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55A - AGMT LEGACY APARTMENTS
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55A - AGMT LEGACY APARTMENTS
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Last modified
12/10/2020 5:00:39 PM
Creation date
12/10/2020 4:55:21 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55A
Date
12/15/2020
Destruction Year
2025
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iWa:u:1111:3 <br />RESOLUTION NO. 2020- <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA <br />APPROVING THE ISSUANCE BY THE CALIFORNIA STATEWIDE COMMUNITIES <br />DEVELOPMENT AUTHORITY OF MULTIFAMILY HOUSING REVENUE BONDS <br />FOR THE LEGACY SQUARE APARTMENTS <br />WHEREAS, the California Statewide Communities Development Authority (the "Authority) <br />is authorized pursuant to the provisions of California Government Code Section 6500 et seq. and <br />the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of June 1, <br />1988 (the "Agreement'), among certain local agencies throughout the State of California, including <br />the City of Santa Ana (the "City'), to issue revenue bonds in accordance with Chapter 7 of Part 5 of <br />Division 31 of the California Health and Safety Code for the purpose of financing multifamily rental <br />housing projects; and <br />WHEREAS, Legacy Square, L.P., a California limited partnership or a partnership of which <br />National Community Renaissance of California (the "Developer") or a related person to the <br />Developer is the general partner, has requested that the Authority adopt a plan of financing providing <br />for the issuance of exempt facility bonds for a qualified residential rental project pursuant to Section <br />142(a)(7) of the Internal Revenue Code of 1986 (the "Code') in one or more series issued from time <br />to time, including bonds issued to refund such exempt facility bonds in one or more series from time <br />to time, and at no time to exceed $40,000,000 in outstanding aggregate principal amount (the <br />"Bonds"), to finance or refinance the acquisition, construction and development of a multifamily rental <br />housing project located at 609 and 615 North Spurgeon Street, Santa Ana, California (the "Project"); <br />and <br />WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, the Bonds are <br />required to be approved by the "applicable elected representative" of the governmental units on <br />whose behalf such bonds are expected to be issued and by a governmental unit having jurisdiction <br />over the entire area in which anyfacility financed by such bonds is to be located, after a public hearing <br />held following reasonable public notice; and <br />WHEREAS, the members of this City Council (this "City Council") are the applicable elected <br />representatives of the City and are required to approve the issuance of the Bonds, but do not need <br />to be present at the public hearing; and <br />WHEREAS a Tax Equity and Fiscal Responsibility Act (the "TEFRK) public hearing was <br />previously held for the Project on December 17, 2019, and was approved by the City Council. <br />However, the matter is being brought back to the City Council because the previous approval is set <br />to expire; and <br />WHEREAS, there has been published, at least 7 days prior to the hearing date, in a <br />newspaper of general circulation within the City, a notice that a public hearing regarding the Bonds <br />would be held on a date specified in such notice; and <br />WHEREAS, on December 4, 2020, the City of Santa Ana has, conducted such public hearing <br />on such date, telephonically, as permitted by the Internal Revenue Service to satisfy the public <br />hearing requirement in light of the COVID-19 pandemic, at which time and opportunity was provided <br />to interested parties to present arguments both for and against the issuance of the Bonds; and <br />55A-137 <br />
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