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SEPTEMBER 2, 2003
FUBLiC HEARING -~ MORTGAGE
REVENUE BOND INDUCEMENT AND
ISSUANCE OF TAX-EXEMPT BONDS FOR
FAIRVIEW GARDENS SENIOR HOUSING
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`'ITY COUNCIL ACTION
Adopt a resolution approving the .issuance of tax-exempt, multi--family
housing revenue bonds by the Housing Authority of the City of Santa Ana
for the purpose of financing 533,000,000 for the acquisition and
rehabilitation of the properties located at 1901 and 1919 N. Fairview
Street.
HOUSING AUTHORITY ACTION
Adopt a reso~.ution re:l_ating to the issuance of bonds for the purpose of
financing the acquisition and rehabilitation of a hospital and office
building into a senior residential rental project and related
facilities.
COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION
1. Recommended that the City Council adopt a resolution approving the
issuance of tax-exempt, multifamily housing revenue bonds by the
Housing Authority of the City of Santa Ana for the purpose of
financing $33,000,000 for the acquisition and rehabilitation of the
properties located at 1901 and x.91.9 N. Fairview Street.
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Public Hearing - Mortgage Revenue Bond
Inducement and Issuance of Tax-Exempt
onds far Fairview Gardens Senior Housing
September 2, 2003
Page 2
2. Recommended that the Housing Authority adopt a resolution relating
to the issuance of bonds for the purpose of financing the
acquisition and rehabilitation of a hospital and office building
into a senior residential rental project and related facilities.
By a vote of 5:0 (Betancourt and Leon absent) at its Regular Meeting of
August 19, 2003.
DISCUSSION
The Housing Authority has developed a multi-family acquisition and
rehabilitation bond-financing program to address the renovation
requirements of rental housing while providing affordable rental units
in Santa Ana. 1901 Fairview Partners, LLC and Frank and Catherine ~7ao
re requesting that the Housing Authority adopt a resolution indicating
its intent to issue bands to finance the acquisition and rehabilitation
of a hospital and office building located at 1901 and 1919 N. Fairview
Street (Exhibit 1). The developers plan to rehabilitate the existing
structures into a 250-unit senior residential rental project named
Fairview Gardens Senior Housing. The project is anticipated to contain
55 bachelor, 113 one-bedroom, and 82 two-bedroom units. The adoption of
this resolution is necessary for 1901 Fairview Partners, LLC and this
project to be eligible for tax exempt mortgage revenue bond financing
and receipt of a bond allocation from the California Debt Limit
Allocation Committee ~CDLAC).
1901 Fairview, LLC and Frank and Catherine Jao have formed a partnership
to purchase and rehabilitate the properties. Mr. Sao is founder and CEO
of Bridgecreek & Group, Inc., which was established in 1978. He has
extensive experience in the development and management of retail and
commercial properties in Southern California. Part of this experience
includes the development of a 100-unit apartment building in Anaheim and
a 90--unit building in Santa Ana. Currently, he is developing a I60-unit
senior project in St. Paul, Minnesota. The ultimate financing of this
project is contingent upon the developer receiving all site approvals
necessary for this development, a feasible project proforma and
~:ompliance with all City Planning requirements.
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Public Hearing - Mortgage Revenue Bond
Inducement and Issuance of Tax~Exempt
onds for Fairview Gardens Senior Housing
September 2, 2003
Page 3
In addition to receiving approval by the Housing Authority, the Tax
Equity and Fiscal Responsibility Act {TEFRA) imposes public hearing
requirements for tax-exempt bonds. Before bonds can be sold, the
legislative body within the jurisdiction where the project is located
Trust hold a public hearing at which time the public may discuss the
project and the issuance of the bonds. Notice of the public hearing was
published in the 0. C. Register on August 18, 2003. Any future bonds
issued by the Housing Authority shall not be an obligation of the
Authority or the City.
FISCAL IMPACT
There is no fiscal impact associated wa.th this action.
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Joh~x P. Reekstin
Executive Director
Community Development Agency
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Fairview Gardens Senior Housing
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Exhibit
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