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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