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HomeMy WebLinkAboutCSAC Update California State Association of Counties a I°" E c,OUNIhY JU1. 2 1, 2015 ORWILE,C ALJF'()r N1A July 1.3, 2015 1108 K Sinal TO: County Supervisors Salm 181 sammento County Administrative Officers/County Executive Officers tplif8 955814 Auditor-Controllers 44 Treasurers 916127.7588 Finance Officers rcrsiav¢e Economic Development Directors 916.441,5507 FROM: Matt Cate, CSAC Executive Director Laura Labanieh, CSAC Finance Corporation Interim Executive Director RE: CSAC Update: California Statewide Communities Development Authority As we begin the new fiscal year, CSAC and the CSAC Finance Corporation would like to share some exciting news about one of our key partners. CSAC and:the CSAC Finance Corporation are fortunate to have a number of resources that not only provide critical 'services to California counties but also provide a funding source to help maintain your county membership dues at stable and lower rates, The California Statewide Communities Development Authority (CSCDA) is one of our closest partner's and provides the greatest funding among these programs. Not only its CSCDA a program partner, CSAC, along with the League of California Cities, is one of the sponsors of the joint powers authority that created CSCDA.. Please see the attached CSCDA program update. Over the last 27 years, CSCDA has proven their sole focus of providing access to low cost, tax-exempt financing and economic development tools to all California cities and counties. CSCDA has funded over$15 billion in local government public benefit financing and $38 billion in bonds issued for California public benefit projects including creating over 67,000 affordable housing units, 317nonprofit hospitals and medical facilities, nearly 200 educational facilities, and over 400 additional' projects. CSCDA's success stems from their ability to be nimble and meet the demands and needs of California's public agencies. CSCDA's Commission is comprised of current and farmer city and county administrators who understand and respect the needs of'local governments. In addition, CSCDA staff works closely with CSAC, the CSAC Finance Corporation,the League of California Cities, and' hundreds of local agencies in California to understand and assist with the diverse economic development needs throughout the state. Throughout its 27 year history, CSCDA has provided local agencies with unique and innovative programs such as the Statewide Community Infrastructure Program (SC1P) to assist with infrastructure needs; Ca Lease to provide a turnkey and user friendly municipal leasing option; New Issue Bond Program to create more affordable multifamily housing in communities across the state; Water/Wastewater Program providing small to medium size local agencies with a cost-effective financing mechanism; and many others. CSCDA has been recognized by the California State Legislature; being the ONLY joint powers authority authorized to issue bonds for the Vehicle License Fee Securitization and the Proposition 1A financing which provided financing of over$1.9 billion for over 1,200 cities, counties and special districts. Effective July 1, 2015, CSCDA has a new management team, Bridge Strategic Partners. The team at Bridge has extensive experience and expertise in conduit financing and was integral in creating many of our current CSCDA programs. This transition comes after a year-long RFP and vetting process to ensure that CSCDA could remain the premier . conduit finance tool for public agencies. Not only are we confident that the team at Bridge Strategic Partners will continue to elevate our services, we will also be capturing greater revenue with the new contracts, allowing CSAC to provide greater levels of service while keeping dues at a lower level. CSCDA is the ONLY joint powers authority sponsored, and accountable to, CSAC, the CSAC Finance Corporation, and the League of California Cities. We appreciate CSCDA's investment in California's cities and counties and value their deep-rooted partnership. We also encourage your continued support for this great partnership with counties. If you have any questions about CSCDA programs or other related matters, please contact Matt Cate at 915-327-7500 ext. 506 or Laura Labanieh at 915-327-7500 ext. 535.