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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />DECEMBER 19, 2017 <br />TITLE; <br />PUBLIC HEARING ON ISSUANCE OF TAX <br />EXEMPT BONDS FOR THE BENEFIT OF <br />TINY TIM APARTMENTS AND <br />RESOLUTION APPROVING THE <br />ISSUANCE OF BONDS <br />(STRATEGIC PLAN NO. 5,3) <br />Vr r <br />CI MANAGER <br />APPLICANT REQUESTED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 15' Reading <br />❑ Ordinance on 2"d Reading <br />❑ Implementing Resolution__ <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Conduct a Tax Equity and Fiscal Responsibility Act Hearing in consideration of the issuance of tax <br />exempt bond financing by the California Statewide Communities Development Authority <br />("CSCDA" or the "Authority") on behalf of Community Development Partners (the "Borrower"), for <br />the benefit of Tiny Tim Apartments (the "Project") to finance the acquisition, construction, <br />improvement, and equipping of the Project, a 51 -unit multifamily rental housing project located at <br />2223 West Fifth 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 $27,000,000 for the purpose of financing the acquisition, construction, improvement <br />and equipping of Tiny Tim Apartments, a 51 -unit multifamily rental housing project. <br />BACKGROUND <br />The Tiny Tim Apartments project includes the acquisition and redevelopment of an underutilized, <br />retail site to construct 51 units of affordable rental housing targeting low-income families. The <br />project is located at 2223 West Fifth Street in Santa Ana. The approximately 49',000 square foot <br />development will provide 20 two-bedroom, 29 three-bedroom and two four-bedroom apartment <br />homes (including one manager's unit) with open space, community room, offices for property <br />management and Mercy House who will provide on-site case management and services <br />coordination to each resident. Rent levels at the property will be restricted for 55 years to <br />households earning at or below 60% of the Area Median Income. <br />The property is situated along the north side of Fifth Street, with single family residential <br />bordering the property to the north and east, and commercial properties bordering the property to <br />the south and west. The building design includes one level of on -grade structured garage with 91 <br />parking stalls along with guest parking near the entrance to the property. There is one 4 -story <br />residential building, which includes the management and services offices along Fifth Street. <br />7513-1 <br />