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REQUEST FOR COUNCIL/ <br />AGENCY/HOUSING <br />AUTHORITY ACTION <br />MEETING DATE: <br />JANUARY 5, 2009 <br />TITLE: <br />JOINT PUBLIC HEARING - TAX EXEMPT BOND <br />FINANCING AND LOAN AGREEMENTS WITH LACY <br />AND RAITT, LP (703 N. LACY/702 S. RAITT) <br />.. r <br />CITY ANAGE EXECUTIVE DIRECTOR <br />RECOMMENDED ACTION <br />CITY COUNCIL ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1st Reading <br />^ Ordinance on 2nd Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Conduct a Tax Equity and Financial Responsibility Act (TEFRA) Hearing <br />in consideration of the issuance of multi-family housing revenue <br />bonds by the Housing Authority of the City of Santa Ana for the <br />purpose of financing the acquisition and rehabilitation of 703 N. <br />Lacy and 702 S. Raitt. <br />2. Adopt a resolution approving the issuance of tax exempt bonds for the <br />projects. <br />3. Direct the City Attorney to prepare and authorize the City Manager to <br />execute a loan agreement with Lacy and Raitt, LP for the acquisition <br />and rehabilitation of 703 N. Lacy in a total amount not to exceed <br />$1,330,643. <br />4. Direct the City Attorney to prepare and authorize the City Manager to <br />execute a loan agreement with Lacy and Raitt, LP for the acquisition <br />and rehabilitation of 702 S. Raitt in a total amount not to exceed <br />$689,397. <br />5. Adopt a resolution approving the Relocation Plan for the property <br />located at 703 N. Lacy. <br />80B-1 <br />