Issuance of City of San José Financing Authority Commercial Paper to Finance the Acquisition of the Property Located at 447 South Almaden Boulevard. - TO BE HEARD CONCURRENTLY WITH ITEM 8.1
City CouncilAgenda ReadyIntroduced 16 Sep 2025
4Documents on file
1.08 MB · 4 extracted · 4 AI summaries
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The memorandum discusses the issuance of commercial paper notes by the City of San José Financing Authority to finance the acquisition of property located at 447 South Almaden Boulevard. It outlines the recommendations for a public hearing, the approval of resolutions for the issuance of lease revenue commercial paper notes, and the expected public benefits of the financing. The property is currently leased for parking and is strategically located for future downtown development. The financing will be supported by lease payments and is subject to the City Debt Management Policy and Municipal Code requirements.
Key points
The memorandum is addressed to the Mayor, City Council, and Financing Authority Board of San José.
It recommends conducting a public hearing regarding the financing of the property acquisition.
The property at 447 South Almaden Boulevard is approximately 3.56 acres and currently serves as a parking lot.
The financing involves issuing lease revenue commercial paper notes not to exceed $13,500,000.
The financing is expected to be repaid from the Convention Center Facilities District Revenue Fund and the General Purpose Parking Fund.
The memorandum outlines risks associated with the commercial paper program, including LOC renewal risk and interest rate risk.
The memorandum will be posted on the City’s Council Agenda website for public access.
Limitations
The text appears to be a draft as it includes placeholders and unfilled sections.
Specific dates for the public hearing and other actions are mentioned but not fully resolved.
Details regarding the exact terms of the lease and financing agreements are not provided.
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Extracted text preview · 34,680 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL AND CITY OF SAN JOSE FINANCING AUTHORITY BOARD SUBJECT: See Below Approved 9/30/25 25-1025 SJFA 1 FROM: Maria Öberg DATE: September 8, 2025 Date: 9/16/2025 COUNCIL DISTRICT: Citywide SUBJECT: Issuance of City of San José Financing Authority Commercial Paper to Finance the Acquisition of the Property Located at 447 South Almaden Boulevard RECOMMENDATION (a) Conduct a public hearing in accordance with Section 6586.5 of the California Government Code, to hear and consider information concerning the approval by the City of San José of a lease financing by the City of San José Financing Authority and the City for the purchase of property located at 447 South Almaden Boulevard, through the issuance of lease revenue commercial paper notes by the City of San José Financing Authority, and the significant public benefit of such financing by the City of San José Financing Authority in accordance with the criteria specified in Section 6586 of the California Government Code. (b) Adopt a resolution of the City of San José Financing Authority to approve and authorize the issuance of lease revenue commercial paper notes in the...
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The source text indicates this attachment appears to be a draft document.
This document appears to be a draft resolution from the City of San Jose Financing Authority approving the issuance of lease revenue commercial paper notes not to exceed $13,500,000 to finance the purchase of real property located at 447 S. Almaden Boulevard. It outlines the background of the financing authority, the purpose of the financing, and authorizes designated officers to take necessary actions for the issuance and sale of the notes.
Key points
The resolution is from the City of San Jose Financing Authority.
It authorizes the issuance of lease revenue commercial paper notes up to $13,500,000.
The funds are intended for the purchase of real property at 447 S. Almaden Boulevard.
The resolution includes provisions for designated officers to execute necessary documents.
It states that there will be significant public benefits from the financing.
Limitations
The document contains unresolved placeholders for the adoption date and voting results.
The text indicates that it is a draft and not finalized.
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Extracted text preview · 7,745 chars
NVF:RLT:KMF 09/18/2025 CITY OF SAN JOSE FINANCING AUTHORITY RESOLUTION NO. _______ A RESOLUTION OF THE GOVERNING BOARD OF THE CITY OF SAN JOSE FINANCING AUTHORITY APPROVING AND AUTHORIZING THE ISSUANCE OF LEASE REVENUE COMMERCIAL PAPER NOTES IN THE AMOUNT NOT TO EXCEED $13,500,000 TO FINANCE THE PURCHASE OF REAL PROPERTY LOCATED AT 447 S. ALMADEN BOULEVARD IN THE CITY OF SAN JOSE, AND AUTHORIZING OTHER RELATED ACTIONS WHEREAS, the City of San José (the “City”) and the former Redevelopment Agency of the City of San José (the “Former Agency”) have heretofore entered into a Joint Exercise of Powers Agreement establishing the City of San José Financing Authority (the “Authority”) for the purpose, among others, of having the Authority issue its instruments of debt to finance the acquisition, construction and improvement of certain public capital improvements; and WHEREAS, the Former Agency, as of February 1, 2012, has been dissolved and the City has become the successor agency of the Former Agency pursuant to Part 1.85 of Division 24 of the California Health and Safety Code and pursuant California Health and Safety Code Section 34178(b)(3), the joint exercise of powers agreement...
