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*** END OF CONSENT CALENDAR *** <br />BUSINESS CALENDAR <br />3. DISPOSITION AND DEVELOPMENT AGREEMENT WITH RSI <br />DEVELOPMENT LLC <br />Continued by the Community Redevelopment and Housing Commission on <br />December 4, 2008, by a vote of 6:0. <br />Recommended Action: <br />1. Recommend that the City Council adopt a resolution regarding the sale <br />of 1112 and 1118 S. Orange to RSI Development LLC for the <br />development of two affordable, detached single-family homes. <br />2. Recommend that the Community Redevelopment Agency adopt a <br />resolution approving a Disposition and Development Agreement <br />between the Community Redevelopment Agency and RSI Development <br />LLC for the development of two affordable, detached single-family <br />homes at 1112 and 1118 S. Orange. <br />4. TAX EXEMPT BOND FINANCING AND LOAN AGREEMENTS WITH LACY <br />AND RAITT, LP (703 N. LACY/702 S. RAITT) <br />Recommended Action: <br />Recommend that the 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 />CRHC AGENDA 4 DECEMBER 16, 2008 <br />