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Councilmember Solorio, expressed support for the item, continued <br />discussion on unit mix, subsidy cost per unit, and parking issue; need for <br />housing affordability and potential for development to meet housing need. <br />Councilmember Benavides, concerned with project financing, funding <br />made by City, source of funding, commitment period, and developers prior <br />commitment of sole use of private funding. <br />Judson Brown, Housing Manager, provided City Council with an overview <br />of project subsidy request, term period of subsidy, and source of funding. <br />Councilmember Tinajero, supports project and development's ability to <br />provide over 800 units of housing, community housing needs, business <br />needs, and community interests being met. <br />Councilmember Villegas opined need for affordable housing and <br />additional time needed to review project. <br />Mayor Pro Tem Martinez, echoed Councilmember David Benavides <br />comments, expressed support of open •process, lack of consistency in <br />process, and lack of private funding. <br />MOTION: <br />1. Conduct a Tax Equity and Financial Responsibility Act (TEFRA) <br />Hearing in consideration of the issuance of tax exempt bond <br />financing by the California Municipal Finance Authority on behalf <br />of the Santa Ana Pacific Associates, a California L.P. (the <br />"Borrower"), for the benefit of First Point Apartments I (the <br />"Project") to finance the acquisition, construction, improvement <br />and equipping of First Point Apartments I, a 346 -unit multifamily <br />rental housing project located at 2114 E. list Street, Santa Ana, <br />California. <br />2. Adopt a resolution. <br />RESOLUTION NO 2017-081 - A RESOLUTION OF THE CITY <br />COUNCIL OF THE CITY OF SANTA ANA APPROVING THE <br />ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE <br />AUTHORITY MULTIFAMILY HOUSING REVENUE BONDS IN AN <br />AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED <br />$123,000,000 FOR THE PURPOSE OF FINANCING OR <br />REFINANCING THE ACQUISITION, CONSTRUCTION, <br />IMPROVEMENT AND EQUIPPING OF FIRST POINT APARTMENTS <br />I AND CERTAIN OTHER MATTERS RELATING THERETO <br />MOTION: Solorio SECOND: Sarmiento <br />CITY COUNCIL MINUTES 27 DECEMBER 19, 2017 <br />1OA-27 <br />