HomeMy WebLinkAboutMINUTES - 07252000 - C76 Contra
TO: BOARD OF SUPERVISORS. •� Costa
CoFROM: Dennis M. Barry, AICP, Director of Community Development �"!' "�
DATE: July 25, 2000
SUBJECT: Multi-Family Mortgage Revenue Bonds-Camara Circle Apartments, Concord and Pinecrest
Apartments, Antioch
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
ADOPT Resolution approving the proposed issuance of multi-family bonds for the Camara
Circle Apartments, Concord and Pinecrest Apartments, Antioch pursuant to Section 147(f)of
the Internal Revenue Code of 1986.
FISCAL IMPACT
None. No general funds are involved. The financing would utilize county issued multi-family
mortgage revenue bond proceeds.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The County is a frequent issuer of multi-family mortgage revenue bonds to finance the
construction, or acquisition rehabilitation of affordable rental housing. Resources for
Community Development (RCD), an East Bay non-profit developer of affordable housing, is
currently working with the County to secure the necessary authority for the issuance for tax
exempt multi-family bonds from the State of California. The proceeds of the proposed bond
issue would be used to acquire and rehabilitate the Camara Circle Apartments, Concord
(51 units), and the Pinecrest Apartments, Antioch (23 units). Pursuant to Section 147(f)of the
Internal Revenue Code the legislative body must approve the results of financing after a public
-Bearing held to provide an opportunity for comments on the nature of the facility proposed to
be financed and the magnitude of the proposed financing. A hearing was conducted by the
Deputy Director-Redevelopment or his designee on June 12, 2000, no comments were
received. The Board will have to approve the final issuance of bonds once the allocation of
necessary authority is received from the State of California and the bond documents have
been prepared.
CONTINUED ON ATTACHMENT: SIGNATURE:
ECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD
COMMITTEE �APPROVE OTHER
SIGNATURE( ,,e
4
ACTION OF B DON PS' adeo APPROVED AS RECOMMENDED
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT A/y e, ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Source: Jim Kennedy
335-1255 ATTESTEDV15-
Orig: Community Development PHIL BATCHELO CR' K OF THE
cc: County Administrator's Office BOARD OF SUPERVISORS AND
County Counsel COUNTY ADMINISTRATOR
Via Community Development
RCD BY �' -� , DEPUTY
Jones Hail
CDLAC
The California Debt Limit Allocation Committee requires that the legislative body approve the results of the
TEFRA hearing prior to it taking any action on the County's application for multi-family mortgage revenue
bond authority. This action fulfills this procedural requirement.
J K::In
HABoard Orders and GreenieslBOCCCAC.orig:comm..dev.7.25.00
JH:SM1dw
RESOLUTION NO.2 /410
COUNTY OF CONTRA COSTA,CALIFORNIA
RESOLUTION APPROVING ISSUANCE BY THE COUNTY OF CONTRA COSTA OF BONDS
RELATING TO PINECREST AND CAMARA CIRCLE APARTMENTS
WHEREAS, the County of Contra Costa (the "County") proposes to issue one or more
series of multifamily housing revenue bonds (the "Bonds") in a total amount of not to exceed
$5,526,004 and to lend the proceeds thereof to one or more limited partnerships to be formed
with Resources for Community Development, as managing general partner, to be used for the
acquisition and rehabilitation of Pinecrest Apartments,1945 and 1949 Cavallo Road,Antioch(24
units-$4,000,0)00), and Camara Circle, 2501, 2513, 2525, 2530, 2531, 2536, 2537, 2549, 2554, 2555
and 2566 Camara Circle Apartments,Concord(52 units-$1,526,000).
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, requires the Board of
Supervisors (the "Board"), as the elected representative of the County, the host jurisdiction of
such facilities, to approve the issuance of the Bonds after a public hearing has been held
following reasonable notice;
WHEREAS, a public hearing was held by the Deputy Director-Redevelopment (the
"County") on the 12th day of June, 2040, at the hour of 2:00 p.m., in Room 1016 at 651 Pine Street,
Martinez, California, following duly published notice thereof, and all persons desiring to be
heard have been heard; and
WHEREAS, it is in the public interest and for the public benefit that the Board, as the
elected representative of the County, the host jurisdiction of such facilities,approve the issuance
and delivery by the County of the Bonds;
NOW, THEREFORE, BE IT RESOLVED that the Board of Supervisors of the County of
Contra Costa hereby finds, determines and declares that issuance by the County of the Bonds in
the maximum principal amount of $5,526,0010, for the purposes described above is hereby
approved, subject to approval of the final documents by this Board.
1, the undersigned Clerk of the Board of Supervisors of the County of Contra Costa,
hereby certify that the foregoing is a full, true and correct copy of a resolution duly adopted by
the Board of Supervisors of the County at a meeting thereof on the 25thday of July, 2000 by the
following vote of the members thereof:
AYES: SUP'ERVISORS GIOIA, UILKEMA, DESAULNIER, CANCIAMILLA and GERBER
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
air
ATTEST:
r -
Clerk of the Board of Supervis rs