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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 17, 2015 <br />TITLE: <br />PUBLIC HEARING - <br />RESOLUTION APPROVING <br />THE ISSUANCE OF TAX - <br />EXEMPT OBLIGATIONS AND <br />DIRECTING CERTAIN <br />ACTIONS <br />{STRATEGIC PLAN NO. 5,31 <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 181 Reading <br />❑ Ordinance on 2n0 Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Adopt the resolution approving the issuance of the Bonds by the California Municipal Finance <br />Authority not to exceed $17,500,000, for the benefit of C &C Development Co, LLC, to provide <br />financing for the acquisition, construction and equipping of an 82 -unit multifamily rental housing <br />project generally known as Lemon Grove Apartments, <br />DISCUSSION <br />C &C Development Company, LLC (the "Borrower") requested that the California Municipal <br />Finance Authority (CMFA) serve as the municipal issuer of the Bonds in an aggregate principal <br />amount not to exceed $16,000,000 of tax - exempt revenue bonds. The proceeds of the Bonds will <br />be used for the purpose of making a loan to the Borrower, to enable the Borrower to finance the <br />acquisition, construction, rehabilitation, improvement and equipping of an 70 -unit affordable <br />multifamily housing rental project located at 803 -815 North Harbor Boulevard, Santa Ana, <br />California (the "Project"), which will be owned and operated by the Borrower. <br />In order for all or a portion of the Bonds to qualify as tax - exempt bonds, the City of Santa Ana <br />must conduct a public hearing (the "TEFRA Hearing ") providing the members of the community <br />an opportunity to speak in favor of or against the use of tax- exempt bonds for the financing of the <br />Project. Adoption of the resolution is solely for the purposes of satisfying the requirements of <br />TEFRA, the Code and the California Government Code Section 6500 (and following). Prior to <br />such TEFRA Hearing, reasonable notice must be provided to the members of the community. <br />Following the close of the TEFRA Hearing, an "applicable elected representative" of the <br />75B -1 <br />