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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />NOVEMBER 7, 2017 <br />TITLE: <br />PUBLIC HEARING ON ISSUANCE OF TAX <br />EXEMPT BONDS FOR THE BENEFIT OF <br />FIRST POINT APARTMENTS AND <br />RESOLUTION APPROVING THE <br />ISSUANCE OF BONDS <br />(STRATEGIC PLAN NO. 5, 3) <br />CITY 64ANAGER <br />APPLICANT REQUESTED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1" Reading <br />❑ Ordinance on 2ntl Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Conduct a Tax Equity and Financial Responsibility Act (TEFRA) Hearing in consideration of <br />the issuance of tax exempt bond financing by the California Municipal Finance Authority on <br />behalf of the Santa Ana Pacific Associates, L.P. (the 'Borrower"), for the benefit of First Point <br />Apartments (the "Project') to finance the acquisition, construction, improvement and equipping <br />of First Point Apartments, a 346 -unit multifamily rental housing project located at 2114 E. 1st <br />Street, Santa Ana, California. <br />Adopt a resolution approving the issuance of revenue bonds by the Authority in an amount not <br />to exceed $157,500,000 for the purpose of financing the acquisition, construction, <br />improvement and equipping of First Point Apartments, a 346 -unit multifamily rental housing <br />project. <br />DISCUSSION <br />Santa Ana Pacific Associates, a California Limited Partnership or a partnership created by Pacific <br />West Communities, Inc. (the "Developer"), consisting at least of the Developer or a related person <br />to the Developer and one or more limited partners, has requested that the California Municipal <br />Finance Authority (the "CMFA") adopt a plan of financing providing for the issuance of one or <br />more series of revenue bonds issued from time to time, including bonds issued to refund such <br />revenue bonds in one or more series from time to time, in an aggregate principal amount not to <br />exceed $157,500,000 (the "Bonds") for the acquisition, construction, improvement and equipping <br />of a 346 -unit multifamily rental housing project located at 2114 E. 1st Street, Santa Ana, <br />California, generally known as First Point Apartments and operated by Barker Management, Inc. <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 TTEFRA Hearing") providing for the members of <br />75F-1 <br />