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1. Direct the Agency General Counsel to prepare and authorize the Executive <br />Director to execute a loan agreement with Lacy and Raitt, LP for the <br />acquisition and rehabilitation of 703 N. Lacy in a total amount not to exceed <br />$1,556,217. <br />2. Direct the Agency General Counsel to prepare and authorize the Executive <br />Director to execute a loan agreement with Lacy and Raitt, LP for the <br />acquisition and rehabilitation of 702 S. Raitt in a total amount not to exceed <br />$806,265. <br />3. Adopt a resolution approving the Relocation Plan for the property located at <br />703 N. Lacy. <br />4. Adopt a resolution approving the Relocation Plan for the property located at <br />702 S. Raitt. <br />5. Adopt a resolution approving the Replacement Housing Plan for the property <br />located at 702 S. Raitt. <br />Recommended that the Housing Authority: <br />Adopt a resolution relating to the issuance of bonds for the purpose of financing <br />the acquisition and rehabilitation of the properties located at 703 N. Lacy and <br />702 S. Raitt. <br />Recommended Action: <br />CITY COUNCIL <br />1. Conduct a Tax Equity and Financial Responsibility Act (TEFRA) <br />Hearing in consideration of the issuance of multi-family housing <br />revenue bonds by the Housing Authority of the City of Santa Ana for <br />the 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 />CRA AGENDA 6 JANUARY 5, 2009 <br />