2022-05-17 Regular - Laserfiche WebLink

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at 2530 & 2534 Westminster Avenue, Santa Ana, CA 92701 (APNs 198-132-21 and 198-132-23), subject to non -substantive changes approved by the City Manager and City Attorney (Agreement No. 2022-XXX). 3. Authorize the City Manager to execute a Loan Agreement with Westview House L.P. (c/o Community Development Partners) for $386,523 in Rental Rehabilitation Program Funds for the development of the Westview House affordable housing project located at 2530 & 2534 Westminster Avenue, Santa Ana, CA 92701 (APNs 198-132-21 and 198-132-23), subject to non -substantive changes approved by the City Manager and City Attorney (Agreement No. 2022-XXX). 4. Authorize the City Manager to execute a Subordination Agreement with Umpqua Bank, to subordinate the City's three Loan Agreements to a senior loan, subject to non -substantive changes approved by the City Manager and City Attorney (Agreement No. 2022-XXX). 5. Authorize the City Manager to execute a future Subordination Agreement with the State of California Department of Housing and Community Development, Citibank, and/or the County of Orange, for the City's three Loan Agreements, after the Westview House affordable housing project is complete, subject to approval as to form by the City Attorney (Agreement No. 2022-XXX). 6. Conduct a Tax Equity and Fiscal Responsibility Act Hearing in consideration of the issuance of tax-exempt bond financing by the California Statewide Communities Development Authority on behalf of Westview House, LP, for the benefit of Westview House Apartments to finance the acquisition, construction, improvement, and equipping of the Project, an 85-unit multifamily rental housing project located at 2530 & 2534 Westminster Avenue, Santa Ana, California (APNs 198-132-21 and 198-132- 23). 7. Resolution No. 2022-XXX — Adopt a resolution approving the issuance of revenue bonds by the California Statewide Communities Development Authority in an amount not to exceed $45,000,000 for the purpose of financing the acquisition, construction, improvement and equipping of the Westview House affordable housing project located at 2530 & 2534 Westminster Avenue, Santa Ana, CA 92701 (APNs 198-132- 21 and 198-132-23). MINUTES: Mayor Sarmiento opened the public hearing at 10:23 p.m. Assistant City Manager/Executive Director of Community Development Agency Steven Mendoza provided a brief presentation. Clerk of the Council, Daisy Gomez, reported out there was no correspondence received. Nathaniel Greensides spoke in support of item. Councilmember Phan stated for the record her disappointment in lack of recognition from the development community. City Council 20 5/17/2022