HA1998/10/27ANAHEIM CIVIC CENTER, ANAHEIM HOUSING AUTHORITY
OCTOBER 27, 1998
PRESENT:CHAIRMAN: Tom Daly
PRESENT:AUTHORITY MEMBERS: Shirley McCracken, Tom Tait, Bob Zemel, Lou Lopez,
ABSENTAUTHORITY MEMBERS: None
PRESENT:CITY MANAGER: James Ruth
CITY ATTORNEY: Jack White
ASST. CITY CLERK: Ann Sauvageau
EXECUTIVE DIRECTOR OF COMMUNITY DEVELOPMENT: Elisa Stipkovich
A complete copy of the agenda for the meeting of the Anaheim Housing Authority was posted at 12:00
p.m. on October 23, 1998 at the City Hall Bulletin Board; both inside and outside containing all items as
shown herein.
Chairman Daly called the regular meeting of the Anaheim Housing Authority to order at 5:15 p.m.
FINANCIAL DEMANDS AGAINST THE ANAHEIM HOUSING AUTHORITY
in the amount of $18,190.96
for the period ending October 27, 1998 in accordance with the 1998-99 Budget, were approved.
ADDITIONS TO THE AGENDA:
There were no additions to agenda items.
ITEMS OF PUBLIC INTEREST:
No items of public interest were addressed.
PUBLIC COMMENTS - AGENDA ITEMS:
There were no public comments on Housing Authority
Agenda items.
JOINT PUBLIC HEARING - ANAHEIM HOUSING AUTHORITY/ANAHEIM CITY
1.137:
COUNCIL:
BOND FINANCING FOR SAGE PARK APARTMENTS:
To consider the adoption of a resolution of the Anaheim City Council authorizing the issuance,
sale and delivery of variable rate demand multifamily housing revenue refunding bonds by the
Anaheim Housing Authority to refinance a multifamily housing project owned by Sage Park, A
California Limited Partnership, and certain other actions in connection therewith; and approving
execution of related documents including, without limitation, a subordination agreement.
This Public Hearing was conducted in conjunction with, and the Anaheim City Council hearing.
Submitted was report dated October 27, 1998 from the Community Development Department
recommending approval of the subject.
Chairman/Mayor Daly asked for a brief staff presentation on the proposal.
Lisa Stipkovich, Executive Director of Community Development. The Housing Authority is considering
two separate bond issues, a refinancing of current bond issues. The Housing Authority has been acting
as a conduit financing for both Sage Park and Harbor Cliff Apartments. These would still maintain 20%
of affordable units as required under the IRS Code -- 20% would have restricted rents and would be
affordable for the term of the bonds. Harbor Cliff is similar and a continuance of a current bond issue. It
is a family project where the Housing Authority has been a conduit financing and 20% of the units would
be affordable as long as the bonds are outstanding. This would be continuing the financing of both of the
projects into the future. IRS Code requires a public hearing and the local governing body has to approve
the financing. She also confirmed for Agency/Council Member Zemel that the Authority is serving as the
conduit and not as the borrower. The way the law stands, the allocation they currently have is basically
rolled over. It is a pre-existing tax exempt issue. It is not getting a new allocation or using up the State
cap. There is a certain amount that can be issued each year and as long as they are under that cap in
ANAHEIM CIVIC CENTER, ANAHEIM HOUSING AUTHORITY
OCTOBER 27, 1998
the year when it was issued. These are both supported by Letters of Credit and are not in any way a risk
to the Housing Authority or the City.
Agency/Council Member Tait. Regardless of what interest rates do, there is no risk to the City; Mrs.
Stipkovich. That is correct. The City is not exposed in any way.
Chairman/Mayor Daly opened the Public Hearing for any public comments; there being none, he closed
the Public Hearing.
City Clerk Sohl. It would be appropriate to offer the resolution not only for the Housing Authority but also
the resolution acting as the City Council on Page 8 of today’s City Council Agenda, Item A19.
Chairman Daly offered Resolution AHA98-6 for adoption. Refer to Resolution Book. Refer to Resolution
Book.
RESOLUTION NO. AHA98-6 A RESOLUTION OF THE ANAHEIM CITY
COUNCIL AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF
VARIABLE RATE DEMAND MULTIFAMILY HOUSNG REVENUE
REFUNDING BONDS BY THE ANAHEIM HOUSING AUTHORITY TO
REFINANCE A MULTIFAMILY HOUSING PROJECT OWNED BY SAGE
PARK, A CALIFORNIA LIMITED PARTNERSHIP, AND CERTAIN OTHER
ACTIONS IN CONNECTION THEREWITH; AND APPROVING
EXECUTION OF RELATED DOCUMENTS INCLUDING, WITHOUT
LIMITATION, A SUBORDINATION AGREEMENT.
