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Public Hearing - Mortgage Revenue Bond <br />Inducement and Issuance of Tax-Exempt <br />onds far Fairview Gardens Senior Housing <br />September 2, 2003 <br />Page 2 <br />2. Recommended that the Housing Authority adopt a resolution relating <br />to the issuance of bonds for the purpose of financing the <br />acquisition and rehabilitation of a hospital and office building <br />into a senior residential rental project and related facilities. <br />By a vote of 5:0 (Betancourt and Leon absent) at its Regular Meeting of <br />August 19, 2003. <br />DISCUSSION <br />The Housing Authority has developed a multi-family acquisition and <br />rehabilitation bond-financing program to address the renovation <br />requirements of rental housing while providing affordable rental units <br />in Santa Ana. 1901 Fairview Partners, LLC and Frank and Catherine ~7ao <br />re requesting that the Housing Authority adopt a resolution indicating <br />its intent to issue bands to finance the acquisition and rehabilitation <br />of a hospital and office building located at 1901 and 1919 N. Fairview <br />Street (Exhibit 1). The developers plan to rehabilitate the existing <br />structures into a 250-unit senior residential rental project named <br />Fairview Gardens Senior Housing. The project is anticipated to contain <br />55 bachelor, 113 one-bedroom, and 82 two-bedroom units. The adoption of <br />this resolution is necessary for 1901 Fairview Partners, LLC and this <br />project to be eligible for tax exempt mortgage revenue bond financing <br />and receipt of a bond allocation from the California Debt Limit <br />Allocation Committee ~CDLAC). <br />1901 Fairview, LLC and Frank and Catherine Jao have formed a partnership <br />to purchase and rehabilitate the properties. Mr. Sao is founder and CEO <br />of Bridgecreek & Group, Inc., which was established in 1978. He has <br />extensive experience in the development and management of retail and <br />commercial properties in Southern California. Part of this experience <br />includes the development of a 100-unit apartment building in Anaheim and <br />a 90--unit building in Santa Ana. Currently, he is developing a I60-unit <br />senior project in St. Paul, Minnesota. The ultimate financing of this <br />project is contingent upon the developer receiving all site approvals <br />necessary for this development, a feasible project proforma and <br />~:ompliance with all City Planning requirements. <br />~, <br />~~., <br />