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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JUNE 7, 2016 <br />TITLE: <br />PUBLIC HEARING ON ISSUANCE OF <br />OBLIGATIONS BY THE CALIFORNIA <br />ENTERPRISE DEVELOPMENT <br />AUTHORITY FOR THE BENEFIT OF <br />ORANGEWOOD REAL PROPERTY <br />AND SAMUELI ACADEMY <br />(STRATEGIC PLAN NO. 2,4) <br />CITY MANAGER <br />10_=Ke)617� 14il, �7:[�3�I�7►1 <br />CLERK OF COUNCIL USE ONLY: <br />_00:• .rr <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on I6� Reading <br />❑ Ordinance on 2 "a Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Conduct a Tax Equity and Financial Responsibility Act (TEFRA) hearing in consideration <br />of issuance of tax - exempt obligations by the California Enterprise Development Authority <br />for the purpose of financing and refinancing educational and related facilities located at <br />1901 and 1919 North Fairview Street, Santa Ana, California, for the benefit of <br />Orangewood Real Property, LLC and Samueli Academy. <br />2. Adopt a resolution approving the issuance of the tax - exempt obligations by the California <br />Enterprise Development Authority in an aggregate principal amount not to exceed Twelve <br />Million Seven Hundred Fifty Thousand Dollars ($12,750,000) for the purpose of financing <br />and refinancing educational and related facilities located at 1901 and 1919 North Fairview <br />Street, Santa Ana, California, for the benefit of Orangewood Real Property, LLC and <br />Samueli Academy. <br />DISCUSSION <br />Orangewood Real Property, LLC, a California limited liability company (the 'Borrower "), the sole <br />member of which is the Orangewood Foundation, a California nonprofit public benefit corporation <br />and an organization described under Section 501(c)(3) of the Internal Revenue Code of 1986, as <br />amended (the "Code "), has requested that the California Enterprise Development Authority (the <br />"Authority ") issue revenue obligations in the maximum principal amount of $12,750,000 (the <br />"Obligations ") for the purpose of making a loan to the Borrower, to enable the Borrower to finance <br />and refinance the cost of acquisition, construction, development, renovation, furnishing and <br />equipping of educational and related facilities located at 1901 and 1919 North Fairview Street, <br />Santa Ana, California (collectively, the "Facilities "). A portion of the proceeds of the Obligations <br />will be used to pay costs of issuance in connection with the financing. <br />75C -1 <br />