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League-Sponsored Bond Agency Issues $345 Million in Tax-Except Bonds for Hospital in Greenbrae and Senior Living in Walnut Creek

May 24, 2018
Some of the most significant benefits of League membership for cities since 1988 have flowed from the League’s co-sponsorship of the California Statewide Communities Development Authority (CSCDA).
 
CSCDA recently issued $345,165,000 in tax-exempt bonds for Viamonte Senior Living, located in Walnut Creek and Marin General Hospital in Greenbrae.
 
About Marin General Hospital
 
Marin General Hospital (MGH) currently operates a 235-bed tertiary care hospital located in Greenbrae. A mainstay of Marin County healthcare since 1952, MGH has seen a five-fold population increase since it first opened its doors. MGH is the only labor and delivery unit in Marin County and its Level III Trauma Center and Emergency Department receives 70 percent of the county’s ambulance traffic.
 
CSCDA partnered with Morgan Stanley, Stifel and Orrick, Herrington & Sutcliffe, LLP to provide the $157,935,000 in Series 2018 bonds. The Series 2018 bonds were issued to provide financing for a four-story, 260,000 square-foot replacement hospital building; a five-story, 100,000 square-foot ambulatory services building; and parking structure.

About Viamonte Senior Living
 
Viamonte Senior Living (Viamonte) is a new continuing care retirement community developed and managed by Northern California Presbyterian Homes and Services (NCPHS). NCPHS, a nonprofit organization, was established in 1958 in San Francisco, California. NCPHS’s purpose is to improve the quality of life of older persons from all economic levels and cultural backgrounds.
 
CSCDA partnered with Bank of America Merrill Lynch and Orrick, Herrington & Sutcliffe to provide the $187,230,000 in AA- rated insured tax-exempt bonds. The bonds were issued to finance the construction of Viamonte which will be comprised of 191 total senior accommodations, including 174 independent living apartments, 7 assisted living apartments and 10 memory care assisted living apartments in a 298,000 square-foot four-story building with 240 below grade parking spaces.
 
Background
 
CSCDA is a joint powers authority created in 1988 and is sponsored by the League of California Cities® and the California State Association of Counties. It was created by cities and counties for cities and counties. More than 500 cities, counties and special districts are program participants in CSCDA, which serves as their conduit issuer and provides access to efficiently finance locally-approved projects. CSCDA has issued more than $50 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools and other fundamental services. Visit CSCDA’s website for additional information on the ways in which CSCDA can help your city.


 
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