Beverly Hills Resort Wins Tax Status to Set Up Muni Bond Sale

An ultra-luxury resort in Beverly Hills won approval from the City Council to form a special taxing district, the first step toward raising as much as $550 million through the municipal bond market.

The city council voted 4-0 to support the creation of the community facilities district after extracting concessions from developer Cain International valued at $140 million, according to Vice Mayor John Mirisch.