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ABSENT: None (0) <br />75B. PUBLIC HEARING ON ISSUANCE OF TAX-EXEMPT BONDS FOR THE <br />BENEFIT OF LEGACY SQUARE APARTMENTS AND RESOLUTION APPROVING <br />THE ISSUANCE OF BONDS ($40,000,000) {STRATEGIC PLAN NO. 5, 31 - Community <br />Development Agency Legal Notice published in the Orange County Reporter on <br />December 4, 2019. <br />APPLICANT REQUEST: <br />Conduct a Tax Equity and Fiscal Responsibility Act Hearing in consideration of <br />the issuance of tax exempt bond financing by the California Statewide <br />Communities Development Authority on behalf of Legacy Square, L.P. (the <br />'Borrower"), for the benefit of Legacy Square Apartments (the "Project") to <br />finance the acquisition, construction, and improvement of the Project, a 93-unit <br />multifamily rental housing project located at 609 N. Spurgeon Street., Santa Ana, <br />California. <br />2. Adopt a resolution approving the issuance of revenue bonds by the California <br />Statewide Communities Development Authority in an amount not to exceed <br />$40,000,000 for the purpose of financing the acquisition, construction, <br />improvement and equipping of Legacy Square Apartments, a 93-unit multifamily <br />rental housing project. <br />Seeing no one wishing to speak, Mayor Pulido opened and closed the public hearing <br />at 9:45 p.m. <br />Mayor Pro Tern Villegas motioned to adopt item 75B and adopt Resolution No. 2019- <br />119, seconded by Mayor Pulido. <br />MOTION: Mayor Pro SECOND: Mayor Pulido <br />Tern <br />Villegas <br />VOTE: AYES: Mayor Pulido, Mayor Pro Tern Villegas, <br />Councilmember Penaloza, Councilmember <br />Solorio, Councilmember Bacerra (5) <br />NOES: Councilmember Iglesias (1) <br />ABSTAIN: None (0) <br />DRAFT CITY COUNCIL MINUTES 24 DECEMBER 17, 2019 <br />