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TEFRA Public Hearing for Heninger Village Apartments August 15, 2017 Page 2 unit hosting the Project must provide its approval of the issuance of the Bonds for the financing of the Project. A public notice was published on July 31, 2017 (Exhibit 1). On August 2, 2016, City Council conducted a TEFRA hearing in consideration of the issuance of tax exempt bond financing by the California Statewide Communities Development Authority for the benefit of Heninger 2016 LP and adopted a resolution approving the issuance of bonds. However, the project is expected to close on their financing after August 1, 2017 which is when the prior TEFRA approval expires. TEFRA approvals are only valid for one year and the prior hearing was held on August 2, 2016. Therefore, staff is requesting City Council to approve the same resolution as on August 2, 2016, to allow the project to have a valid TEFRA approval at the time of their closing. California Statewide Communities Development Authority CSCDA is a joint powers authority sponsored by the League of California Cities ("League") and the California State Association of Counties ("CSAC"). CSCDA was created by the League and CSAC in 1988 to enable local government and eligible private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth and improve the overall quality of life in local communities throughout California. CSCDA is comprised of more than 500 members, including the City of Santa Ana. CSCDA has issued more than $54 billion through 1,400 plus financings since 1988 and consistently ranks in the top 10 of more than 3,000 nationwide public issuers of tax-exempt debt, as measured by annual issuance amount. The Bonds to be issued by CSCDA for the Project will be the sole responsibility of the Borrower, and the City will have no financial, legal, moral obligation, liability or responsibility for the Project or the repayment of the Bonds for the financing of the Project. All financing documents with respect to the issuance of the Bonds will contain clear disclaimers that the Bonds are not obligations of the City or the State of California, but are to be paid for solely from funds provided by the Borrower. STRATEGIC PLAN ALIGNMENT Approval of this item allows the City to meet Goal #5 Sustainability), Objective 3 (Facilitate diverse housing and improve the livability of Santa Ana neighborhoods). FISCAL IMPACT There is no fiscal impact associated with this action. Robert C. Corte Acting Executive Director Community Development Agency Exhibits: 1. Public Notice 2. Resolution (Community Health, Livability, Engagement & opportunities and support efforts to preserve 75B-2