2025-05-06 Regular - Laserfiche WebLink

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