Laserfiche WebLink
REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />4, 2018 <br />TITLE: <br />PUBLIC HEARING ON ISSUANCE OF TAX <br />EXEMPT BONDS FOR THE BENEFIT OF <br />AQUA APARTMENTS AND NEW <br />RESOLUTION APPROVING THE <br />ISSUANCE OF BONDS <br />(STRATEGIC PLAN NO. 5,3) <br />-X0XM <br />��WMANAGER <br />APPLICANT REQUESTED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 131 Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Conduct a new Tax Equity and Fiscal Responsibility Act Hearing in consideration of the <br />issuance of tax exempt bond financing by the California Statewide Communities Development <br />Authority on behalf of Aqua Housing LP (the `Borrower"), for the benefit of Aqua Apartments <br />(the "Project') to finance the acquisition, rehabilitation, improvement, and equipping of the <br />Project, a 57 -unit multifamily rental housing project located at 317 East 17th Street, Santa Ana, <br />California. <br />2. Adopt a new resolution approving the issuance of revenue bonds by the California Statewide <br />Communities Development Authority in an amount not to exceed $30,000,000 for the purpose <br />of financing the acquisition, rehabilitation, improvement and equipping of Aqua Apartments, a <br />57 -unit multifamily rental housing project. <br />DISCUSSION <br />On December 19, 2017, City Council conducted a TEFRA hearing in consideration of the issuance <br />of tax exempt bond financing by the California Statewide Communities Development Authority for <br />the benefit of the Borrower and adopted a resolution approving the issuance of bonds. However, <br />the project is expected to close on their financing after December 19, 2018 which is when the prior <br />TEFRA approval expires. TEFRA approvals are only valid for one year and the prior hearing was <br />held on December 19, 2017. Therefore, staff is requesting City Council to approve a new resolution <br />to allow the project to have a valid TEFRA approval at the time of their closing. <br />Community Development Partners (the "Developer') has requested that the California Statewide <br />Communities Development Authority ("CSCDA" or the "Authority") adopt a plan of financing <br />providing for the issuance of one or more series of revenue bonds issued, including bonds issued <br />to refund such revenue bonds in one or more series from time to time, in an aggregate principal <br />75A-1 <br />