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Community Development Agency <br />www.santa-ana.org/community-development <br />Item # 27 <br />City of Santa Ana <br />20 Civic Center Plaza, Santa Ana, CA 92701 <br />Staff Report <br />July 16, 2024 <br />TOPIC: Garden Court Apartments Rehabilitation Project <br />AGENDA TITLE <br />Public Hearing - Approve an Amended and Restated Regulatory Agreement for the <br />Rehabilitation of Garden Court Apartments Located at 300 East Santa Ana Boulevard, <br />Santa Ana, CA 92701, Adopt a Resolution Approving the Issuance of Revenue Bonds, <br />and Conduct a Tax Equity Fiscal Responsibility Act (TEFRA) Hearing <br />Legal notice published in the OC Reporter on July 9, 2024. <br />RECOMMENDED ACTION <br />1. Authorize the City Manager to execute an amended and restated agreement <br />containing Affordable Housing Covenants with Orange Housing Development <br />Corporation for the rehabilitation of Garden Court Apartments located at 300 East <br />Santa Ana Boulevard, Santa Ana, CA 92701 (APN 398-323-08) (Contingent upon <br />approval of Housing Authority Item # 3) (Agreement No. A-2024-XXX). <br />2. Approve the Relocation Plan and authorize the City Manager to approve <br />amendments to the Relocation Plan prior to commencement of the rehabilitation of <br />Garden Court Apartments, substantially in the draft form attached hereto, subject to <br />changes consistent with the project approved by the City Manager and City Attorney. <br />3. 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 for C&C Development Co., LLC, to finance the acquisition, rehabilitation, <br />improvement, and equipping of Garden Court Apartments located at 300 East Santa <br />Ana Boulevard, Santa Ana, CA 92701 (APN 398-323-08). <br />4. Adopt a resolution approving the issuance of revenue bonds by the California <br />Municipal Finance Authority in an amount not to exceed $55,000,000 for financing <br />the rehabilitation of Garden Court Apartments. <br />RESOLUTION NO. 2024-XXX entitled A RESOLUTION OF THE CITY COUNCIL <br />OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE BY THE <br />CALIFORNIA MUNICIPAL FINANCE AUTHORITY OF EXEMPT FACILITY BONDS <br />FOR THE GARDEN COURT APARTMENTS <br />