TO: Honorable Mayor and Members of the City Council
THRU: Tom Kisela, City Manager
FROM: Russell Bunim, Community Development Director
1. SUBJECT
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Public Hearing to consider conduit tax-exempt bond financing for "The Orion" Senior Affordable Housing Project, Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing and finding of CEQA exemption.
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2. SUMMARY
Resolution No. 11504 authorizes the City of Orange to approve the issuance by the California Municipal Finance Authority of tax-exempt bonds, in an amount not to exceed $45,000,000 to finance "The Orion" Senior Affordable Housing Project located at 1800 E. La Veta Avenue, Orange, California.
3. RECOMMENDED ACTION
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1. Conduct and close Public Hearing.
2. Find that this action is not a project as defined by the California Environmental Quality Act (CEQA).
3. Adopt Resolution No. 11504. A Resolution of the City Council of the City of Orange approving a plan of finance including the issuance of revenue bonds by the California Municipal Finance Authority in an aggregate principal amount not to exceed $45,000,000 to finance and refinance a qualified rental project for the benefit of Orange 702, L.P., a California Limited Partnership, and certain other matters relating thereto, located at 1800 E. La Veta Avenue.
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4. FISCAL IMPACT
At the time bond issuance, a fee will be paid by Orange 702, L.P. (the recipient of the bond revenues) to the California Municipal Finance Authority (CMFA). Subsequently, CMFA will pay a share of the issuance fee to the City of approximately of $15,000 for being the public agency that authorizes the issuance of the bonds.
5. STRATEGIC PLAN GOALS
Goal 3: Enhance and promote quality of life in the community
c: Support and enhance attractive, diverse living environments.
e: Develop and strengthen collaborative partnerships to enhance and promote quality of life programs, projects, and services.
6. DISCUSSION AND BACKGROUND
On March 7, 2022, the Plann...
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