Title
a. Conduct a public hearing under the requirements of the Tax Equity and Financial Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended; and
b. Adopt a resolution approving the issuance by the California Enterprise Development Authority of revenue obligations for the benefit of the Esalen Institute in an aggregate amount not to exceed $11,000,000 for the purpose of financing and refinancing the cost of the acquisition, construction, renovation, installation, equipping and furnishing certain facilities, providing the terms and conditions for such obligations and other matters relating thereto.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Conduct a public hearing under the requirements of the Tax Equity and Financial Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended; and
b. Adopt a resolution approving the issuance by the California Enterprise Development Authority of revenue obligations for the benefit of the Esalen Institute in an aggregate amount not to exceed $11,000,000 for the purpose of financing and refinancing the cost of the acquisition, construction, renovation, installation, equipping and furnishing certain facilities, providing the terms and conditions for such obligations and other matters relating thereto.
SUMMARY:
Esalen Institute (Esalen) is a nonprofit public benefit corporation duly organized and existing under the laws of the State of California that has requested that the California Enterprise Development Authority (CEDA) issue tax-exempt and/or taxable revenue obligations in an aggregate principal amount not to exceed $11,000,000 for the benefit of Esalen pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State (commencing with Section 6500) (the "ACT") to finance and refinance the cost of acquisition, construction, renovation, remodeling, improvement, installation, equipping and furnishing of staff and guest housing, ...
Click here for full text