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CDLAC |
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Underwriters are hired to issue the bonds (often Dain Rauscher in San Francisco), and an obscure state entity, the California Debt Limit Allocation Committee (called CDLAC, or "see-dee-lak"), must review bond applications and give a thumbs-up. Developers (Playa Capital LLC) of Playa Vista, one of the most ambitious, high-density real estate developments in the country, effectively lobbied the City of Los Angeles and State Legislators for millions of dollars of Mello-Roos and CDLAC tax free bonds to build on top of one of the largest oilfield gas seeps in the world. The state awarded more than half of the $890 million in available funds at the fast meeting of the committee, according to Joe Yew, executive director of CDLAC. |
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