The maturity period of bonds for the 294-unit affordable housing project Courtyard Village were extended by the West Sacramento City Council at its March 19 meeting.

WEST SACRAMENTO, CA (MPG) – Bond extensions, project approval and mid-budget cycle financial amendments were some of the items reviewed at the West Sacramento City Council’s March 19 meeting.

By a 4-0 vote, council approved the reissuance of exempt facility bonds for the 294-unit affordable housing project known as Courtyard Village. The bonds $10 million in bonds were originally issued in 2009 to “assist with the acquisition and rehabilitation” of the project.

The bonds originally matured on Dec. 16, 2024. According to the staff report, the bond purchaser, Umpqua Bank, has requested an extension of the maturity date by six months to June 16.

The bonds were originally issued by the California Statewide Communities Development Authority (CSCDA) and will continue to be the sole responsibility of Evergreen Circle Investors. Evergreen Circle Investors is the special purpose entity that owns and manages Courtyard Village.

“The city of West Sacramento will have no financial, legal, moral obligation, liability or responsibility for the project or the repayment of the bonds,” West Sacramento Housing Manager Raul Huerta told the council.

California Statewide Communities Development Authority was created in 1988 under California’s Joint Exercise of Powers Act “to provide California’s local governments with an effective toll for the timely financing of community-based public benefit projects” and is sponsored by the California State Association of Counties and the League of California Cities.

According to the website Lowincomehousing.us, Courtyard Village offers apartments to individuals and families with moderate incomes under Section 42 Low Income Tax Credit program. Rents are based on the Area Medium Income (AMI) and tenant-based utility allowances, with at least 20% of apartments providing low rates for low-income tenants.

“I’m really glad that we had this opportunity for these bonds and taking a look at what we can achieve here locally is significant,” West Sacramento Mayor Martha Guerrero said prior to the council’s vote.

Council unanimously approved eight items included on the meeting’s consent agenda. Council typically does this without discussion unless a member requests a presentation on an item on the agenda.

Many consent agenda projects involve construction projects, such as an item on the March 19 meeting agenda for awarding a contract for the emergency vehicle preemption project. Emergency vehicle preemption systems are traffic control technology “that prioritizes emergency vehicles, such as fire trucks and police cars, by granting them a green light at intersections” through detecting the real-time approach of emergency vehicles and enabling them a clear path.”

City Council approved an $842,060 contract with Bear Electrical Solutions for installation of this system in West Sacramento.

Also approved on the March 19 consent agenda was a $446,425 Amendment 2 of a professional services contract with Verde Design, Inc. for the Bryte Park Master Plan Implementation Project, along with extending the term of the contract to June 30, 2029. Verde was originally awarded the $1,859,545 project design contract in June 2023, with Amendment 1 of $173,570 that included schematic designs and refinements of the pool and aquatic areas in August 2024.

Amendment 2 brings the total contract with Verde for the Bryte Park Master Plant Implementation Project to just short of $2.48 million.

Finally, council voted 5-0 to approve a resolution adopting amendments to the city’s Operations & Maintenance and Capital Improvement Program budgets for fiscal years 2024-2025. The resolution also calls for a $15 million loan from the Measure V fund to the Measure O fund to “fund one-time projects and expenses” to be repaid over 10 years beginning in fiscal year 2026-2027.