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Home My WebLink About05 - MORTREVBONDIDUCE I E ~ E ~ T ~ ~ ~ ~ ~ ~ 'YCt[Irwlni .r II Y ~E .1 daioln {i'* ~uunut a~~ - A ME~TINC SATE: ~E~~~~IN E~RETARY SSE ONLY; EPTEI~l~E~ ~0~ ~ A~PRVE~ T~Tl~E ? As Re~emr~er~ded A Amended ~l~RTACE RE1IEN~E ~~ND !~l~L~E~lET co~uT~~vuE~~a E~ u ~ RECTOR ~EI~E~VED ~T~N Adopt a resolution relating to the issuance of bonds for the purpose of financing acquisition and near construction of rental housing units on properties located at ~-2~ ~ South Birch, 4~4~ South Birch ~o4-~g8 North Bush, ~,~1 ~ North Spurgeon, and X05-~ ~ East 11~ashington. Adopt a resolution relating to the issuance of bonds forthe purpose of financing acquisition and rehabilitation of rental housing units located at ~ g~, ~ ~ 1, ~ , ~ 1 and 1 ~~9 Vvet Brood Street. ~~iNlU1ITY REDE1lEL~ENTAND H~~J~N ~f~~l~h~ RE~I~I~~NDAT~~N At its Regular Meeting of August ~ X010, by a vote of 4.0 {erino absent}, the Community Redevelopment and Housing orr~mission recommended that the Housing Authority: }Adopt a resoiution relating to the issuance of bonds for the purpose of financing and acquisition and r~e~v i. construction of rents! housing units on properties located at 7- ~ 9 South Birch, 4w47 South Birch, 2D4-2o~ North Bush, ~0~-~~ ~ North Spurgeon, and X05-~~ East ~1llashington; Adapt a resolution relating to the issuance of bonds for the purpose of financing acquisition and rehabilitation of rents! housing units located at ~ X07, ~ ~ ~ , ~ , ~ ~7, ~ and 1 X39 1111est Brook Street. D~U~~N The team of grange Housing development corporation and development has partnered vuith the pity of Santa Ana and the on~r~unity Redevelopment Agency of the pity of Santa Ana to provide over ADD affordable homes for Santa Ana residents. ll~ost of these units ~vere partially 5 t~~ { r IUlortgage Revenue Bond Inducement e~tember ADO Page ~ financed through the issuance of tax exempt rnor~gage revenue bands by the Housing Authority, v~rith atherfunds being provided byth~ pity and the Agency. In 2g0~ the Agency selected the team to develop Agency-aned properties located at 2~ 7-2~ g auth Birch, 4~-4l youth Birchf ~g4-~g8 North Bush, and ~g~5-2~ ~ ~ North Spurgeon. [n Juno of ~g1 D the team utilized Neighborhood Stabilization Program funds to acquire the vacant, foreclosed-upon property located at ~O~~ ~ East vUahington Exhibit ~ They anticipate developing approximately ~ affordable rental homes on these sites. They are currently in the process of developing plans and exploring financing options. one potential source of financing is approxirr~atly million in tax exempt mortgage revenue bonds issued bythe Authority. The Learn is currently in negotiations for the acquisition of rental units located at ~22~, 2~~ and ~ X39 Brook Street Exhibit ~ If successful, they anticipate rna~Cin all units available to income eligible households at affordable rents, For this project they are also in the pracess of developing plans and explaring financing options, one of v~hich is tax exempt r~vrtgage revenue bands issued by the Authority. The approximate amount they anticipate requiring far the Brook Street praject is ~ million, In order far them to continue their consideration of band financing for these two projects, they have requested that the Authority adopt inducement resolutions relating to the potential issuance of such bands. The proposed resolutions express the intent of the Authority to issue bands to finance lard acquisition and affordable housing construction. Their adoption is necessary far these two projects to be eligible for tax exempt mortgage revenue bond financing and receipt of bond allocations franc the California Debt Limit Allocation ornrr~ittee. These resolutions of intention are t non-binding but are necessary to permit further evaluation of these projects by the developer ar~d the Housing Authority. If the Housing Authority proceeds Frith the issuance of the tax exempt bands, federal and