Redlands City Council approves $205M bond issuance for Plymouth Village upgrades

REDLANDS, Calif. — Redlands City Council unanimously approved a resolution on June 3 allowing the California Municipal Finance Authority (CMFA) to issue up to $205 million in tax-exempt revenue bonds on behalf of HumanGood, a nonprofit that operates senior living communities throughout the region.

Why it matters: A portion of the funding will support upgrades to Plymouth Village, HumanGood’s continuing care community located at 900 Salem Drive in Redlands. Planned improvements include renovations to housing units, infrastructure upgrades and enhancements to resident amenities.

Details: The vote came after a required public hearing under the federal Tax Equity and Fiscal Responsibility Act (TEFRA), which gives community members the opportunity to weigh in before tax-exempt bonds are issued for private projects. Two public comments were submitted during the hearing.

While Redlands approved the resolution, the city will not be financially responsible for the bonds. According to city officials, the bonds will be issued and repaid solely by HumanGood, with no obligation or liability falling to the city or its taxpayers.

“There is no debt to the taxpayers, I want people to understand that,” said Council Member Paul Barich. 

As a member of the CMFA since 2019, Redlands is eligible to receive a portion of the issuance fees from the bond transaction. City staff estimate this amount at approximately $2,000, which will help offset the costs associated with the hearing.

About HumanGood: Headquartered in California, HumanGood is the sixth-largest nonprofit senior living provider in the country. Its mission focuses on helping older adults live with purpose, dignity and security.

“I have seen the literally life changing impact of this organization for older adults, especially those with limited incomes,” said a resident and volunteer with HumanGood during the June 3 meeting. “I am here to thank you for approving the issuance of these bonds, for which the city incurs no financial or legal obligation of any kind, but without which much needed capital improvements could not be done.”