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Community Development Agency <br />santa-ana.org/cd <br />Item # 43 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br /> Staff Report <br />December 20, 2022 <br />TOPIC: Conduct a Tax Equity Fiscal Responsibility Act (TEFRA) Hearing for First Point <br />II Apartments and Approve TEFRA Resolution <br />AGENDA TITLE: <br />Conduct a TEFRA Hearing for the First Point Apartments II and Accept a Resolution <br />Approving the Issuance by the California Municipal Finance Authority of Exempt Facility <br />Bonds for a Qualified Residential Rental Project <br />RECOMMENDED ACTION <br />1. Conduct a Tax Equity and Financial Responsibility Act Hearing in consideration of <br />the issuance of tax exempt bond financing by the California Municipal Finance <br />Authority (the “CMFA”) on behalf of the Santa Ana Pacific Associates II, L.P. to <br />finance or refinance the acquisition, construction, improvement and equipping of <br />First Point Apartments II, a multifamily rental housing project located at 2110 E. 1st <br />Street, Santa Ana, California (the “Project”). <br />2. Adopt a resolution approving the issuance of revenue bonds by the CMFA in an <br />amount not to exceed $90,000,000 for the purpose of financing the Project. <br />DISCUSSION <br />Santa Ana Pacific Associates, L.P., a California Limited Partnership created by Pacific <br />West Communities, Inc. (the “Developer”), has requested that the CMFA adopt a <br />financing plan. The financing plan will provide for the issuance of revenue bonds and <br />refunding bonds in an aggregate principal amount not to exceed $90,000,000 (the <br />“Bonds”). These Bonds may be issued from time to time, in multiple series and used for <br />the Project. <br />In order for all or a portion of the Bonds to qualify as tax-exempt bonds, the City of <br />Santa Ana must conduct a public hearing (the “TEFRA Hearing”) providing members of <br />the community an opportunity to speak in favor of or against the use of tax-exempt <br />bonds by the Developer. Following the close of the TEFRA Hearing, the Mayor or <br />designee will execute the approval of the issuance of the Bonds by the CMFA for the <br />financing of the Project in the form of a Resolution (Exhibit 1). <br /> <br />The Bonds to be issued by the CMFA are the sole responsibility of the Developer. The <br />City has no financial or legal liability for the Project or repayment of the Bonds, and the <br />Bonds do not constitute any type of indebtedness for the City.