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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />APRIL 4, 2017 <br />TITLE: <br />PUBLIC HEARING ON ISSUANCE OF TAX EXEMPT <br />BONDS FOR THE BENEFIT OF SANTA ANA ARTS <br />COLLECTIVE, L.P. AND RESOLUTION APPROVING <br />THE ISSUANCE OF BONDS <br />(STRATEGIC PLAN NO. 5,3) <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />ST UZT.011071anp <br />❑ As Recommended <br />❑ As Amended <br />El Ordinance on 1 61 Reading <br />© Ordinance on god Reading <br />0 Implementing Resolution <br />El Set Public Hearing Fora_ <br />CONTINUED TO <br />FILE NUMBER <br />1. Conduct a Tax Equity and Financial Responsibility Act (TEFRA) Hearing in consideration <br />of the issuance of tax exempt bond financing by the California Municipal Finance Authority on <br />behalf of the Santa Ana Arts Collective, L.P., for the benefit of for the acquisition, construction, <br />improvement and equipping of a 58 -unit affordable multifamily rental housing facility to be owned <br />and operated by the Borrower and located at 1666 North Main Street within the City of Santa <br />Ana. <br />2. Adopt a resolution approving the issuance of revenue bonds by the Authority in an amount <br />not to exceed $10,000,000 for the purpose of financing or for the acquisition, construction, <br />improvement and equipping of the Project. <br />DISCUSSION <br />Meta Housing Corporation and Western Community Housing, Inc., on behalf of Santa Ana Arts <br />Collective, L.P., a California limited partnership, or another entity to be established by Meta <br />Housing Corporation and /or Western Community Housing, Inc. or an affiliate thereof (the <br />"Borrower "), has requested that the California Municipal Finance Authority (the "Authority ") issue <br />one or more series of revenue bonds in an aggregate principal amount not to exceed <br />$10,000,000 (the "Bonds ") for the acquisition, construction, improvement and equipping of a 58- <br />unit affordable multifamily rental housing facility (the "Project') to be owned and operated by the <br />Borrower and located at 1666 North Main Street within the City of Santa Ana. <br />However, in order for all or a portion of the Bonds to qualify as tax - exempt bonds, the City of <br />Santa Ana must conduct a public hearing (the "TEFRA Hearing ") providing for the members of <br />the community an opportunity to speak in favor of or against the use of tax - exempt bonds for the <br />refinancing of the Project. Following the close of the TEFRA Hearing, an "applicable elected <br />75A -1 <br />