Roll Call Vote on Resolution No. AHA98-6 for adoption:
AYES:CHAIRMAN/AUTHORITY MEMBERS:McCracken, Tait, Zemel, Lopez, Daly
NOES:CHAIRMAN/AUTHORITY MEMBERS:None
ABSENT:CHAIRMAN/AUTHORITY MEMBERS:None
The Chairman declared Resolution No. AHA98-6 duly passed and adopted.
Mayor Daly offered Resolution 98R-238 for adoption(see Item A19, Page 8 of the City Council Agenda of
October 27, 1998). Refer to Resolution Book.
RESOLUTION NO. 98R-238 A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF ANAHEIM AUTHORIZNG THE ISSUANCE, SALE AND
DELIVERY OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING
REVENUE REFUNDING BONDS BY THE ANAHEIM HOUSING
AUTHORITY TO REFINANCE A MULITFAMILY HOUSING PROJECT
OWNED BY SAGE PARK, A CALIFORNIA LIMITED PARTNERSHIP, AND
CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH.
Roll Call Vote on Resolution No. 98R-238 for adoption:
AYES:MAYOR/COUNCIL MEMBERS: McCracken, Tait, Zemel, Lopez, Daly
NOES:MAYOR/COUNCIL MEMBERS: None
ABSENT:MAYOR/COUNCIL MEMBERS: None
The Mayor declared Resolution No. 98R-238 duly passed and adopted.
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ANAHEIM CIVIC CENTER, ANAHEIM HOUSING AUTHORITY
OCTOBER 27, 1998
JOINT PUBLIC HEARING - ANAHEIM HOUSING AUTHORITY/ANAHEIM CITY
A20. 137:
COUNCIL:
REVENUE BOND FINANCING FOR HARBOR CLIFF APARTMENTS:
To consider the adoption of a resolution of the Anaheim City Council authorizing the issuance,
sale and delivery of multifamily housing revenue refunding bonds by the Anaheim Housing
Authority to refinance a multifamily housing project to be owned by Harbor Cliff Apartments,
LLC, a California Limited Liability Company, and certain other actions in connection therewith.
This Public Hearing was conducted in conjunction with, the Anaheim City Council hearing.
Submitted was report dated October 27, 1998 from the Community Development Department
recommending approval of the subject.
Lisa Stipkovich, Executive Director of Community Development. This is very much the same case as
the previous proposal regarding the Sage Park Apartments (see Housing Authority Item 1.) It is a
refinancing and just continues the same tax exempt financing for the term of the bonds while still
maintaining the 20% affordability. It does not in any way impinge on the State allocation for this year. It
goes back to the year it was originally issued.
Chairman/Mayor Daly opened the Public Hearing and asked if there were any public comments; there
being none, he closed the Public Hearing.
Chairman Daly offered Resolution No. AHA98-7 for adoption. Refer to Resolution Book.
RESOLUTION NO. AHA98-7: A RESOLUTION OF THE ANAHEIM CITY
COUNCIL AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF
MULTIFAMILY HOUSING REVENUE REFUNDING BONDS BY THE
ANAHEIM HOUSING AUTHORITY TO REFINANCE A MULTIFAMILY
HOUSING PROJECT TO BE OWNED BY HARBOR CLIFF
APARTMENTS, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY,
AND CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH.
Roll Call Vote on Resolution No. AHA98-7 for adoption:
AYES:CHAIRMAN/AUTHORITY MEMBERS:McCracken, Tait, Zemel, Lopez, Daly
NOES:CHAIRMAN/AUTHORITY MEMBERS:None
ABSENT:CHAIRMAN/AUTHORITY MEMBERS:None
The Chairman declared Resolution No. AHA98-7 duly passed and adopted.
Mayor Daly offered Resolution No. 98R-239 for adoption (see Item A20, Page 9 of the City Council
Agenda of October 27, 1998).
RESOLUTION NO. 98R-239: A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF ANAHEIM AUTHORIZING THE ISSUANCE, SALE AND
DELIVERY OF MULTIFAMILY HOUSING REVENUE REFUNDING
BONDS BY THE ANAHEIM HOUSING AUTHORITY TO REFINANCE A
MULTIFAMILY HOUSING PROJECT TO BE OWNED BY HARBOR CLIFF
APARTMENTS, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY,
AND CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH.
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ANAHEIM CIVIC CENTER, ANAHEIM HOUSING AUTHORITY
OCTOBER 27, 1998
Roll Call Vote on Resolution No. 98R-239 for adoption:
AYES:MAYOR/COUNCIL MEMBERS: McCracken, Tait, Zemel, Lopez, Daly
NOES:MAYOR/COUNCIL MEMBERS: None
ABSENT:MAYOR/COUNCIL MEMBERS: None
The Mayor declared Resolution No. 98R-239 duly passed and adopted.
ADJOURNMENT: Chairman Daly moved to adjourn, Authority Member Lopez seconded the motion.
MOTION CARRIED. (5:25 p.m.).
LEONORA N. SOHL
SECRETARY
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