Laserfiche WebLink
REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JANUARY 19, 2016 <br />TITLE: <br />PUBLIC HEARING FOR <br />RESOLUTION APPROVING <br />THE ISSUANCE OF TAX - <br />EXEMPT OBLIGATIONS AND <br />AUTHORIZATION TO <br />APPROVE JOINT EXERCISE <br />OF POWERS AGREEMENT <br />{STRATEGIC PLAN NO. 5,3) <br />l / <br />JJ CITY MANAGE <br />RECOMMENDED ACTION <br />_Val <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1A' Reading <br />❑ Ordinance on 2n° Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Adopt a resolution approving the issuance of Bonds by the California Public Finance Authority not <br />to exceed $15,000,000, for the benefit of Guest House LP, to provide financing for the acquisition, <br />rehabilitation and equipping of a 72 -unit multifamily rental housing project generally known as <br />Guest House. <br />2. Authorize the City Manager and Clerk of the Council to execute a Joint Exercise of Powers <br />Agreement relating to the California Public Finance Authority to serve as the municipal issuer of <br />the bonds for the purpose of approving bonds for the Guest House Apartment Project, subject to <br />non - substantive changes approved by the City Manager and City Attorney. <br />DISCUSSION <br />Guest House, LP (the "Borrower ") requested that the California Public Finance Authority ( "CalPFA ") <br />serve as the municipal issuer of the Bonds in an aggregate principal amount not to exceed <br />$15,000,000 of tax - exempt revenue bonds. The proceeds of the Bonds will be used for the purpose of <br />making a loan to the Borrower, to enable the Borrower to finance the acquisition, rehabilitation, <br />Improvement and equipping of a 72 -unit affordable multifamily housing rental project located at 2151 <br />E. 1st Street, Santa Ana, California (the "Project ") (Exhibit 1), which will be owned and operated by <br />the Borrower. <br />In order for all or a portion of the Bonds to qualify as tax - exempt bonds, the City of Santa Ana ( "City ") <br />must conduct a public hearing (the " TEFRA Hearing ") providing the members of the community an <br />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 the Tax <br />Equity and Fiscal Responsibility Act ( TEFRA), the Code and the California Government Code Section <br />6500 (and following). Prior to such TEFRA Hearing, reasonable notice must be provided to the <br />75A -1 <br />