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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 />VILLA COURT SENIOR APARTMENTS <br />AND RESOLUTION APPROVING THE <br />ISSUANCE OF BONDS <br />(STRATEGIC PLAN NO. 5, 3) <br />CI ANAGER <br />APPLICANT REQUESTED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on I� Reading <br />❑ Ordinance on 2nd 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 Senior Associates, L.P. (the 'Borrower"), for the benefit of Villa Court <br />Senior Apartments (the 'Project') to finance the acquisition, construction, improvement and <br />equipping of a 418 -unit senior multifamily rental housing project located at 2222 E. 1st Street, <br />Santa Ana, California, generally known as Villa Court Senior Apartments. <br />2. Adopt a resolution approving the issuance of revenue bonds by the Authority in an amount not <br />to exceed $156,000,000 for the purpose of financing the acquisition, construction, <br />improvement and equipping of a 418 -unit senior multifamily rental housing project located at <br />2222 E. 1st Street, Santa Ana, California, generally known as Villa Court Senior Apartments. <br />DISCUSSION <br />Santa Ana Senior 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 $156,000,000 (the `Bonds") for the acquisition, construction, improvement and equipping <br />of a 418 -unit senior multifamily rental housing project located at 2222 E. 1st Street, Santa Ana, <br />California, generally known as Villa Court Senior Apartments (the 'Project') and operated by <br />Barker Management, Inc. <br />75H-1 <br />