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<br />CITY COUNCIL MEETING DATE: <br /> <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />OCTOBER 6, 2008 <br /> <br />TITLE: <br /> <br />PUBLIC HEARING ON ISSUANCE OF TAX EXEMPT <br />BONDS FOR GOODWILL INDUSTRIES OF ORANGE <br />COUNTY FACILITIES AND RESOLUTION APPROVING <br />THE ISSUANCE OF BONDS <br /> <br />APPROVED <br /> <br />D As Recommended <br />D As Amended <br />D Ordinance on 151 Reading <br />D Ordinance on 2nd Reading <br />D Implementing Resolution <br />D Set Public Hearing For <br /> <br />CONTINUED TO <br /> <br />~~~ <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />1. Conduct a Tax Equity and Financial Responsibility Act (TEFRA) <br />Hearing in consideration of the issuance of tax exempt bond financing by <br />the California Municipal Finance Authority on behalf of Goodwill <br />Industries of Orange County, California, a nonprofit public benefit <br />corporation, for the purpose of financing the acquisition, construction, <br />improvement and equipping of certain facilities located at 1601 East St. <br />Andrew Place and 410 North Fairview Street, Santa Ana. <br /> <br />2. Adopt a resolution approving the issuance of variable rate revenue <br />demand bonds by the California Municipal Finance Authority in an amount <br />not to exceed $8,000,000 for the purpose of financing the acquisition, <br />construction, improvement and equipping of certain facilities located at <br />1601 East St. Andrew Place and 410 North Fairview Street, Santa Ana. <br /> <br />DISCUSSION <br /> <br />Goodwill Industries is an independent charitable organization that <br />strives to provide people with disabilities personal and economic <br />independence. Goodwill of Orange County serves more than 800 children <br />and adults during their daily operations and is a leading nonprofit <br />provider of education, training, and career services to disadvantaged <br />individuals. In order to enhance their ability to provide opportunities <br />for the disadvantaged, Goodwill Industries of Orange County is proposing <br />the acquisition, construction, improvement and equipping of a 28,502 <br />square foot industrial property located at 1601 East St. Andrew Place, <br />Santa Ana, California. <br /> <br />The facility will house a fitness center to serve persons with <br />disabilities, classroom space to train disabled persons in the use of <br />assistive technology and Landmark Services, Inc. ("Landmark") to provide <br />document destruction services. In order to purchase and gain favorable <br />tax exempt financing, Goodwill Industries has requested the assistance <br />of the California Municipal Finance Authority (Authority). The <br /> <br />758-1 <br />