Council to Address Senior Housing Bond
The City Council will decide Monday whether to issue a bond to help pay for the construction of a large seniors-only residential complex near Wood Ranch.
Simi Valley council members will vote whether to float the $6.1-million tax-exempt bond, which would be used to pay for construction of a 149-unit senior residential project called Sorrentos Villas on 5.8 acres on the north side of Country Club Drive.
In August, the council approved an agreement between the city and the developers for construction of the complex, with the stipulation that the city would incur no cost in issuing the bond. It would instead receive $15,400 to compensate taxpayers for staff time used to plan the project.
Funding for the project will also come from a number of other sources, including state housing funds and tax credits.
The council meeting will begin at 6:30 p.m. at City Hall, 2929 Tapo Canyon Road.
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