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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 II AND <br />RESOLUTION APPROVING THE <br />ISSUANCE OF BONDS <br />(STRATEGIC PLAN NO. 5,3) <br />&Y MANAGER <br />APPLICANT REQUESTED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1� 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 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 II, a California L.P. (the 'Borrower"), for the benefit <br />of First Point Apartments II (the "Project') to finance the acquisition, construction, <br />improvement and equipping of First Point Apartments II, a 206 -unit multifamily rental housing <br />project located at 2110 E. 1st 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 $90,000,000 for the purpose of financing the acquisition, construction, improvement <br />and equipping of First Point Apartments II, a 206 -unit multifamily rental housing project. <br />BACKGROUND <br />The project site is located at 2110 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 to the Planning Commission will be located behind the 2114 E. 1st <br />Street project, which is a mixed-use project that will have a combination of ground floor retail <br />space and residential units for families. This development has been re -designed into a 206 -unit <br />family project from a 348 -unit senior project. The project consists of 78 two-bedroom units <br />between 854-1017 square feet, 68 three-bedroom units between 1082-1241 square feet, and 60 <br />four-bedroom units between 1199-1296 square feet. The building will have various amenities <br />such as community gathering areas spread over three courtyards for residents to enjoy. In <br />addition, there will be a clubhouse, gym, playgrounds, computer room, seating benches <br />throughout the site, and on-site laundry facilities. These amenities will offer opportunities for <br />families to be active and socialize. <br />75F-1 <br />