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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 />FIRST POINT APARTMENTS I AND <br />RESOLUTION APPROVING THE <br />ISSUANCE OF BONDS <br />(STRATEGIC PLAN NO. 5,3) <br />CLERK OF COUNCIL USE ONLY: <br />I'11:1:1001T/AWk <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1a Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />I Y MANAGER <br />APPLICANT REQUESTED ACTION <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, a California L.P. (the 'Borrower"), for the benefit of <br />First Point Apartments I (the "Project") to finance the acquisition, construction, improvement <br />and equipping of First Point Apartments I, a 346 -unit multifamily rental housing project located <br />at 2114 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 $123,000,000 for the purpose of financing the acquisition, construction, <br />improvement and equipping of First Point Apartments I, a 346 -unit multifamily rental housing <br />project. <br />BACKGROUND <br />The project site is located at 2114 E. 1st Street and the existing uses on the site include a strip <br />mall and auto related commercial uses. The applicant is currently working with Planning and <br />Building Agency staff to schedule a Planning Commission meeting date. The proposed <br />development to be presented will be a mixed-use project that will have a combination of ground <br />floor retail space and residential units for families. The project consists of 26 one -bedroom units <br />between 574-650 square feet, 160 two-bedroom units with an average of between 854-1017 <br />square feet, 84 three-bedroom units between 1082-1241 square feet, and 76 four-bedroom units <br />between 1199-1379 square feet. The building will have various amenities such as community <br />gathering areas spread over six courtyards for residents to enjoy. In addition, there will be a <br />clubhouse, gym, playgrounds, computer room, seating benches throughout the site, and on-site <br />laundry facilities. These amenities will offer opportunities for families to be active and socialize. <br />75E-1 <br />