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1► <br />CITY COUNCIL MEETING DATE: <br />AUGUST 2, 2016 <br />TITLE: <br />PUBLIC HEARING ON ISSUANCE OF TAX <br />EXEMPT BONDS FOR THE HENINGER <br />VILLAGE APARTMENTS AND <br />RESOLUTION APPROVING THE <br />ISSUANCE OF BONDS <br />(STRATEGIC PLAN NO. 5,3) <br />C CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1 81 Reading <br />El Ordinance on 2n6 Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Conduct a Tax Equity and Fiscal Responsibility Act Hearing in consideration of the issuance <br />of tax exempt bond financing by the California Statewide Communities Development Authority <br />for the benefit of Heninger 2016 LP, to provide financing for the acquisition, rehabilitation, <br />improvement, and equipping of a 58 -unit multifamily rental housing project generally known as <br />Heninger Village Apartments. <br />2. Adopt a resolution approving the issuance of Bonds by the California Statewide Communities <br />Development Authority not to exceed $14,000,000, for the benefit of Heninger 2016 LP, to <br />provide financing for the acquisition, rehabilitation, improvement, and equipping of a 58 -unit <br />multifamily rental housing project generally known as Heninger Village Apartments. <br />DISCUSSION <br />Heninger 2016 LP (the "Borrower ") has requested that the California Statewide Communities <br />Development Authority ( "CSCDA ") serve as the municipal issuer of tax - exempt multi - family <br />housing revenue bonds in an aggregate principal amount not to exceed $14,000,000 (the <br />'Bonds "). The proceeds of the Bonds will be used for the purpose of making a loan to the <br />Borrower, to enable the Borrower to finance the acquisition, rehabilitation, improvement and <br />equipping of a 58 -unit affordable multifamily housing rental project located at 200 South <br />Sycamore Street, Santa Ana, California (the 'Project'), which will be owned and operated by the <br />Borrower. <br />In order for all or a portion of the Bonds to qualify as tax - exempt bonds, the City of Santa Ana <br />( "City ") must conduct a Tax Equity and Fiscal Responsibility Act public hearing (the "TEFRA <br />Hearing ") providing the members of the community an opportunity to speak in favor of or against <br />the use of tax - exempt bonds for the financing of the Project. Adoption of the resolution is solely <br />for the purposes of satisfying the requirements of the Tax Equity and Fiscal Responsibility Act <br />75A -1 <br />