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The City is the appropriate entity to conduct a public hearing and approve the issuance <br /> of the Bonds and the use of the proceeds of the Bonds pursuant to Section 147(f) of the <br /> Internal Revenue Code before the Bonds can be issued as tax-exempt obligations. In <br /> this case, St. Anton Partners approached CSCDA for the financing, and therefore, that <br /> group has taken the lead. <br /> At the meeting of May 21, 2013, the City Council will also be considering an Affordable <br /> Housing Agreement (AHA) with St. Anton Partners for the Anton Hacienda project. <br /> Based on the draft AHA, the complex will have 35 units (21% of the total units) reserved <br /> for households at 50% of the median income ("very low income"). In addition to the <br /> overall affordability, the AHA establishes requirements for unit size (i.e. bedrooms), the <br /> inclusion of accessibility amenities for several units, the acceptance of Section 8 rental <br /> assistance vouchers, and a requirement that the AHA will apply in perpetuity. <br /> The AHA provides that the developer may utilize sixteen (16) of the 35 affordable units <br /> as a transfer point for Inclusionary Unit Credits subject to the terms and conditions as <br /> set for in City Resolution 04-073. Further, in recognition of the 35 affordable units, the <br /> City will contribute a total of five-hundred thousand dollars ($500,000) toward the project <br /> after occupancy takes place. <br /> RECOMMENDATION <br /> Approve the attached draft resolution approving the issuance of multifamily housing <br /> revenue obligations for the purpose of financing the acquisition and construction of the <br /> Anton Hacienda apartments. <br /> FISCAL IMPACT <br /> These conduit tax-exempt revenue bonds are special, limited obligations of CSCDA <br /> payable solely through the payment of principal and interest components by St. Anton <br /> Partners and will not be a direct obligation of CSCDA, the City or any member of <br /> CSCDA. Neither the faith or credit, nor the taxing power of the City, any member of <br /> CSCDA, the State or any political subdivision is pledged to the repayment of the Bonds. <br /> Submitted by: Fiscal Review: Approved by: <br /> Steven Bocian Emily Wagner Nelson Fialho <br /> Assistant City Manager Finance Director City Manager <br /> Attachments: <br /> A. Resolution Expressing the City's Intent to Issue Revenue Bonds for the Anton <br /> Hacienda Project <br /> Page 3of5 <br />