state lair gill require that a rr~inir~un~ of tv~enty percent of the units be { affordable to lour-income households. The pity intends to require the develaperto maintain all the units a affordable. Far each project the developer gill be required to provide an analysis of the financing structure} scope of ~vor~c and a rnanager~ent plan for revie~r and approval prior to the Housing Authority taking final action v~ith respect to the issuance of the bands. Should the bond issuances move forward, the Authority v~ill require the services of bond counsel and financial consultant. The firm of C~uint Thir~mig, I~LP gill serve ~ bond counsel and CMG Advisors gill serve as financial advisor. Both firms have extensive experience covering all types of - municipal finance. ~~AL I[~PAT There is no fiscal impact associated Frith this action. S or~gag Revenue Bond I nd€~e~ent ep~en~bor 7, Page r ~ f~ ~ ti hel~y Lan,ry-Gayle Hou~ing ~~~ager ommuni~y ~eveaprnentAgency ~NII~BITIr Exhibits. Niap 2F Reolu~ion Birth, Bi~~h, Bush, Spurgeon, and'ah~ngton treet~ . ~eol ut~o n B roo k street t h~.~ ~ m~ ~ ; ~ ~ r ~ X10 a~~ ~ ~ ~ ~ 4 ~ ~ ~ ~ a i ~ i ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ r E i ~ ~ ~ ~ g ~ .fir ~ ~ ddre~~ Addre ~ . Sireh Street N ~ Spurgeon ~ ~ ~ 2~ 9 . B~r~h Street Street 435 S, Bireh Street 2 ~ fi~~ ~ 31 ~ UUa~~ngt~n 437 S, B~reh Street X034 N ~ hush Street ~ 2~7, ~ ~ ~ 3, ~ 1, ~ ~Z7, ~ X35 ~r~d ~ X39 3 3 ~8 N. huh Street ~11~ Sr~ok Street Ex~ibi~ 1 RESOLUTION NO.2o~ A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA SETTING FORTH THE AUTHORITY'S OFFICIAL INTENT TO ISSUE REVENUE BONDS TO FINANCE THE CONSTRUCTION BY THE BORROWER OF RENTAL HOUSING UNITS ON _ AGENCY OWNED BRO~ERTIES LOCATED AT . BIRCH, 435-437 . BIRCH 2034-2038 N. BUSH, ~~-2~ ~ ~ N. SPUROEON, AND E. 1l~AHINOTON STREET IN THE CITY OF SANTA ANA AND AUTHORI~INO RELATED ACTIONS BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA A FOLLOUVS: Section The Housing Authority of the City of Santa Ana hereby finds, deterrnines and declares as follov~s: A. The Authority is authorized and empo~rered by Chapter ~ of Part of Division 3 of the California Health ar~d Safety Code the "Housing Act"} to - issue revenue bonds for the purpose of financing the acquisition, construction, rehabilitation and improvement of multifamily rental ho~sir facilities. B. grange Housing Developr~ent Corporation and CSC Development {collectively, the "Borroer"} has requested that the Authority consider the - issuance and sale oftax-exempt revenue bonds the "Bonds"} pursuant to the Housing Act for the purpose of financing the construction by the Borrovtirer of ~ rental housing units on Agency ou~ned properties located at 217-219 . Birch, 43-43~ S. Birch, 2834-2838 N. Bush, 203-~ ~ ~ N. Spurgeon, and 808-811 E. ~Jashington Street ire the City of Santa Ana the "'raject"}. C. The Borroer has requested an expression of this Authority's vwrillingness to authorize the issuance of the Bondi at a future date after the documentation relating to the financing has been prepared and completed, and the Authority's requirements for the issuance of such Bonds have been satisfied, D. The Authority uwrishe to declare its intention to authorize the issuance of the Bonds, provided certain conditions are met, for the purpose of _ Resolution No. ~0~0-~C~C Page ~ of ~ financing costs of the Project, in an aggregate principal amount not to exceed ~~,5~0,~0~, Section The Authority finds and determines that the above recitals are truo and correct. Section The Authority finds and hereby determines that it is necessary and desirable and a public purpose for the Authority to provide financing for the Project and hereby expresses ifis ofi'icial infiertt to issue and sell the Bonds pursuant to the Dousing Act, at one time or from tine to tune, subject to the conditions set forth herein. This Resolution does not bind the Authority to make any expenditure, incur any indebtedness, or proceed with the