FAIRFIELD — Jamboree Housing Corp. plans to use $12 million in bonds to buy and renovate the Monument Arms Apartments.
The 92-unit apartment complex is located at 261 E. Alaska Ave. in Fairfield. It was built in 1972.
“It’s in fairly decent condition, but we would bring it up to a higher standard,” said Vicky Ramirez, senior project manager for Irvine-based Jamboree.
Jamboree plans to paint the building, put on a new roof, install new cabinets, counters and other features and increase the energy efficiency by 10 percent, Ramirez said. Residents would be relocated for three to four days while work is done in their units, she said.
The organization wants to close its financing by June, then start work that will take nine to 10 months, she said.
But Jamboree Housing needed some local help for the project. It needed a local elected body to approve having the California Municipal Finance Authority issue tax-exempt bonds not to exceed $12 million.
Fairfield was the logical choice. But Jamboree has a deadline of Feb. 18 and the City Council has no meetings scheduled during that time frame.
City Manager Sean Quinn turned to the Solano County Board of Supervisors. He wrote a Feb. 5 letter to the county asking if it would hold the necessary Tax Equity and Fiscal Responsibility Act of 1982 hearing to make the tax-exempt bond issue possible.
The Board of Supervisors did so Tuesday and granted unanimous approval.
Solano County is not financially responsible for the California Municipal Finance Authority bonds, county Treasurer Charles Lomeli told the Board of Supervisors. He noted the board on Sept. 10, 2013, approved allowing NorthBay Healthcare to seek $60 million in similar bond financing to pay for new equipment, building renovations and tenant improvements in leased buildings.
Jamboree is a nonprofit group that owns properties that are home to 15,000 Californians in 67 communities. Its self-described mission is to create opportunities for families, seniors and those with special needs for affordable housing and to provide responsive resident services and programs that improve the residents’ quality of life.
Monument Arms is a complex of two-story buildings amid lawn areas. In 2009, Monument Arms joined the city Police Department’s Crime Free Multi-Housing program to help limit gang activity and crime there.
Reach Barry Eberling at 427-6929 or [email protected] Follow him on Twitter at www.twitter.com/beberlingdr.