HomeMy WebLinkAboutMINUTES - 09142010 - C.142RECOMMENDATION(S):
APPROVE and AUTHORIZE the Conservation & Development Director, or designee, to
execute a First Amendment to Regulatory Agreement and Declaration of Restrictive
Covenants by and between the County of Contra Costa, Bollinger Crest Apartment
Investors, LLC, and Wells Fargo Bank National Association for the Bollinger Crest
Apartments, San Ramon.
FISCAL IMPACT:
None. The bonds issued in 1998 are secured solely by pledged revenues from the project,
reserve funds, and a Federal Home Loan Corporation guarantee. Costs of the County in
processing this First Amendment will be reimbursed by the owner.
BACKGROUND:
In 1998 the County issued $7 million in multi-family housing revenue bonds to finance the
Bollinger Crest Apartments in San Ramon. The project contained 65 rental units. As a result
of the financing, the developer, Bollinger Crest Apartment Investors, LLC ( an affiliate of
Claremont Homes), agreed to reserve 20% of the units (13 units) for Very Low Income
households for 15 years from occupancy of the project. The current Regulatory Agreement
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 09/14/2010 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Mary N. Piepho, District III
Supervisor
Susan A. Bonilla, District IV
Supervisor
Federal D. Glover, District V
Supervisor
ABSENT:Gayle B. Uilkema, District II
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: September 14, 2010
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C.142
To:Board of Supervisors
From:Jim Kennedy, County Redevelopment Director
Date:September 14, 2010
Contra
Costa
County
Subject:First Amendment to Regulatory Agreement--Bollinger Crest Apartments, San Ramon
and Declaration of Restrictive
BACKGROUND: (CONT'D)
Covenants are effective through April, 2015.
The property owner is refinancing the project to take advantage of current lower rates in the
conventional financing market. The housing revenue bond loan will be retired and replaced
with a Federal Home Loan Corporation (“Freddie Mac”) guaranteed loan. The current
Regulatory Agreement will remain in place through its termination in April, 2015. The
property owner and the new Freddie Mac lender have requested that the Regulatory
Agreement be amended to reflect the presence of the new loan, and the new Freddie Mac
lender—Centerline Mortgage Capital, Inc. The recommended action accomplishes this
purpose.
CONSEQUENCE OF NEGATIVE ACTION:
CHILDREN'S IMPACT STATEMENT: