HomeMy WebLinkAboutAGENDA - 08142007 - C.44 sE-L
TO: Board of Supervisors ;� �� --_;� Contra
- -`
FROM: Dennis Barry, AICP,
Costa
Community Development Department
DATE: August 14, 2007 County
Sr'4 COUC7'�
SUBJECT: Crescent Park Apartments, Richmond •
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
APPROVE and AUTHORIZE the Deputy Director- Redevelopment to execute a
Regulatory Agreement Administration Agreement with the City of Richmond.
FINANCIAL IMPACT:
No General Funds revenue involved. The recommendation action will result in the
Provision of administrative services to the City of Richmond by the County's Community
Development Department, with appropriate compensation of $19,750 per year.
BACKGROUND:
The Crescent Park Apartments is a 378-unit affordable housing resource in the
City of Richmond. The County issued multifamily housing revenue bonds to facilitate
the Original acquisition/rehabilitation of the Crescent Park Apartments by an affiliate
of Ecumenical Association For Housing (EAH) in 1994. In exchange for this financing
long term housing affordability covenants were agreed to and stipulated in a
Regulatory Agreement and Declaration of Restrictive Covenants. The County's
Community Development Department provided oversight of this obligation, and as
compensated for this service.
CONTINUED ON ATTACHMENT: ® YES SIGNATURE: 5
04,tt'COMMENDATION OF COUNTY ADMINISTRATOR ❑ RECOM, EN ATION OF B ARD COMMITTEE
E;POkOVE ❑ OTHER
SIGNATURE(S):
ACTION OF B D ON
APPROVED AS RECOMMENDE J OTHER ❑
VOTE OF SUPERVISORS: I HEREBY CERTIFY THAT THIS IS A TRUE AND
CORRECT COPY OF AN ACTION TAKEN AND
- NANIMOUS(ABSENT ) ENTERED ON THE MINUTES OF THE BOARD OF
SUPERVISORS/AGENCY ON THE DATE SHOWN.
AYES: NOES:
ABSENT: ABSTAIN- ATTESTE ,_--/
Contact: Jim Kennedy JOHN CUL N, CLERK OF E BOA. OF
335-7225 SUPERVISO S/AGENCY SECRETARY
orig: Community Development n
cc: County Administrator By:-
County
y:County Counsel
Via Community Development
• City of Richmond
• Orrick Herrington and Sutcliffe
• EAH
G:\CDBG-REDEV\redev\Alicia(formally LNoble)\Personal\Board Orders and Greenies\BOARD.BOS.8.14.07 crescent park.doc
BACKGROUND continued:
In 2007, the original 1994 Bonds were retired and the City of Richmond completed a
New tax exempt bond financing to further reinvest in the property and guarantee its
affordability. A Regulatory Agreement was entered into between the City of Richmond and
EAH. Since the City of Richmond lacks the administrative infrastructure to carry out the
compliance monitoring function, the City has requested that the County continue in
that role. The recommended action would permit that to occur.
G:\CDBG-REDEV\redev\Alicia(formally LNoble)\Personal\Board Orders and Greenies\BOARD.BOS.8.14.07 crescent park.doc