Laserfiche WebLink
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 SENIOR APARTMENTS AND <br />RESOLUTION APPROVING THE <br />ISSUANCE OF BONDS <br />(STRATE�GIIC� PLAN NO. 5, 3) <br />MANAGER <br />APPLICANT REQUESTED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />F-W=•T <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 16' Reading <br />❑ Ordinance on 2 n Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. 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 II, L.P. (the 'Borrower"), for the benefit of First <br />Point Senior Apartments (the `Project') to finance the acquisition, construction, improvement <br />and equipping of First Point Senior Apartments, a 348 -unit senior multifamily rental housing <br />project located at 2110 E. 1 st Street, Santa Ana, California. <br />2. Adopt a resolution approving the issuance of revenue bonds by the Authority in an amount not <br />to exceed $112,500,000 for the purpose of financing the acquisition, construction, <br />improvement and equipping of First Point Senior Apartments, a 348 -unit senior multifamily <br />rental housing project. <br />DISCUSSION <br />Santa Ana Pacific Associates II, a California Limited Partnership or a partnership created by <br />Pacific West Communities, Inc. (the "Developer"), consisting at least of the Developer or a related <br />person to the Developer and one or more limited partners, has requested that the California <br />Municipal Finance Authority (the "CMFA") adopt a plan of financing providing for the issuance of <br />one or more series of revenue bonds issued from time to time, including bonds issued to refund <br />such revenue bonds in one or more series from time to time, in an aggregate principal amount not <br />to exceed $112,500,000 (the 'Bonds") for the acquisition, construction, improvement and <br />equipping of a 348 -unit senior multifamily rental housing project located at 2110 E. 1st Street, <br />Santa Ana, California, generally known as First Point Senior Apartments (the `Project') and <br />operated by Barker Management, Inc. <br />75G-1 <br />