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Home My WebLink AboutMINUTES - 08032004 - C.48 CONTRA COSTA COUNTY TO: BOARD OF SUPERVISORS J/ t FROM: Dennis M. Barry, AICP Community Development Director DATE: August 3, 2004 SUBJECT: Multi-Family Mortgage Revenue Bonds— Marina Heights Apartments Project, Pittsburg SPECIFIC REQUEST{S} OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS ADOPT Resolution authorizing issuance of Multi-Family Housing Revenue Bonds in an amount not to exceed $27 million to finance the acquisition and renovation of the Marina Heights Apartments, Pittsburg, and authorizing the Deputy Director — Redevelopment to execute such documents as necessary to effectuate the purposes of the Resolution. FISCAL IMPACT No General Fund obligation is involved. County costs associated with issuance of bonds are covered, as are annual administrative costs. CONTINUED ON ATTACHMENT: X YES SIGNATURE: A� "001V RECOMMENDATION OF COUNTY ADMINISTRATOR ECOMMEN71ON OF B ARD COMMITTEE _.,--APPROVE OTHER t k SIGNATURE{S}: ACTION OF BOA ON ' APPROVED AS RECOMMENDED J�iO R° L I/ VOTE OF SUPERVISORS 1 HEREBY CERTIFY THAT THIS IS A UNANIMOUS {ABSENT - - -_ } TRUE AND CORRECT COPY OF AN AYES: NOE6: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHO'W'N. Contact: Jim Kennedy 3-1255 orifi: Community Development cc: County Administrator ATTESTED %�` � s sJ• '^ County Counsel JOHN SWEETEN, ERK OF THE Housing Authority BOARD OF SUPERVISORS Redevelopment Agency AND THE,COUNTY ADMINISTRATOR via: Community Development ' * Steadfast Properties BY DEPUTY * City of Pittsburg \\fs-cd\users$\moble\Personal\Board Orders and Greenies\BOARD.marinaheights.7.04.doc BACKGROUND/REASONS FOR RECOMMENDATIONS Marina Heights Apartments is a 200-unit project located at 2 Marina Blvd., Pittsburg. This existing development contains 50 studio units, 120 one-bedroom,and 20 two-bedroom units. The ownership entity is to be Steadfast Marina Heights, L.P., a California limited partnership. The owner is an affiliate of Steadfast Properties, a Newport Beach based firm that is very active throughout California and the Western United States in multi-family ownership. The County recently completed two tax-exempt bond financings for the acquisition and rehabilitation of existing properties with Steadfast—Hilltop Commons in the Montalvin[Tara Hills area(2001),and Hidden Cove in Bay Point(2003). Steadfast owns and manages approximately 5,500 affordable units in California alone. An application for Private Activity Bond Authority was submitted to the California Debt Limit Allocation Committee in July 2004. If awarded the authority,the County would proceed to issue the multi-family bonds in the fall, 2004. The proposed plan of finance would involve the issuance of unenhanced and unrated tax- exempt bonds which adhere to the adopted County policies for such bonds. The recommended action is the adoption of a Resolution by the Board,as the legislative body of the County, authorizing the issuance of bonds. The Board's action acknowledges that a public hearing has been held by the Deputy Director v- Redevelopment as required by Section 147(f) of the Internal Revenue Code. The recommended action of the Board is not the Bond Sale Resolution. Such actions would come back to the Board after receipt of an allocation from the State for Private Activity Bond Authority. Expected timing for a Bond Sale Resolution would be in October-November 2004. JK:In \\fs-cd\users$\lnohle\Personal\Board Orders and Greenies\BO .D.marinaheights.7.04.doc THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Resolution on August 3, 2004 by the following vote: ,... AYES: SUPERVISORS GIOIA, UILKEMA.,GREENBERG, DESAULNIER and * GLOVER ro NOES: NONE ABSENT: NONE ABSTAIN: NONE SUBJECT: Resolution No. 2004/424 RESOLUTION AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS) IN AN AGGREGAGE PRINCIPAL AMOUNT NOT TO EXCEED$27,000,000 FOR THE FINANCING) OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT GENERALLY KNOWN AS MARINA HEIGHTS APARTMENTS,PITTSBURG). It is hereby RESOLVED by the Board that: WHEREAS,the County of Contra Costa(the"County")is authorized to issue multifamily housing revenue bonds pursuant to Section 52075 and following of the California Health and Safety Code; WHEREAS,the County desires to participate in financing the acquisition and renovation of a 200- unit multifamily residential rental development generally known as Marina Heights Apartments and located at 2 Marina Blvd., Pittsburg, California (the "Project"), which will be owned and operated by Steadfast Marina Heights, L.P.,a California limited partnership,or an entity related thereto(collectively, the "Borrower"); WHEREAS,to assist in financing the Project,the County intends to sell and issue not to exceed $28,000,000 aggregate principal amount of its multifamily housing revenue bonds (the"Bonds")and to loan the proceeds thereof to the Borrower, thereby reducing the cost of the Project and assisting in providing housing for low income persons; WHEREAS, pursuant to Section 147(f)of the Internal Revenue Code of 1986 (the"Code"),the financing of the Project and the issuance of the Bonds by the County must be approved by the "applicable representative of the County' (as defined in the Code); WHEREAS,the Board of Supervisors of the County of Contra Costa(the`Board"), is the elected legislative body of the County and is one of the applicable elected representatives required to approve the financing of the Project and the Bonds under Section 147(f) of the Code; WHEREAS,pursuant to Section 147(f)of the Code,the Deputy Director—Redevelopment has, following notice duly given,held a public hearing regarding the financing of the Project and the issuance of the Bonds at which no public comments were made; and WHEREAS, the Board desires to approve the financing and the issuance of the Bonds; NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the County of Contra Costa, as follows: Section 1. The Board hereby specifically finds and declares that the statements,findings and determinations of the County set forth above are true and correct. Section 2. For purposes of Section 147(f) of the Code, the Board hereby authorizes the issuance of Bonds by the County to finance the Project. Section 3. The adoption of this Resolution does not(1)relieve or exempt the Borrower from obtaining any other permits or approvals that are required by, or determined to be necessary from,the County in connection with the Project, nor (2) obligate the Country to incur any obligation or provide financial assistance with respect to the Bonds or the Project. 11fs-cdlusers$li noble\Personal\Documentslreso iution.marinaheig hts.8..04.doc Section 4. All actions heretofore taken by the officers and agents of the County with respect to the financing of the Project and the sale and issuance of Bonds are hereby approved, ratified and confirmed, and any authorized officer of the County is hereby authorized and directed, for and in the name and on behalf of the County,to do any and all things and take any and all actions and execute and deliver any an all certificates, agreements and other documents, which any such officer may deem necessary or advisable in order to effectuate the purposes of this Resolution. Section 5. This Resolution shall take effect upon its adoption. I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown ATTESTED: August 3, 2044 ,John Sweeten, Clerk of the Board of Supervisors And County Administrator Bye .. . Deputy cc: Community Development ,r RESOLUTl 20041424