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FOR IMMEDIATE RELEASE
The Tropics Mobilehome ParkUnion City, California Non Profit Corporation purchases mobile home park with Union City assistancePMC Financial Services provided consulting services to the City Council and staff of Union City, California to evaluate a proposal from a non profit corporation to purchase The Tropics Mobilehome Park. The proposal involved the purchase of the property for $38,000,000 using tax exempt financing and a contribution by the City of $2.5 million from the City's redevelopment funds. The 550 site park has been under consideration for purchase for a number of years. The financing proposal included "A" and "B" series tax exempt bonds, deferred financing of $4.5 million from the seller, and a $2.5 million contribution from the City. A portion of the financing budget would go into a Rental Assistance Fund to provide monthly assistance to low income residents in the park. The resident group would also have the opportunity to purchase the property from the non profit corporation after 10 years.
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Contact PMC Financial Services2365 Skyfarm Drive, Hillsborough, California 94010-6341---Phone: 650-375-8043---Fax: 650-375-8132---Email: Dsarg7344@aol.com
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