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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 />VILLA COURT SENIOR APARTMENTS <br />AND RESOLUTION APPROVING THE <br />ISSUANCE OF BONDS <br />(STRATEGIC PLAN NO. 5, 3) <br />C MANAGER <br />APPLICANT REQUESTED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1� Reading <br />❑ Ordinance on 2n° 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 Senior Associates, a California L.P. (the 'Borrower"), for the benefit of <br />Villa Court Senior Apartments (the 'Project") to finance the acquisition, construction, <br />improvement and equipping of a 418 -unit senior multifamily rental housing project located at <br />2222 E. 1st Street, Santa Ana, California, generally known as Villa Court Senior Apartments. <br />2. Adopt a resolution approving the issuance of revenue bonds by the Authority in an amount not <br />to exceed $120,000,000 for the purpose of financing the acquisition, construction, <br />improvement and equipping of a 418 -unit senior multifamily rental housing project located at <br />2222 E. 1 st Street, Santa Ana, California, generally known as Villa Court Senior Apartments. <br />BACKGROUND <br />The project site is located at 2222 E. 1st Street and is currently occupied by Leonardo Inn and <br />Suites. The proposed development was approved at the September 11, 2017 Planning <br />Commission meeting for a total of 418 units, with a mix of 96 studio units of 402-457 square feet; <br />257 one -bedroom units between 559-608 square feet, and 65 two-bedroom units between 797- <br />828 square feet. The building will have various amenities such as community gathering areas <br />spread over four courtyards. In addition, there will be a clubhouse, gym, computer room, seating <br />benches throughout the site, and on-site laundry facilities. The amenities are situated throughout <br />the site and will offer opportunities for seniors to be active and socialize. <br />75G-1 <br />