AHA-2016/10/25ANAHEIM HOUSING AUTHORITY
REGULAR MEETING OF OCTOBER 25, 2016
The Anaheim Housing Authority regular meeting was called to order at 5:21 P.M. in City
Council Chambers located at 200 S. Anaheim Blvd. for a joint public comment session
with the Anaheim City Council. The meeting notice, agenda and related materials were
duly posted on October 21, 2016.
PRESENT: Chairman Tom Tait and Authority Members: Lucille Kring, Kris Murray,
Jordan Brandman, and James Vanderbilt.
STAFF PRESENT: City Manager Paul Emery, Acting City Attorney Kristin Pelletier and
Secretary Linda Andal.
ADDITIONS/DELETIONS TO THE AGENDA: None
PUBLIC COMMENTS: No public comments pertained to the Housing Authority
agenda.
CONSENT CALENDAR: At 6:22 P.M., the consent calendar was considered.
B137.1 1. RESOLUTION NO. AHA 2016-007 A RESOLUTION OF THE ANAHEIM
HOUSING AUTHORITY regarding its intention to issue tax-exempt obligations
for Miracle Terrace Senior Apartments (Issuance of housing bonds, in an amount
not to exceed $38,000,000, to finance the acquisition and rehabilitation of a 179 -
unit senior rental housing development located at 225 South Western Avenue).
John Woodhead, Community and Economic Development Director, reported the
resolution before Council was for issuance of Housing Bonds in the amount not to
exceed $38,000,000 to finance the acquisition and rehabilitation of the 179 -unit senior
rental housing development located at 225 South Western Avenue. He stated the
bonds were to be repaid from project revenues and there was no risk of default to the
City or Housing Authority. Subject to approval from the Authority, staff would work with
the Developer to issue bonds within the next 18 months and prior to issuance, the final
bond documents will be presented to the Authority for consideration.
Mr. Woodhead explained that this is the first action that is typically taken prior to the
issuance of conduit financing bonds and these bonds would be paid from project
revenues.
In response to Chairman Tait, Mr. Woodhead assured there would not be any liability to
the City; he added the action was routine financing that is done for affordable housing
developments throughout the city.
Anaheim Housing Authority Minutes of October 25, 2016
Page 2 of 2
Authority Member Vanderbilt wanted further assurance that the not -to -exceed amount of
$38,000,000, approximately $212,000 per unit, was not going to be overspent or public
funds overused.
Mr. Woodhead confirmed in the affirmative, and explained that this presentation was
only for the acquisition of the property and the subsequent rehabilitation of the units. He
stated the bond documents would be brought before the governing body for
consideration and staff would present the exact details of the expenditures.
MOTION: Authority Member Brandman moved to approve Item No.1 as presented,
seconded by Authority Member Murray. ROLL CALL VOTE: AYES — 5 (Chairman Tait
and Authority Members: Kring, Murray, Brandman, and Vanderbilt). Motion Carried.
ADJOURNMENT:
There being no further business, Chairman Tait adjourned the meeting of the Anaheim
Housing Authority at 6:28 P.M.
Respectfully submitted,
kXJ
Linda N. Andal, CMC
Secretary, Anaheim Housing Authority