HomeMy WebLinkAboutStudy Session - Marisol Senior Living Project Financing (2) 2000 Main Street,
ofp��AA=} Huntington Beach,CA
_-,44
City of Huntington Beach 92648
File#: 24-917 MEETING DATE: 1/21/2025
Subiect:
The Marisol Senior Living Project Financing
City of Huntington Beach Page 1 of 1 Printed on 1/16/2025
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THE MARISOL
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The Marisol
Huntington Beach City Council Study Session
January 21, 2025
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Overview
■ The Marisol will be a 214-unit senior living project located at the NE corner of
Main St and Yorktown Ave
■ Already fully entitled and approved
■ The building department for the City of Huntington Beach (the "City") has
approved the construction drawings, subject to the completion of the oil well
re-abandonment; target is to pull a permit in late 1Q or early 2Q 2025
■ A nonprofit owner will develop the project (subsidiary of The Bluhm Family
Foundation, a 501(c)(3) trust)
■ Projected 130 full-time FTE's at stabilization and 800 construction jobs
■ To be financed with tax-exempt bonds issued by the California Public Finance
Authority (Ca1PFA), which requires the City's approval
■ The City will have no liability with respect to the bonds
4
PILOT Agreement
■ PILOT = Payment in Lieu of Taxes
■ Under the PILOT agreement, to the extent the project is tax-exempt, the project will
pay to the City what the City otherwise would have received
■ Applies to property taxes and other taxes
■ City currently collects $22,335 per year in property taxes (16% of the Basic Levy
Rate of $139,592)
■ Forecast is for the City to collect over $240,000 per year in property taxes upon
project stabilization
■ In addition, the project owner agrees to comply with the City's ordinances, rules
and regulations, even if the owner would have been exempt due to its nonprofit
status
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