Laserfiche WebLink
<br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />I...il~\ <br />~~~. <br /> <br />(~<1u"altOIl is,"', <br />~~ <br /> <br />CITY COUNCIL MEETING DATE: <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />DECEMBER 19, 2005 <br /> <br />TITLE: <br /> <br />APPROVED <br /> <br />o As Recommended <br />o As Amended <br />o Ordinance on 151 Reading <br />o Ordinance on 2nd Reading <br />o Implementing Resolution <br />o Set Public Hearing For <br /> <br />PUBLIC HEARING - ISSUANCE OF <br />TAX-EXEMPT BONDS FOR ROSS <br />AND DURANT PROPERTIES <br /> <br />,~ <br /> <br />, )~;' <br />~4~-~12 <br /> <br />CITY MANAGER <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Adopt a resolution approving the issuance of tax-exempt, multi-family <br />housing revenue bonds by the Housing Authority of the City of Santa Ana <br />for the purpose of financing the acquisition and rehabilitation of the <br />properties located at 1501 N. Ross Street and 1411 and 1401 N. Durant <br />Street. <br /> <br />DISCUSSION <br /> <br />In 1982, the Tax Equity and Fiscal Responsibility Act imposed new <br />requirements for tax exempt bonds to ensure that bonds issued after <br />December 31, 1982, became subject to public hearing requirements. Before <br />bonds can be sold, the legislative body within the jurisdiction where the <br />project is located must hold a public hearing at which time the public may <br />discuss the proj ect and the issuance of the bonds. Any future bonds <br />issued by the Authority shall not be an obligation of the Authority or the <br />City. On December 4, 2005, notification of the public hearing was <br />published in the Orange County Register. <br /> <br />Ross & Durant, LP, a partnership of Orange Housing Development Corporation <br />and C & C R&D, LLC, and the Limited Tax Equity Partner, is requesting that <br />the City Council hold a public hearing to consider the issuance of multi- <br />family housing revenue bonds by the Housing Authority of the City of Santa <br />Ana, and that subsequent to the public hearing the City Council adopt a <br />resolution approving the financing of their proposed project by the <br />Housing Authority. If approved, the bond proceeds will provide for the <br />acquisition and rehabilitation of two apartment complexes located at 1501 <br />N. Ross Street and 1411 N. Durant Street, and a single family residence <br />located at 1401 N. Durant Street (Exhibit 1). They anticipate <br /> <br />75A-1 <br />