HomeMy WebLinkAboutMINUTES - 06232009 - C.120RECOMMENDATION(S):
AUTHORIZE the Conservation and Development Director, or designee, to execute a
Second Amendment to Note and Repayment Agreement between the County of Contra
Costa, and Riverhouse Associates for a $303,090 Community Development Block Grant
loan, to extend the repayment date to December 31, 2009.
FISCAL IMPACT:
No General Fund impact. Community Development Block Grant (CDBG) funds are
provided to the County on a formula allocation basis through the U.S. Department of
Housing and Urban Development (HUD).
BACKGROUND:
In 1991, the County provided $303,090 in CDBG funds to Riverhouse Associates for the
acquisition and rehabilitation of the Riverhouse Apartments in Martinez. These funds were
provided in two parts: one loan for $53,090 and a second loan for $250,000. The $53,090
loan was due August 16, 2006. The $250,000 loan was due August 16, 2007.
In 2007, the repayment dates were revised to December 31, 2008 to allow
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 06/23/2009 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: Kara Douglas
335-7223
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: June 23, 2009
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: Katherine Sinclair, Deputy
cc:
C.120
To:Board of Supervisors
From:Catherine Kutsuris, Conservation & Development Director
Date:June 23, 2009
Contra
Costa
County
Subject:Riverhouse Associates Loan Extension for $303,090 Community Development Block Grant Loan for the
Riverhouse Apartments, Martinez
BACKGROUND: (CONT'D)
adequate time for Eden Housing, Inc. (the general partner) to purchase the limited
partner’s interest. Eden has successfully acquired the limited partner’s interest and is now
requesting a restructuring of the loans.
County staff is willing to consider a restructuring of the loans. In order to allow time for
those discussions to take place, Riverhouse Associates has requested an additional
extension of the repayment term. Staff is requesting the Board approve a second
amendment to the Note and Repayment Agreements to extend the repayment term to
December, 31 2009. This extension should allow sufficient time for County staff to
renegotiate the terms of the loan, and if appropriate, draft new loan documents. Staff will
return to the Board and to request approval of the revised terms and legal documents.
ATTACHMENTS
Riverhouse Second Amendment
County Counsel approval