75B - TEFRA - JAKES LIFE - Laserfiche WebLink

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i0ov REQUEST FOR, COUNCIL ACTION CITY COUNCIL MEETING DATE: CLERK OF COUNCIL USE ONLY: NOVEMBER 15, 2010 TITLE: APPROVED ? As Recommended PUBLIC HEARING ON ISSUANCE OF TAX ? As Amended EXEMPT BONDS FOR JAKE'S LIFE AND ? Ordinance on 1s' Reading RESOLUTION APPROVING THE El Ordinance on Re Reading ? Implementing Resolution ISSUANCE OF BONDS ? Set Public Hearing For CONTINUED TO FILE NUMBER CITY MANAGER RECOMMENDED ACTION 1. Conduct a Tax Equity and Financial Responsibility Act (TEFRA) Hearing considering the issuance of tax exempt bond financing by the California Municipal Finance Authority on behalf of Jake's LIFE, a California nonprofit public benefit corporation, for the purpose of the acquisition, rehabilitation, improvement and equipping of certain real property and improvements located at 1525 North Tustin Avenue, Santa Ana, California 92705. 2. Adopt a resolution approving the issuance of revenue bonds by the Authority in an amount not to exceed $25,000,000 to finance the acquisition, rehabilitation, improvement and equipping of certain real property and improvements located at 1525 North Tustin Avenue, Santa Ana, California 92705. DISCUSSION Jake's LIFE has requested the assistance of the California Municipal Finance Authority (Authority). The Authority, which was established in 2004, was formed to assist local governments and non-profit organizations and businesses with the issuance of taxable and tax exempt bonds with the goal to promote economic, cultural, and community development. The City is a member of the Authority. The proceeds of the Bonds will be loaned by the Authority to Jake's LIFE, a California nonprofit public benefit corporation and applied to the acquisition, rehabilitation, improvement and equipping of real property and improvements at their building located at 1525 North Tustin Avenue, Santa Ana, California 92705. The principal tenant of the Project will be the Regional Center of Orange County, Inc., which will use the project for its charitable mission of coordinating services to individuals with developmental disabilities. For all or a portion of the Bonds to qualify as tax-exempt bonds, the City of Santa Ana must conduct a public hearing (the "TEFRA Hearing") providing members of the community an opportunity to speak in favor of or against the use of tax-exempt bonds for the financing of the Project. Following the close of the TEFRA hearing, an "applicable elected representative" of the governmental unit hosting the Project, in this case the City, must provide its approval of the issuance of the Bonds by the Authority for the financing of the Project. 75B-1