HomeMy WebLinkAboutCC 10-06-2026 Item No. 11 Tax and Equity Fiscal Responsibility Act (TEFRA) for The Rise Block 5_Written CommunicationsCC 10-06-2026
#11
Block 5 Vallco
TEFRA
Baker Tilly
Written Communications
From:Harvey McKeon
To:City Council; Kitty Moore; David Fung; Seema Lindskog; Santosh Rao; Liang Chao; Sheila Mohan; J.R. Fruen; R
"Ray" Wang; City of Cupertino Planning Dept.; Tracy Kosolcharoen; Steven Scharf
Cc:City Clerk; Public Comments; Lauren Sapudar; Cupertino City Manager"s Office; Genaro Diaz; Douglas M.
Chesshire; Daniel Alvarez; Oscar Mazariegos
Subject:Carpenters Local 405 Concerns Regarding The Rise Project TEFRA Hearing Scheduled 10/6/2026
Date:Tuesday, October 6, 2026 2:46:06 PM
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Concerns Regarding The Rise Project TEFRA Hearing Scheduled 10.6.2026.pdf
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To the Members of Cupertino City Council,
Carpenters Local 405 requests that the attached letter be included in the written
communications for Item 11 on the agenda for the City Council's October 6, 2026,
meeting.
Local 405 is writing to Cupertino’s City Council to urge it to stand with workers by
exercising its broad discretion to disapprove or pause voting on the preferential Tax
Equity and Fiscal Responsibility Act (TEFRA) tax-exempt bond financing for the housing
project known as The Rise.
Local 405 calls on the City Council to delay approving the bonds until such time as SB
35's labor standards can be demonstrably guaranteed by the Project’s developer,
including through its contractor selection process. This will allow the Project to
represent a true and unequivocal public benefit to the working people of Cupertino.
The members of Local 405 await your decision.
Sincerely,
Harvey McKeon
Field Representative, Strategic Campaigns & Research
North Coast States Carpenters Union
(510) 414-5371
hmckeon@ncscarpenters.org
https://ncscarpenters.org
From:Jennifer Griffin
To:City Council; City Clerk
Cc:grenna5000@yahoo.com
Subject:Affordable Housing on Item 11, Sept. 6 City Council
Date:Tuesday, October 6, 2026 1:33:32 PM
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Dear City Council:
(Please consider the following as public input for Item Number 11 on the Cupertino City Council
Agenda for the September 6, 2026 City Council Meeting).
Item Number 11 on the Cupertino City Council has Affordable Housing being built on a location near
Wolfe Road at The Rise/Vallco. I think this housing should be between the builder and the Affordable
Housing Administrator, Eden Housing. This seems more like a private development. Maybe another
non-profit could get involved. Also, there is retail in the bottom of the building and the city doesn't
usually own retail in a shopping center.
I think the Affordable Housing construction should be handled privately and not involve the city.
If a Redevelopment Agency was involved, that would be different.
Thank you.
Best regards,
Jennifer Griffin
From:Venkat Ranganathan
To:Public Comments; City Council; City Clerk; Cupertino City Manager"s Office
Subject:Agenda item 11 in today"s council meeting - Tax and Equity Fiscal Responsibility Act (TEFRA) public hearing
Date:Tuesday, October 6, 2026 10:42:33 AM
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Dear Mayor, City Councilmembers, City Manager, and Staff,
I’m writing regarding Agenda Item 11, the Tax and Equity Fiscal Responsibility Act (TEFRA) public hearing and
proposed conduit financing for The RISE Block 5 Apartments Project in today's council meeting.
I have a few questions regarding the proposed CMFA financing and would appreciate clarification before the Council
takes action. The JPA agreement appears to provide important protections for the City, including that CMFA is a
separate legal entity and that its bond obligations are not debts of Cupertino or backed by the City’s taxing power.
With those protections in mind, could staff please clarify the scope of the City’s involvement:
1. City obligations and exposure: Could staff clarify whether this structure creates any direct or contingent
obligations for the City—including financial, legal, environmental, or indemnification obligations—under
scenarios such as borrower default, incomplete construction, or financing restructuring?
2. CMFA membership: Why is Cupertino being asked to become a member of CMFA for this transaction, and
what, if any, ongoing obligations would the City have after this bond issuance?
3. Financing structure: Could staff provide a high-level description of the project’s financing structure and
sources of capital, including how the CMFA bonds relate to construction financing, permanent financing, tax-
credit equity, City funding, and other sources?
4. Environmental and remediation exposure: Given the separate remediation issues at The RISE site, would
participation in CMFA or approval of these bonds affect the City’s environmental or remediation exposure in
any way?
5. Public benefit and oversight: What specific public benefit does CMFA financing provide for this project, and
what continuing oversight, if any, would the City have after the bonds are issued?
My intent is to better understand the scope of the City’s involvement, the protections in place, and the public
benefit before the Council takes action. Thank you for helping clarify these points for the public record.
Thanks
Venkatesan Ranganathan