financing of the Project. Section The Bands gill be payable solely from the revenues to be received by the Authority pursuant to a loan agreement ar other agreements to be entered into between the Authority and the Borrower in connection with the financing of the Project. The issuance of the Bonds is subject to the following conditions: the Authority and the Borrower shall have first agreed to mutually acceptable terns for the Bands and of the sale and delivery thereof, and mutually acceptable terms and conditions ofthe Bond indenture, loan agreement, regulatory agreement and other related docunents for the financing of the Project; ~b~ all requisite governr~ental approvals far the Bonds shall have been obtained; and ~c} a resolution approving the financing documents to which the Authority gill be a party shall have been adapted by the Authority. ecfiian . This resolution is a Declaration of official Intent under U,, Treasury Regulations for purposes of Bec#ions ~ 0 and ~4~ to 1g of the Internal Revenue Code of ~ 8~, as amended the "code"}. Based upon the representations of _ the Borrower, the Authority reasonably expects that cerkain of the casts of the Project will be reimbursed with the proceeds of the Bonds. The expected maximum principal amount of the Bonds is ,Og,0o0. Section The officers of and the financial advisors to the Authority are hereby authorized and directed to take any and all actions a may be necessary or appropriate in connection with ~a} an application to the Galifarnia Debt Limit Allocation Committee far an allocation of the State's private activity bond volume cap under Section ~4~ of the Code and Section ~8~9.~ of the California Government bode, and ~b}compliance with the requirements of Section 4~~f} of the Code relating to public approval of the Bonds. Any such actions heretofore taken by such officers and financial advisors with respect thereto are hereby ratified, approved and canf red. Section This Resolution shall take effect inmediately upon its adoption by the Authority, and the Secretary of the Authority shall attest to and certify the vote adopting this Resolution, Reso~utron No. 2~~ Page o~ 3 5 5 ADAPTED this day of , ~0~ 0. N~iguelA. Pulida Chair - APPROVED A TC FC1111: Jaeph X11, Fletcher Authority Cau nel Lisa E. torck Assistant ~unel AYES: Authority i~lembers N~Et Autharity Ier~ber A~TAI N; Authority Members i~CT PREEI~T: Autharity iVler~bers CERTIFICATE CFATTETATICIV AND QR1CiNALITY i, NiARiA D, ~IUI~AR, ecre#~ry of the Hauling Authority of the City of Santa Ana, do hereby attest to end certify the attached Reoiutian Na. 20~a- to be the originai reoiution adopted by the l~eusir~ Autharit of the it of Santa Ana an y 2g~0. Date: secretary - ~-lausir~g Authority of the City of Santa Ana R~olut~o~ No. ~a~D-XXlC of ~ 5 S RESOLUTION N~~ 20~ A ESOLUTI~N of TWE HOUSING AUTHRIT~' ~F THE CITY of SANTA ANA SETTING FORTH THE AUTHGRITY'S GFFIIAL INTENT To ISSUE REVENUE BG~ID To FINANCE THE AQUISITIGN GF ~ RENTAL HGUSING UNITS oN P~GPEITIES LOCATED AT ~~OT, ~ ~ 13, ~ ~ , 1 ~ 2 AND ~ val. BI~oG~C STREET I N THE CITY of SANTA ANA AND AUTHGRIZING RELATED ACTIONS BE IT RESGLVED BY THE H~USiN AUTHORITY ~F THE CITY F SANTA ANA AS FoLLOVI~S: - Section ~ . The Housing Authority of the pity of Santa Ana hereby finds, determines and declares esfollos: A. The Authority is authorized and ernpov~ered by Chapter 7 of Part of Division ~ of the California Health and Safety Code {the "Housing Act"} to issue revenue bonds for the purpose of financing the acquisition, construction, rehabilitation and improvement of multifamily rental hauling facilities, B. orange Housing Deveiopment Corporation and Development collectively, the "Borrov~er"} has requested that the Authority consider the issuance end sale of tax-exempt revenue bonds the "Bonds'#} pursuant to the Housing Act for the purpose of financing the acquisition by the Borro~ver of rental hauling units on properkie located at ~ ~o~, 1 ~1 1 , ~ ~7, ~ ~ and ~ ~~9 U1l. Brook Street In the Clty of Santa Ana the f "Project"}. The Borro~ver has requested an expression of this Authority's Willingness to authorize the issuance of the Bonds at a future date afker the documentation relating to the financing has been prepared end completed, end the Authority's requirements for the issuance of such Bonds have been satisfied. D. The Authority Dishes to declare its intention to authorize the issuance of the Bondsr provided certain conditions are I~et, for the purpose of financing costs of the Project, in an aggregate principal amount not to exceed $8,goo,ooo, ~esalut~on No. ~01D-~xx Page ~ o~ 3 Section The Authority finds and determines that the above recitals are true and correct. Section The Authority finds and hereby determines that it is necessary and desirable and ~ public purpose far the Authority to provide financing far the Project and hereby expresses its official intent to issue and sell the Bands pursuant to the Dousing Act} at one time yr fram tine to time, subject to the conditions set Earth herein. This Resolutian does not bind the Authority to rake any expenditure, incur any indebtedness, or proceed v~rith the financing of the Project. Section 4. The Bands gill be payable solely fram the revenues to be received by the Authority pursuant to a Ioan agree~ent or other agreements to be entered into bet~reen the Authority and the Borro~ver in connection utirith the financing of the Praject. The issuance of the Bonds i subject to the follov~~ng conditions: ~a} the Authority and the Borra~ver shall have first agreed to r~utually acceptable terms far the Bonds ar~d of the sale and delivery thereof, end r~utually acceptable terms and conditions of the Bond indenturet lawn agreement, regulatory agreement and other related documents far the financing of the Project; fib} ell requisite gavernrr~ental approvals far the Bands shall have been obtained; and ~c} a resolution approving the financing documents to ~rhich the Authority rill be a party shall have been adapted bythe Authority, section This resolution is a Declaratian of affieiel Intent under U.. Treasury Regulations for purposes of Bectians ~ g and to ~ 0 of the Internal Revenue Code of 198, as amended the "Cade"}. Based upon the representations of Y the Borraer, the Autharity reasonably expects that cerkain of the costs of the Project mill be reimbursed v~rith the praceeds of the Bonds. The expected maximum principal an~aunt of the Bonds is ,Dg0i0~0. 4 section G. The officers of and the financial adviars to the Autharity are hereby authorised and directed to take any and all actions as may be necessary or appropriate in connection Frith ~a} n application to the California Debt limit Allacation Comr~ittee far an a~lacation of the State's private activity bond volume cap under Bectian 4~ of the Cade and ect~on 88g.~ of the California government Code, and fib} compliance v~~th the requirer~ents of Section ~41~f} of the Code relating to public approval of the Bands. Any such actions heretofore taken by such officers and financial advisors vuith respect thereto are hereby ratified, approved and confirmed. section This Resolution shall take effect immediately upon its adoption by the Autharity and the Secretary of the Autharity shall attest to and certify the vote adopting this Resolution. Re~o~ut~on N~~ 20~a-~ Page 2 0~ 3 ADOPTED th€~ dayof , ~o~~. ~IiguelA. Pulido chair APPRO1f ED A To FARM; Joseph VIII. Fletcher Authority Counsel Lisa E. torch Assistant Counsel AYES: Authority Members NEE: Authority Mer~ber AETAIN. Authority Members NAT PRESENT: Authority ilen~bers CERTIFICATE of ATTESTATION AND ~R1ClNALITY I, MARIA D. HUI~AR, Secretary of the Housing Authority of the pity of Santa Ana do hereby attest to and certify the attaohed Resolution No. X010- to be the original resolution adopted by the Housing Authority o~ the City of Santa Ana on ~010~ Date: Secretary Housing Authority of the City o~ Santa Ana Res~lutfan No. Page3of~