HomeMy WebLinkAbout04 120312 Reso - Issuance MF Hsg Rev Bnds-1401 N Flower Sta ~ °~
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I I I H E
I A I- ILY HOUSI G
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APPROVED
® As Recommended
[] As Amended
CONTINUED TO
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INTERN ~.XECUTIVE DIRECTOR
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RECOMNi~6~DED ACTION
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Adopt a resolution authorizing the issuance of multi-family housing revenue bonds in an amount
not to exceed $30,000,000 for the acquisition and rehabilitation of 1401 N. Flower Street and
authorize the Executive Director of the Housing Authority or their designee to execute all
documents as necessary.
OI~INIUIT EL PNIENT AND HOUSI C ISSIO CO EATI
At its regular meeting of November 6, 2012, by a vote of 6:0, (Morfin absent), the Community
Redevelopment and Housing Commission recommended that the Housing Authority adopt a
resolution authorizing the issuance of multi-family housing revenue bonds in an amount not to
exceed $30,000,000 for the acquisition and rehabilitation of 1401 N. Flower Street and authorize
the Executive Director of the Housing Authority or their designee to execute all documents as
necessary.
DICUSSIO
At a joint meeting on August 6, 2012, the City Council conducted a public hearing as required by
the Tax Equity and Fiscal Responsibility Act (TEFA}for the purpose of soliciting comments on the
proposed issuance of tax exempt bonds to finance acquisition and rehabilitation of the residential
project located at 1401 N. Flower Street (Exhibit 1 }. At the same meeting, the Housing Authority
adopted an inducement resolution which confirmed the Housing Authority's intent to issue the
bonds and identified the time at which costs expended on the project would qualify for financing
with the tax exempt bonds. The project is currently known as Wycliffe Plaza, but will be changed
under the new ownership. It consists of a senior multifamily project containing 200 one bedroom
units. It currently has a Department of Housing and Urban Development (HUD) Section 3 and
Section 236 contract which limits tenant rents. The contracts are due to expire in 2017.
Resolution ®Multi-Family Housing
Revenue Sonds
December 3, 2012
Page 2
FISCAL iI~P
The issuer fees generated from the issuance will be deposited into the issuer fee account (no. #13318002-
57893).
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Shelly L r~dry-Sayle
Housing anager e~
Community Development Agency
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Exhibit: 1. Map
2. Resolution
Map of 1401 N. Flower and Vicinity
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Exhibit 1