A public hearing will be held by the Marin County Board of Supervisors Tuesday to discuss tax-exempt funding for a Mill Valley senior living complex, in compliance with the Tax Equality and Fiscal Responsibly Act.
The board will hear public comments on The Redwoods, a Community of Seniors, located at 40 Camino Alto, Mill Valley, regarding the pending consent to issue up to $35-million tax-exempt financing by the California Statewide Communities Development Authority (CSCDA), in order to refinance existing debt from capital improvements of the facility.
The facility consists of 149 independent living apartments, 124 assisted-living apartments, 10 assisted living semi-private rooms, and a 58 licensed-bed skilled nursing facility.
The CSCDA’s mission is to provide local governments and private entities access to low-cost, tax-exempt financing for projects that provide tangible pubic benefit, contribute to social and economic growth and improve the overall quality of life in local communities throughout California. Marin County’s appropriations of these funds will have no fiscal impact on the county’s budget.
The hearing will be held during the regular Board of Supervisors meeting, Oct. 29 at 9 a.m.