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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 5, 2019 <br />TITLE: <br />PUBLIC HEARING ON ISSUANCE OF <br />OBLIGATIONS BY THE CALIFORNIA <br />ENTERPRISE DEVELOPMENT <br />AUTHORITY FOR THE BENEFIT OF <br />ORANGEWOOD FOUNDATION <br />{STRATEGIC PLAN NO. 2,4) <br />V`— Tor <br />r <br />CITY MANAGER <br />APPLICANT REQUESTED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />F-IT10-:101wel <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1s' Reading <br />❑ Ordinance on 2n° Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Conduct a Tax Equity and Financial Responsibility Act (TEFRA) hearing in consideration <br />of issuance of tax-exempt obligations by the California Enterprise Development Authority <br />for the purpose of financing and refinancing Foundation facilities located in Santa Ana, <br />California for the benefit of Orangewood Foundation. <br />2. Adopt a resolution approving the issuance of the tax-exempt obligations by the California <br />Enterprise Development Authority in an aggregate principal amount not to exceed One <br />Million Five Hundred Thousand Dollars ($1,500,000) for the purpose of financing and <br />refinancing headquarters facilities located in Santa Ana, California for the benefit of <br />Orangewood Foundation. <br />DISCUSSION <br />Orangewood Foundation, a California nonprofit public benefit company (the "Foundation") <br />(together with any affiliate thereof or successor thereto, the "Borrower'), have requested that the <br />California Enterprise Development Authority (the "Authority') issue revenue obligations in the <br />maximum principal amount of $1,500,000 (the "Obligations") for the purpose of making one or <br />more loans to the Borrower, to enable the Borrower to finance and refinance the cost of <br />acquisition, construction, development, renovation, furnishing and equipping of two office <br />buildings containing approximately 22,340 square feet of space and located at 1575 and 1615 E. <br />17th Street, Santa Ana, California (the "Facilities"). A portion of the proceeds of the Obligations <br />will be used to pay costs of issuance and other related costs in connection with the financing. <br />The Borrower owns and operates the Facilities as its headquarters. The Borrowers mission is to <br />prepare foster and community youth to reach their greatest potential. <br />75C-1 <br />