HomeMy WebLinkAboutMINUTES - 02242009 - C.94RECOMMENDATION(S):
ADOPT Resolution No. 2009/85, approving a Fifth Amendment to Master Pledge and
Assignment Agreement related to the County’s 2005 issuance of $18,634,000 of
Multi-Family Housing Revenue Bonds to finance the Giant Road Family Apartments, San
Pablo.
FISCAL IMPACT:
No General Fund obligation is involved. Bonds have been issued, and the County is
reimbursed for costs associated with issuance of bonds. Annual expenses related to
monitoring of the Regulatory Agreement are accommodated in the bond issue. The bonds to
be issued will be solely secured by a pledge of revenues (rents, reserves, etc.) pledged under
the bond documents. No County funds are pledged to secure the bonds.
BACKGROUND:
Giant Road Family Apartments is an 86-unit project located at 2832 Giant Road, San Pablo.
The project was financed with multi-family housing revenue bonds issued by the County in
2005. The project was completed and opened in 2007. The ownership entity is Giant
Development,
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 02/24/2009 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Gayle B. Uilkema, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Susan A. Bonilla, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Jim Kennedy 5-7225
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: February 24, 2009
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C.94
To:Board of Supervisors
From:Catherine Kutsuris, Conservation & Development Director
Date:February 24, 2009
Contra
Costa
County
Subject:Multi-Family Mortgage Revenue Bonds – Giant Road Family Apartments Project, San Pablo
BACKGROUND: (CONT'D)
L.P., a California limited partnership, with East Bay Asian Local Development
Corporation (EBALDC) as the managing General Partner. The project also included
County financing in the form of Community Development Block Grant funds of $60,000
and HOME Investment Partnership funds of $600,000. San Pablo also provided $450,000
of the financing with redevelopment funds. Due to the complexity in coordinating
project-based Section 8 and Shelter Plus financing, the project continues to experience
delays in achieving a final loan closing. The recommended action is the approval of the
Fifth Amendment to Master Pledge and Assignment amending and supplementing the
Original Pledge and Assignment in order to provide for a new maturity date of May 1,
2009 (or such later date requested by U.S. Bank National Association, and any
successors and assigns) for the 2005 Series A-2 Bonds. The Board’s action
acknowledges that a public hearing has been held by the Deputy Director –
Redevelopment as required by Section 147(f) of the Internal Revenue Code.
ATTACHMENTS
Resolution No. 2009/85