04 120312 Reso - Issuance MF Hsg Rev Bnds-1401 N Flower St

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a ~ °~ ~ r 6~1 `" v , ~ ~q ! ~ d ~' ~ a a ~ ~6' ~: ad t ~ L ~r r, 1~ ~~ k, ~ ,~7~~ ~, ~ ~ ~~ s'a'd w~ ~ I, ~~ _~ :~ s ^ I LY. DER , 2 1 I I I I H E I A I- ILY HOUSI G 1 N T T APPROVED ® As Recommended [] As Amended CONTINUED TO ~` ~_'~ w ~ ` INTERN ~.XECUTIVE DIRECTOR ~. RECOMNi~6~DED ACTION .~ . _.~_ ~___~_ Adopt a resolution authorizing the issuance of multi-family housing revenue bonds in an amount not to exceed $30,000,000 for the acquisition and rehabilitation of 1401 N. Flower Street and authorize the Executive Director of the Housing Authority or their designee to execute all documents as necessary. OI~INIUIT EL PNIENT AND HOUSI C ISSIO CO EATI At its regular meeting of November 6, 2012, by a vote of 6:0, (Morfin absent), the Community Redevelopment and Housing Commission recommended that the Housing Authority adopt a resolution authorizing the issuance of multi-family housing revenue bonds in an amount not to exceed $30,000,000 for the acquisition and rehabilitation of 1401 N. Flower Street and authorize the Executive Director of the Housing Authority or their designee to execute all documents as necessary. DICUSSIO At a joint meeting on August 6, 2012, the City Council conducted a public hearing as required by the Tax Equity and Fiscal Responsibility Act (TEFA}for the purpose of soliciting comments on the proposed issuance of tax exempt bonds to finance acquisition and rehabilitation of the residential project located at 1401 N. Flower Street (Exhibit 1 }. At the same meeting, the Housing Authority adopted an inducement resolution which confirmed the Housing Authority's intent to issue the bonds and identified the time at which costs expended on the project would qualify for financing with the tax exempt bonds. The project is currently known as Wycliffe Plaza, but will be changed under the new ownership. It consists of a senior multifamily project containing 200 one bedroom units. It currently has a Department of Housing and Urban Development (HUD) Section 3 and Section 236 contract which limits tenant rents. The contracts are due to expire in 2017.