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REQUEST FOR COUNCIL/
<br />AGENCY /HOUSING
<br />AUTHORITY ACTION
<br />MEETING DATE:
<br />DECEMBER 18, 2006
<br />PUBLIC HEARING - MORTGAGE REVENUE
<br />BOND INDUCEMENT AND TEFRA ON ISSUANCE
<br />OF TAX- EXEMPT BONDS AND LOAN
<br />AGREEMENTS WITH WILSHIRE /MINNIE, L.P.
<br />CITY MANAGER EX CUTIVE (RECTOR
<br />RECOMMENDED ACTION
<br />CITY COUNCIL ACTION
<br />CLERK OF COUNCIL USE ONLY:
<br />Jt
<br />APPROVED
<br />P, As Recommended
<br />❑
<br />As Amended 0 UCAcovicy )
<br />❑
<br />Ordinance on 1st Reading
<br />❑
<br />Ordinance on 2nd Reading
<br />❑
<br />Implementing Resolution
<br />❑
<br />Set Public Hearing For
<br />CONTINUED TO
<br />FILE NUMBER
<br />1. Hold a TEFRA (Tax Equity and Financial Responsibility Act) Hearing
<br />in consideration of the issuance of multi - family housing revenue
<br />bonds by the Housing Authority of the City of Santa Ana for the
<br />purpose of financing the acquisition and rehabilitation of
<br />seventeen properties located at 1201, 1209, 1213, 1221, 1225, 1229,
<br />,and 1233 East Wilshire and 1401, 1403, 1409, 1413, 1421, 1425,
<br />1429, 1433, 1437, and 1439 South Minnie by Wilshire /Minnie, L.P.
<br />2. Adopt a resolution approving the issuance of tax - exempt bonds for
<br />the project.
<br />3. Direct the City Attorney to prepare a loan agreement with
<br />Wilshire /Minnie, L.P., for the acquisition and rehabilitation of
<br />1201, 1209, 1213, 1221, 1225, 1229, and 1233 East Wilshire and
<br />1401, 1403, 1409, 1413, 1421, 1425, 1429, 1433, 1437, and 1439
<br />South Minnie in a total amount not to exceed $2.4 million.
<br />COMMUNITY REDEVELOPMENT AGENCY ACTION
<br />Direct the Agency General Counsel to prepare and authorize the Executive
<br />Director to execute loan agreements for the acquisition and
<br />rehabilitation of 1201, 1209,1213,1221,1225,1229,and 1233 East Wilshire
<br />and 1401, 1403, 1409, 1413, 1421, 1425, 1429, 1433, 1437, and 1439 South
<br />7 -21
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