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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: 19, 2017 TITLE: PUBLIC HEARING ON ISSUANCE OF TAX EXEMPT BONDS FOR THE BENEFIT OF AQUA APARTMENTS AND RESOLUTION APPROVING THE ISSUANCE OF BONDS (STRATEGIC PLAN NO. 5, 3) APPLICANT REQUESTED ACTION CLERK OF COUNCIL USE ONLY: APPROVED ❑ As Recommended ❑ As Amended ❑ Ordinance on I� Reading ❑ Ordinance on 2nd Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER 1. Conduct a Tax Equity and Fiscal Responsibility Act Hearing in consideration of the issuance of tax exempt bond financing by the California Statewide Communities Development Authority ("CSCDA' or the "Authority') on behalf of Community Development Partners (the "Borrower"), for the benefit of Aqua Apartments (the "Project") to finance the acquisition, rehabilitation, improvement, and equipping of the Project, a 57 -unit multifamily rental housing project located at 317 East 17th Street, Santa Ana, California. 2. Adopt a resolution approving the issuance of revenue bonds by the Authority in an amount not to exceed $30,000,000 for the purpose of financing the acquisition, rehabilitation, improvement and equipping of Aqua Apartments, a 57 -unit multifamily rental housing project. BACKGROUND The Aqua Housing project includes the acquisition and demolition of an underutilized, blighted hotel site to construct 57 units of permanent supportive housing targeting chronically homeless individuals and small families. The project is located at 317 E. 17th Street. The approximately 34,000 square foot development will provide 12 studio and 45 one -bedroom apartment homes (including one manager's unit) with open space, community room, offices for property management and Mercy House Living Centers who will provide on-site case management and services coordination for each resident. Rent levels at the property will be restricted for 55 years to households earning at or below 60% of the Area Median Income. Additionally, the property will have a Project -Based Voucher Housing Assistance Payments Contract in place further restricting eligibility to chronically homeless individuals. The property is situated along the north side of 17th Street, with the 1-5 freeway bordering the property to the east and single family and multifamily buildings to the west. The building design includes one level of an on -grade structured garage with 36 parking stalls along with guest parking near the entrance to the property. There are two 4 -story residential buildings, the first of 75C-1