HomeMy WebLinkAboutMINUTES - 12012009 - C.88RECOMMENDATION(S):
ADOPT Resolution No. 2009/540 authorizing issuance of Multi-Family Housing Revenue
Bonds in an amount not to exceed $20 million to finance the construction of the Valley
Vista Senior Housing, San Ramon.
FISCAL IMPACT:
No General Fund obligation is involved. In the event bonds are issued, 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:
Valley Vista Senior Housing is a 105-unit affordable senior rental development located at
20503 and 20709 San Ramon Valley Boulevard, San Ramon. The ownership entity is
Valley Vista Senior Housing, L.P., a California Limited Partnership, the Owner and
Property Management Company is American Baptist Homes of the West (ABHOW), the
General Partner is Carmel Senior Housing
APPROVE OTHER
RECOMMENDATION OF CNTY
ADMINISTRATOR
RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 12/01/2009 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Gayle B. Uilkema, District
II Supervisor
Susan A. Bonilla, District
IV Supervisor
Federal D. Glover, District
V Supervisor
Contact: Jim Kennedy,
335-7225
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: December 1, 2009
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C.88
To:Board of Supervisors
From:Jim Kennedy, County Redevelopment Director
Date:December 1, 2009
Contra
Costa
County
Subject:Multi-Family Mortgage Revenue Bonds – Valley Vista Senior Housing, San Ramon
BACKGROUND: (CONT'D)
Inc., a (501)(c)(3) nonprofit of which ABHOW is 100% member, and Satellite Housing,
Inc. is the Developer.
The Valley Vista Senior Housing project has already received funding commitments
from the U.S. Department of Housing and Urban Development (Section 202 funds), the
City of San Ramon and its Redevelopment Agency, the Contra Costa County HOME
Investment Partnership Act program, and the Federal Home Loan Bank of San Francisco.
The project will provide one and two bedroom units for independent seniors with annual
incomes at or below 50% area median income. The project also includes laundry rooms, a
1,200 square foot community room, landscaped patio, and computer room.
The proposed financing would implement policy of the City and the County to increase
the supply of affordable senior housing. An allocation of Private Activity Bond Authority
has been received from the California Debt Limit Allocation Committee. Issuance of
Bonds is expected to occur by mid-December, 2009.
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 – Redevelopment as required
by Section 147(f) of the Internal Revenue Code. The recommended action of the Board is
not the Bond Sale Resolution, which was adopted by the Board of Supervisors on June
23, 2009.
ATTACHMENTS
Resolution No. 2009/540