My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
75F - TEFRA FIRST POINT APTS
Clerk
>
Agenda Packets / Staff Reports
>
City Council (2004 - Present)
>
2017
>
11/07/2017
>
75F - TEFRA FIRST POINT APTS
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
11/2/2017 6:27:35 PM
Creation date
11/2/2017 6:26:52 PM
Metadata
Fields
Template:
City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
75F
Date
11/7/2017
Destruction Year
2022
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
12
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
First Point Apartments — TEFRA Hearing <br />November 7, 2017 <br />Page 2 <br />the community an opportunity to speak in favor of or against the use of tax-exempt bonds for the <br />financing of the Project. Following the close of the TEFRA Hearing, an "applicable elected <br />representative" of the governmental unit hosting the Project, in this case the City, must provide its <br />approval of the issuance of the Bonds by the Authority for the refinancing of the Project. <br />The bonds to be issued by the Authority are the sole responsibility of the borrower. The City has <br />no financial or legal liability for the project or repayment of the bonds and does not constitute any <br />type of indebtedness for the City. In addition, this TEFRA Hearing and the adoption of the <br />Resolution shall not obligate the City or any department thereof to (i) provide any financing to <br />acquire or construct the Project or any refinancing of the Project; (ii) approve any application or <br />request for or take any other action in connection with any planning approval, permit or other <br />action necessary for the acquisition, construction, rehabilitation, installation or operation of the <br />Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take <br />any further action with respect to the Authority or its membership therein. In general, this action <br />by the City of Santa Ana will not obligate the City or any department thereof to undertake any <br />discretionary action related to the development of this project. <br />The Housing Element of the City's General Plan contains various goals and policies which are <br />intended to provide a diversity of quality housing, affordability levels and living experiences that <br />accommodate Santa Ana's residents to foster an inclusive community. Additionally, the General <br />Plan encourages development of affordable rental and ownership housing for seniors, people <br />with disabilities, families with children, and people needing emergency, transitional or supportive <br />housing options. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal # 5 - Community Health, Livability, <br />Engagement & Sustainability, Objective # 3 (Facilitate diverse housing opportunities and support <br />efforts to preserve and improve the livability of Santa Ana neighborhoods). <br />FISCAL IMPACT <br />The Board of Directors of the California Foundation for Stronger Communities, a California non- <br />profit public benefit corporation (the "Foundation"), acts as the Board of Directors for the California <br />Municipal Finance Authority (CMFA). Through its conduit issuance activities, the CMFA shares a <br />portion of the issuance fees it receives with its member communities and donates a portion of <br />these issuance fees to the Foundation for the support of local charities. With respect to the City of <br />Santa Ana, it is expected that 25 percent of the issuance fee will be granted by the CMFA to the <br />general fund of the City. Such grant may be. used for any lawful purpose of the City. <br />The CMFA does not receive issuance fees until a bond issuance closes. The fees the CMFA <br />receives are based upon the par amount of the bonds issued. The Borrower ultimately decides <br />when and if the bonds are actually issued and the final amount of bonds issued. The amount <br />granted to the City is to be determined, but will not exceed $35,416 under the assumption the <br />75F-2 <br />
The URL can be used to link to this page
Your browser does not support the video tag.