Laserfiche WebLink
CITY COUNCIL 19 MAY 06, 2025 <br /> <br />Department(s): Community Development Agency <br /> <br />Recommended Action: <br />1. Conduct a Tax Equity and Financial Responsibility Act (TEFRA) Hearing in <br />consideration of the issuance of tax exempt bond financing by the California <br />Municipal Finance Authority (the “CMFA”) on behalf of North Harbor Housing <br />Partners LP (or the “Borrower”), for the benefit of Estrella Springs Apartment, <br />FKA North Harbor Village Apartments (the “Project”) to finance or refinance the <br />acquisition, construction, improvement and equipping of Estrella Springs, a <br />multifamily rental housing project located at 1108 North Harbor Boulevard, <br />Santa Ana (the “Project”). <br /> <br />2. Adopt a resolution approving the issuance of revenue bonds by the CMFA in <br />an amount not to exceed $30,000,000 to finance or refinance the acquisition, <br />construction, improvement and equipping of a multifamily rental housing project <br />located at 1108 North Harbor Boulevard, Santa Ana, California (the “Project”). <br /> <br />RESOLUTION NO. 2025-014 entitled A RESOLUTION OF THE CITY <br />COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE BY <br />THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY OF EXEMPT <br />FACILITY BONDS FOR ESTRELLA SPRINGS <br /> <br />3. Preauthorize the City Manager to execute a future Subordination Agreement <br />with JP Morgan Chase Bank, N.A. for the City’s Community Development Block <br />Grant loan agreement with North Harbor Housing Partners LP. <br /> <br />MINUTES: Councilmember Phan announced her recusal as the listed entity is a <br />client of her employer, Rutan and Tucker, and left the dais at 9:04 P.M. <br /> <br />Mayor Amezcua opened the Public Hearing at 9:05 P.M. <br /> <br />City Clerk Jennifer L. Hall stated there were no comments. <br /> <br />Mayor Amezcua closed the Public Hearing at 9:05 P.M. <br />MOTION: Councilmember Hernandez moved to approve the recommended <br />action for Public Hearing Item No. 22, seconded by Mayor Amezcua. <br /> <br />The motion carried, 6-0-1, by the following roll call vote: <br />