SR-410-006 (4)
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Discussion
HI-AYH is proposing that CSCDA issue on its behalf up to $3.5 million of tax-exempt
Certificates of Participation to refinance existing indebtedness on facilities located in the
City of Santa Monica. Attachment 1 includes HI-AYH=s application filed with the
CSCDA detailing its history and the facilities to be refinanced. Attachment 2 provides
specific information relating to the project's benefits to the public. Included in this
attachment is information regarding the economic benefits of the project, the use of
community volunteers, the use of the Rapp Saloon for community programs, length of
stay of hostellers, the cost of lodging and the status of parking for hostel guests.
Budqet/Financiallmoact
Approving the issuance of Certificates of Participation by the CSCDA for this project by
adopting the attached resolution has no City financial or budgetary impact. Previous
opinions from CSCDA's bond council and the City=s financial advisor indicate that the
City of Santa Monica does not have any financial liability for the tax exempt Certificates
of Participation, nor would any possible subsequent difficulties concerning payment of
annual debt service on the Certificates of Participation by HI-AYH adversely impact the
City=s credit rating.
Recom mendation
It is recommended that the City Council conduct a public hearing, consider the public
benefits provided by HI-AYH and adopt the resolution at Attachment 2 approving the
issuance of Certificates of Participation by CSCDC for H I-A YH for the refinancing of a
youth hostel, community meeting room and headquarters of the Los Angeles Council of
American Youth Hostels, Inc. .
Prepared by:
Barbara Stinchfield, Director of Community and Cultural Services
Mike Dennis, Director of Finance
Attachments:
1 - HI-AYH Application with the CSCDA (Available for
viewing at City Clerk's Office)
2 - Public Benefits of the Project
3 - Resolution of the City Council of the City of Santa Monica
Approving an Installment Purchase Financing to be
Undertaken by the California Statewide Communities
Development Authority to Benefit Hostelling International -
American Youth Hostels, Inc. And the Los Angeles Council
of American Youth Hostels, Inc.