County approves tax-exempt bonds for future Springbrook Grove Apartments
Last updated 2/15/2007 at Noon
The San Diego County Board of Supervisors adopted a resolution approving up to $14 million of tax-exempt bonds for the Springbrook Grove Apartments.
The supervisors’ 5-0 vote February 7 enables the California Statewide Communities Development Authority (CSCDA) to issue the tax-exempt revenue bonds to SADI, LLC, who will use the bond proceeds to develop the apartment complex in the 400 block of Alturas Road.
The CSCDA is a joint powers authority which is authorized to assist in the financing of multi-family housing projects. The County of San Diego is one of more than 450 cities, counties, and special districts which have entered into agreements to become members of the CSCDA.
While the CSCDA and not the county will be issuing the bonds, the elected representatives of the project’s jurisdiction were required to conduct a public hearing and to approve the CSCDA’s issuance of the bonds. SADI, LLC, will be responsible for repayment of the bonds.
SADI, LLC, will utilize the bond revenue to acquire the land, remove the existing structures on the site, and construct and develop a 44-unit complex on the 1.77-acre site. The rental fees will be based on the affordability of residents earning between 30 and 60 percent of the county’s median family income. Eight two-story buildings over structured parking will provide 26 two-bedroom and 18 three-bedroom apartments, and the complex will also include public open space, tot lots, a community room and computer learning center, free Internet access, and energy-efficient appliances.