Laserfiche WebLink
REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />AUGUST 15, 2017 <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 />INTERIM TY MANAGER) <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1" Reading <br />❑ Ordinance on 2na 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 of tax <br />exempt bond financing by the California Statewide Communities Development Authority for the <br />benefit of Heninger 2016 LP, to provide financing for the acquisition, rehabilitation, improvement, <br />and equipping of a 58 -unit multifamily rental housing project generally known as Heninger Village <br />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 provide <br />financing for the acquisition, rehabilitation, improvement, and equipping of a 58 -unit multifamily <br />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 housing <br />revenue bonds in an aggregate principal amount not to exceed $14,000,000 (the 'Bonds"). The <br />proceeds of the Bonds will be used for the purpose of making a loan to the Borrower, to enable the <br />Borrower to finance the acquisition, rehabilitation, improvement and equipping of a 58 -unit affordable <br />multifamily housing rental project located at 200 South Sycamore Street, Santa Ana, California (the <br />"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 ("City") <br />must conduct a Tax Equity and Fiscal Responsibility Act public hearing (the "TEFRA Hearing") <br />providing the members of the community an opportunity to speak in favor of or against the use of tax- <br />exempt bonds for the financing of the Project. Adoption of the resolution is solely for the purposes of <br />satisfying the requirements of the Tax Equity and Fiscal Responsibility Act (TEFRA), the Internal <br />Revenue Service 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 governmental <br />7513-1 <br />