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REQUEST FOR HOUSING <br />AUTHORITY ACTION <br />MEETING DATE: <br />NOVEMBER 20, 2006 <br />TITLE <br />RESOLUTION AUTHORIZING THE <br />ISSUANCE OF MULTI -FAMILY HOUSING <br />REVENUE BONDS - CITY GARDENS <br />APARTMENTS <br />/^.) <br />4. <br />EXECUTIVIE DIRECTOR <br />RECOMMENDED ACTION <br />RECORDING SECRETARY USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />CONTINUED TO <br />Adopt a resolution authorizing the issuance of tax-exempt, multi --family <br />housing revenue refunding bonds in an amount not to exceed $8,400,000 for <br />City Gardens Apartments and authorize the Chairperson, Vice -Chairperson <br />or Executive Director of the Housing Authority or their designee to <br />execute all documents as necessary. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />Recommended that the Housing Authority adopt a resolution approving the <br />issuance of tax-exempt, multi -family housing revenue refunding bonds in <br />an amount not to exceed $8,400,000 for City Gardens Apartments and <br />authorize the Chairperson, Vice -Chairperson or Executive Director of the <br />Housing Authority or their designee to execute all documents as <br />necessary. <br />By a vote of 4:0 (Jauregui, Turner, Yanez absent) at its Regular Meeting <br />of November 7, 2006. <br />DISCUSSION <br />City Gardens Apartments (project) is located at 2901 N. Bristol Street <br />(Exhibit 1). It is a 274 unit complex composed of one and two bedroom <br />apartments. On December 19, 1996, the Housing Authority issued tax- <br />exempt mortgage revenue bonds to finance acquisition and rehabilitation <br />of the project by its current owner, LINC-Bristol Associates 1, LP. The <br />partnership is comprised of LILAC Housing Corp. as the General Partner, <br />and Edison Capital Housing Partners VI, as a Limited Partner. The <br />existing bonds are subject to a mandatory redemption on December 1, 2006, <br />