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TEFRA Hearing —Town and Country Manor September 4, 2018 Page 2 Specifically, Town and Country Manor is proposing to construct a two-story, 48 -bed assisted living/memory care facility on their existing campus. This project will replace an eight -story, 156 - unit active senior apartment building that was entitled in 2014 but is no longer being pursued by the owner. The project is currently in development review and is almost ready to complete the review process. As the project is a permitted use within the zoning district, no discretionary approval by the City is needed. However, in order for all or a portion of the Bonds to qualify as tax-exempt bonds, a governmental unit having jurisdiction over the area in which the Project is located must conduct a public hearing (the "TEFRA Hearing") providing for the members of the community an opportunity to speak in favor of or against the use of tax-exempt bonds for the refinancing of the Project. Following the close of the TEFRA Hearing, an "applicable elected representative" of the govemmental unit hosting the Project, in this case the City, must provide its approval of the issuance of the Bonds by the Authority for the financing of the Project. The bonds to be issued by the CMFA are the sole responsibility of the borrower. The City has no financial or legal liability for the project or repayment of the bonds and does not constitute any type of indebtedness for the City. In addition, this TEFRA Hearing and the adoption of the Resolution shall not obligate the City or any department thereof to: (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the acquisition, construction, rehabilitation, installation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein. In general, this action by the City of Santa Ana will not obligate the City or any department thereof to undertake any discretionary action related to the development of the project. The Housing Element of the City's General Plan contains various goals and policies which are intended to provide a diversity of quality housing, affordability levels and living experiences that accommodate Santa Ana's residents to foster an inclusive community. Additionally, the General Plan encourages development of affordable rental and ownership housing for seniors, people with disabilities, families with children, and people needing emergency, transitional or supportive housing options. STRATEGIC PLAN ALIGNMENT Approval of this item supports the City's efforts to meet Goal # 5 - Community Health, Livability, Engagement & Sustainability, Objective # 3 (Facilitate diverse housing opportunities and support efforts to preserve and improve the livability of Santa Ana neighborhoods). FISCAL IMPACT The Board of Directors of the California Foundation for Stronger Communities, a California non- profit public benefit corporation (the "Foundation"), acts as the Board of Directors for the California Municipal Finance Authority (CMFA). Through its conduit issuance activities, the CMFA shares a 75D-2