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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 REAL PROPERTY, <br />LLC AND SAMUELI ACADEMY <br />(STRATEGIC PLAN NO. 2,4) <br />­:z-� /A--�,- <br />CITY MANAGER <br />APPLICANT REQUESTED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />rRIJIJ041wo, <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 />1. 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 educational and related facilities located at <br />1901 and 1919 North Fairview Street, Santa Ana, California, for the benefit of <br />Orangewood Real Property, LLC and Samueli Academy. <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 Thirty <br />Eight Million Dollars ($38,000,000) for the purpose of financing and refinancing <br />educational and related facilities located at 1901 and 1919 North Fairview Street, Santa <br />Ana, California, for the benefit of Orangewood Real Property, LLC and Samueli Academy. <br />DISCUSSION <br />Orangewood Real Property, LLC, a California limited liability company (the "Borrower"), the sole <br />member of which is the Orangewood Foundation, a California nonprofit public benefit corporation <br />and an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986, as <br />amended (the "Code"), has requested that the Authority issue revenue obligations in the <br />maximum principal amount of $38,000,000 (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 />educational facilities, consisting of classrooms, a student innovation center, a 16,000 square foot <br />gymnasium, an outdoor soccer field, a 48 room student dormitory and other related facilities, all <br />located on a 7.1 acre parcel of land at 1901 and 1919 North Fairview Road, Santa Ana <br />(collectively, the "Facilities"). A portion of the proceeds of the Obligations will be used to pay <br />costs of issuance and related costs in connection with the financing. <br />4819-8240-9091.2 75D-1 <br />