Official source link unavailable.
The file was imported, but the current source metadata does not include a public document URL.
Generated summaryAI-assisted
The source text indicates this attachment appears to be a draft document.
This resolution authorizes the issuance of lease revenue commercial paper notes by the City of San José Financing Authority to finance the purchase of real property located at 447 S. Almaden Boulevard. The amount authorized for issuance is not to exceed $13,500,000. The resolution outlines the background of the financing authority, the necessity for the purchase, and the public benefits expected from this financing. It also grants authority to designated city officials to execute necessary documents related to the issuance and sale of the notes.
Key points
Resolution authorizes issuance of lease revenue commercial paper notes.
Amount not to exceed $13,500,000 for purchasing property at 447 S. Almaden Boulevard.
Financing authority established under a Joint Exercise of Powers Agreement.
Public hearing held to consider public benefits of the financing.
City officials are authorized to execute necessary documents.
Limitations
The document appears to be a draft.
Specific dates for adoption and voting outcomes are not provided.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 8,045 chars
NVF:RLT:KMF 09/18/2025 RESOLUTION NO. ______ A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN JOSE APPROVING AND AUTHORIZING THE ISSUANCE BY THE CITY OF SAN JOSE FINANCING AUTHORITY OF LEASE REVENUE COMMERCIAL PAPER NOTES IN THE AMOUNT NOT TO EXCEED $13,500,000 TO FINANCE THE PURCHASE OF REAL PROPERTY LOCATED AT 447 S. ALMADEN BOULEVARD IN THE CITY OF SAN JOSE, AND AUTHORIZING OTHER RELATED ACTIONS WHEREAS, the City of San José (the “City”) and the former Redevelopment Agency of the City of San José (the “Former Agency”) have heretofore entered into a Joint Exercise of Powers Agreement establishing the City of San José Financing Authority (the “Authority”) for the purpose, among others, of having the Authority issue its instruments of debt to finance the acquisition, construction and improvement of certain public capital improvements; and WHEREAS, the Former Agency, as of February 1, 2012, has been dissolved and the City has become the successor agency of the Former Agency pursuant to Part 1.85 of Division 24 of the California Health and Safety Code and pursuant California Health and Safety Code Section 34178(b)(3), the joint exercise of powers agreement establishing the Authority...
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Generated summaryAI-assisted
The source text indicates this attachment appears to be a draft document.
The document outlines the acquisition and financing of a property located at 447 South Almaden Boulevard and 235 Woz Way, covering 3.56 acres. It includes details about the property, key terms of the acquisition, strategic opportunities, and financing through a commercial paper program. Recommendations for the City Council include conducting a public hearing and adopting resolutions for financing and negotiating a purchase agreement.
Key points
Property is 3.56 acres at 447 South Almaden Blvd and 235 Woz Way.
Entitled for 1.4 million square feet of office space.
Purchase price is $13,500,000 with a 20-day closing upon contract execution.
City to assume Disposition and Development Agreement held by the Successor Agency.
Financing through issuance of taxable commercial paper notes up to $13.5 million.
Recommendations include conducting a public hearing and adopting resolutions for financing.
Limitations
The document appears to be a draft as it contains placeholders and unresolved sections.
Specific dates, votes, and dollar amounts are not provided in a complete context.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 3,180 chars
447 SOUTH ALMADEN BOULEVARD AND 235 WOZ WAY PROPERTY ACQUISITION AND FINANCING September 30, 2025 City Council/SJFA Agenda Item 1 City Council Agenda Item 8.1 Jen Baker, Director, City Manager’s Office of Economic Development and Cultural Affairs Kevin Ice, Assistant to the City Manager, Director of Real Estate, Office of Economic Development and Cultural Affairs Maria Öberg, Director of Finance Qianyu Sun, Deputy Director of Finance – Debt and Treasury Management PROPERTY • 3.56 Acres located at South 447 Almaden Blvd and 235 Woz Way • Downtown General Plan • 414 space parking lot City lease until 2027 • Entitled for 1.4M square feet of office • Located between Convention Center and Discovery Meadows/Children’s Discovery Museum 2 KEY TERMS • Purchase Price: $13,500,000 • 20 day closing upon contract execution • As-Is acquisition: Title and environmental due diligence are complete • Closing costs paid according to County custom • City to assume Disposition and Development Agreement held by Successor Agency to the Redevelopment Agency 3 STRATEGIC OPPORTUNITY • Creates 32-acre contiguous City holding • Bridges Discovery Meadow and Convention Center • Can support Convention...