75D - PH - TEFRA CORNERSTONE - Laserfiche WebLink

Home Browse Search

Cornerstone Apartments — TEFRA Hearing December 19, 2017 Page 2 another 55 years. The project site is already owned by Jamboree Housing and the rehabilitation work will not require approval by the Planning Commission or City Council. DISCUSSION Cornerstone Housing Partners, a California Limited Partnership or a partnership created by Jamboree Housing Corporation (the "Developer"), consisting at least of the Developer or a related person to the Developer and one or more limited partners, has requested that the California Municipal Finance Authority (the "CMFA") adopt a plan of financing providing for the issuance of one or more series of revenue bonds issued from time to time, including bonds issued to refund such revenue bonds in one or more series from time to time, in an aggregate principal amount not to exceed $23,000,000 (the "Bonds") for the acquisition, rehabilitation, improvement and equipping of a 126 -unit multifamily rental housing project located at 805 - 904 S. Minnie Street, Santa Ana, California, generally known as Cornerstone Apartments (the "Project") and operated by John Stewart Company. However, in order for all or a portion of the Bonds to qualify as tax- exempt bonds, the City of Santa Ana must conduct a public hearing (the "TEFRA Hearing") providing for the members of the community an opportunity to speak in favor of or against the use of tax-exempt bonds for the refinancing of the Project. Following the close of. the TEFRA Hearing, an "applicable elected representative" of the governmental unit hosting the Project, in this case the City, must provide its approval of the issuance of the Bonds by the Authority for the refinancing of the Project. The bonds to be issued by the Authority are the sole responsibility of the borrower. The City has no financial or legal liability for the project or repayment of the bonds and does not constitute any type of indebtedness for the City. In addition, this TEFRA Hearing and the adoption of the Resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the acquisition, construction, rehabilitation, installation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein. In general, this action by the City of Santa Ana will not obligate the City or any department thereof to undertake any discretionary action related to the development of the project. The Housing Element of the City's General Plan contains various goals and policies which are intended to provide a diversity of quality housing, affordability levels and living experiences that accommodate Santa Ana's residents to foster an inclusive community. Additionally, the General Plan encourages development of affordable rental and ownership housing for seniors, people with disabilities, families with children, and people needing emergency, transitional or supportive housing options. 75D-2