moderate-income Latino families in the Mission District, without direct cost to City taxpayers.

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