75B - LEGACY SQUARE APARTMENTS - Laserfiche WebLink

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Legacy Square Apartments — TEFRA Hearing December 17, 2019 Page 2 agreement with the Church for a ground lease of the land. The concept includes fundamental site planning features to foster community cohesion and instill a sense of belonging and dignity that comes from a thoughtfully designed residential community with a true sense of place. The homes will contain a long-term covenant to ensure continued affordability. The ground floor includes community space designed to be flexible to meet the current and future needs of the area's residents. The vision for the development aims to activate the area through the planned resident and community -serving uses and vibrant community events. Included will be separate meeting spaces for supportive service providers to host resident support services, including regular indoor activities, a computer center, and an after -school program, as well as offices for property management and case management for special needs residents. This indoor service amenity space is designed to be flexible and welcome other area service providers and veteran -serving programs as needed by the residents. Exterior patios within the building's podium -level central courtyard will provide outdoor gathering places for barbeques, a tot lot/play structure, and community garden. The Project will have excellent educational, social and health services that will be designed specifically for and available to the larger community. Mercy House and Hope Through Housing Foundation, who will provide such services, have extensive and broad experience on a continuum of programs and services that provide the tools and resources which future residents need to stabilize, grow and rebuild their lives. National CORE has requested that the California Statewide Communities Development Authority ("CSCDA" or the "Authority") adopt a plan of financing providing for the issuance of one or more series of revenue bonds issued from time to time, in one or more series from time to time, in an aggregate principal amount not to exceed $40,000,000 (the "Bonds") for the acquisition, construction, improvement and equipping of a 93-unit multifamily rental housing project located at 609 N Spurgeon Street, Santa Ana, California, generally known as Legacy Square Apartments. However, in order for all or a portion of the Bonds to qualify as tax-exempt bonds, the City of Santa Ana 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 financing of the Project. Following the close of the TEFRA Hearing, an "applicable elected representative" of the governmental unit hosting the Project, in this case the City, must provide its approval of the issuance of the Bonds by the Authority for the refinancing of the Project by adopting a resolution (Exhibit 1). The bonds to be issued by the Authority 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) (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) (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) (iv) take any further action with respect to the Authority or its membership therein. 75B-2