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Resolution Authorizing the Issuance of Multifamily Housing Revenue Bonds <br />October 3, 2011 <br />Page 3 <br />only outstanding replacement housing obligation far the Agency. All the units will have 55 year <br />affordability restrictions. <br />The bonds are considered "conduit" obligations. This means that the Housing Authority will issue <br />the bonds, but the developer is the borrower and is responsible for repayment. The bonds are <br />repaid strictly from the developer's revenues generated by rents. There is no recourse to the City <br />of Santa Ana, the Housing Authority or the Community Redevelopment Agency. The bonds will be <br />purchased directly by the lender, Bank of America, as a private placement. The law firm of Quint <br />& Thimmig, LLP has been retained to serve as bond counsel, and CSG Advisors has been <br />retained as financial advisor. Final issuance of the bonds is conditioned on the underwriting by the <br />lender and approval by the Housing Authority. <br />FISCAL IMPACT <br />The issuance of tax-exempt bonds will result in developer payment of a one-time issuer fee, an <br />annual fee in-lieu of property tax payments, and an annual affordable monitoring fee to the <br />Housing Authority for the term of affordability. Funds received will be deposited into the Issuer <br />Fee account (13318002-57893}. <br />~~~ ~~~~ <br />~ Shelly Landry~Bayle <br />"~5~-Housing Manager <br />Community Development Agency <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services Agency ~i <br />NTEISLBIJPHIsr <br />Exhibit: 1. Map <br />2. Washington Site Plan <br />3. Birch, Birch, Bush Site Plan <br />4. Resolution <br />3 <br />