HomeMy WebLinkAboutAGENDA - 11182008 - C.1 (3) 4
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HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
TO: BOARD OF COMMISSIONERS
FROM: Joseph Villarreal, Executive Director
DATE: November 18, 2008
SUBJECT: BOND SALE RESOLUTION — MONTCLAIRE APARTMENTS, ANTIOCH
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
I. RECOMMENDED ACTION:
Authorize the Executive Director to execute the Regulatory Agreement dated as of November 1,
2008 (the "Montclaire Regulatory Agreement') among the County, Montclaire Place, L.P. and U.S. Bank
National Association, as trustee, for the sole purpose of acknowledging that the Montclaire Regulatory
Agreement will supersede the Regulatory Agreement dated as of November 1, 1992, among the Housing
Authority, Lakeshore Antioch, L.P. and U.S. Bank National Association, as trustee.
II. FINANCIAL IMPACT:
. No General Fund obligation is involved. The bonds are secured by a revenue pledge and reserve
accounts. The County is compensated for its costs of issuance, and annually for monitoring expenses.
No County funds are pledged to secure the bonds.
III. REASONS FOR RECOMMENDATION/BACKGROUND
The Montclaire Apartments (formerly Lakeshore Apartments) is a 268-unit multifamily rental
housing development in Antioch (hereinafter "Development'). The Development, which is located at
600 Wilbur Avenue, was originally financed with multifamily mortgage revenue bonds issued by the
Housing Authority of Contra Costa in 1985. Upon issuance of the bonds, a Regulatory Agreement
was recorded and filed against the Development. In 1992, the bonds were refunded and
remarketed and another Regulatory Agreement was recorded.
Montclaire Place, L.P., a California limited partnership is currently in the process of
purchasing the Development. Montclaire Place, L.P. is an affiliate of Capital Valley
Investments/Ezralow Company, a Sacramento based developer and owner of affordable and mixed
income rental properties. Montclaire Place will finance the purchase of the Development with new
multifamily mortgage revenue bonds that are issued by the County of Contra Costa.
CONTINUED ON ATTACHMENT: X YES SIGNATURE ���
Josey i Villarreal,Executive Director
XRRECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S): A I / ', r ,
ACTION OF BOARD ON &'yVe"-e � � APPR ED AS RECOMMENDED�V OYHER
VOTE OF COMMISSIONERS 1
I HEREBY CERTIFY THAT THIS IS A
v' UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
COMMISSIONI
ERS ON THE DATE SHOWN.
I
ATTESTED OVMW .S l 2.03
JOSEPH VILLARREAL,CLERK OF
THE BOARD OF COMMISSIONERS
AND EXECUTIVE DIRECTOR
BY EPUTY
H:\JudyHayes\MSOFFICE\WINWORD\BOARD\BO-Bond Sale 11 3 08-1.doc
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The issuance of the new multifamily mortgage revenue bonds will require a new Regulatory
Agreement to be recorded and filed against the Development. This Regulatory Agreement will
preserve 80% of the units to be affordable for households that earn 60% of area median income.
The project will be 100% affordable with the remaining 28 units reserved for households that earn
50% of area median income.
The Housing Authority is being asked to execute the new Regulatory Agreement for the sole
purpose of acknowledging that the 1985 and 1992 Regulatory Agreements will be superseded by
the new Regulatory Agreement.
IV. CONSEQUENCES OF NEGATIVE ACTION:
None.
Recorded at the request of:
Contra Costa County Redevelopment
Agency
Return to:
Contra Costa County
Public Works Department .
Real Property Division
255 Glacier Drive
Martinez, CA 94553
Attn: David Kramer
Assessor's Parcel No. 094-012-026
Title Co. Order No. 54705-827927-08
GRANT DEED
For Value Received, receipt of which is hereby acknowledged, Eugene F. Ponce Sr., Trustee of the
Ponce Family Trust dated January 29, 1991.
GRANTS to
CONTRA COSTA COUNTY REDEVELOPMENT AGENCY, a body corporate and politic existing under
the laws of the State of California,
the following described real property in the unincorporated area of Bay Point, County of Contra
Costa, State of California,
FOR DESCRIPTION SEE EXHIBIT"e ATTACHED HERETO AND MADE A PART HEREOF.
GRANTOR
Date
Eugene F. Ponce Sr., Trustee
ATTACH APPROPRIATE ACKNOWLEDGMENT
G:%Rea1Prop\2007-Fi1es\07-8-Ponce Grant Deed(DE.01a).doa
8/7/07
Exhibit "A"
LEGAL DESCRIPTION
Real property in the unincorporated area of the County of Contra Costa, State of California,
described as follows:
LOT 33,AS SHOWN ON THE MAP ENTITLED, "MAP OF ORBISONIA HEIGHTS, CONTRA COSTA
COUNTY, CALIFORNIA", FILED ON APRIL 22, 1930 IN THE OFFICE OF THE COUNTY RECORDER
OF SAID COUNTY IN BOOK 21 OF MAPS AT PAGE 593.
APN: 094-012-026-4
Page 4
Order No.: 54705-827927-08