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HomeMy WebLinkAboutMINUTES - 01151985 - 1.49 A -19 REDEVELOPMENT AGENCY OF THE COUNTY OF CONTRA COSTA r Adopted this Order on January 15, 1985 , by the following vote: AYES: Directors Powers, Schroder, McPeak, Torl akson and Fanden NOES: None ABSENT: None ABSTAIN: None SUBJECT: Resolution of the Redevelopment ) Agency of the County of Contra Costa ) Conditionally Providing For The ) RESOLUTION NO. RA 85-2 Issuance of Bonds To Finance Construc- tion of a Multi-family Housing ) Development (Wayside Centre) ) WHEREAS, the Redevelopment Agency of the County of Contra Costa (the "Agency"), after careful study and consideration, has determined that there is a shortage of safe and sanitary housing within Contra Costa County (the "County"), and that it is in the best interest of the residents of the County and in furtherance of the health, safety and welfare of the public for the County to assist in the financing of housing developments; and • WHEREAS, pursuant to Division 24 of the Health and Safety Code of the State of California, and particularly Chapter 8 of Part 1 thereof (the "Act"), the Agency is empowered. to issue and sell bonds for the purpose of making mortgage loans or otherwise providing funds to finance the development of multi-family rental housing including units for lower income households and very low income households; and . WHEREAS, the Agency has now determined to provide financing for the multi-family rental housing development identified in Exhibit A hereto (the "Development"), and in order to finance the Development.-the Agency intends to issue revenue bonds pursuant to the Act; WHEREAS, it is in the public interest and for the public benefit that the Agency authorize such financing for the Project, and it is within the powers of the Agency to provide such financing; i NOW, THEREFORE, BE IT RESOLVED, by the; Redevelopment Agency of the County of Contra Costa as follows: 1. The Agency hereby determines that it is necessary and desirable to provide construction and permanent financing for the Development pursuant to the Act or other appropriate authority, of mortgage revenue bonds (the "Bonds"), in an aggregate principal amount not to exceed the amount set forth in Exhibit A, subject to the conditions that (i) the Agency by resolution shall have first agreed to acceptable. terms and conditions for the bonds (and for the sale and delivery thereof), and for an indenture and all other agreements with respect to any of,the foregoing; (ii) all requisite governmental approvals shall have first been obtained; (iii) the bonds shall be payable solely from revenues received with respect to loans or other investments made with the proceeds of such bonds, and neither the full faith nor the credit of the Agency shall be pledged to the payment of the principal of or interest on any such bond; (iv) the Agency and the Owner shall have entered into a preliminary agreement concerning the financing, in substantially the form attached hereto as Exhibit B, with such additions or deletions as are considered necessary or appropriate by the Secretary of the Agency, the County Planning Director or the CouHty Administrator, 'and the Owner, 4nd the Chairman of the Agency, the Secretary of the Agency and the Director of Planning are hereby authorized to execute said preliminary agreement for and,in the name and on behalf of the Agency; (v) at least twenty percent (20%) (fifteen percent (15%) in targeted areas) of the Project units are to be occupied by individuals or families of low or moderate income as defined in Section 103(b) for at least the period required by Internal Revenue Code of 1954, as amended, said section, and the Project shall otherwise meet any federal requirements for tax exemption of interest on the bonds and any requirements of the Agency applicable to such financings. r 2. The Chair of the Agency, The Director of the Agency, the County Administrator and ex-officio Clerk of the Board, the County Planning Director, County Counsel and their deputies and other officers of the Agency are hereby authorized and directed to participate in the preparation of any resolution, indenture, bond purchase agreement, official statement and/or other documents or agreements necessary or appropriate to effect such financing. 3. It is the purpose and intent of the County that this Resolution constitute official action toward -the issuance of obligations by the County in accordance with Section 1.103-8(a)(5)(iii) of the Regulations of the United States Department of the Treasury. 4. This Resolution shall take effect immediately upon its adoption and passage. I HEREBY CERTIFY THAT THIS IS A TRUE cc: Desco Investment, Inc.J,, AND CORRECT COPY OF AN ACTION TAKEN Director of Planning AND ENTERED ON THE MINUTES OF THE BOARD County Counsel OF DIRECTORS ON THE DATE SHOWN County Administrator ATTESTED January 15, 1985 PHIL BATCHELOR, EXECUTIVE DIRECTOR AND SECRETARY OF THE REDEVELOPMENT AGENCY By ASSISIANT SECRETARY - 2 - RESOLUTION NO. RA 85-2 • �• l:esclution r:o. RA 85-2 EXHIBIT A Name of Development: Maximum Jkmount of Bcnd. lssue: $40, 000, 000 Location of Development : Pleasant Hill , California Number of Units: ArDro;imately 490-530 Units Name o--" De-.el=Fier/Initial Owner of Development : Desco Investment, Inc . , a California corporation, or a joint venture in which Desco Investment, Inc. acts as managing general partner and owns at least a 50 percent profits and capital interest. I 9 40511-0020-043-4452f 12/19/84 136 r EXHIBIT B Rei Preliminary Agreements - Multi-Family Mortgage Revenue Bond Financing �i The purpose of this Agreement is to set forth certain terms and conditions under which the County of Contra Costa, a legal subdivision and body corporate and politic of the State of California(the"County'),will agree to assist in the financing of a housing project for persons of low income (the "Project") for or (the "Owner') or for a related entity,by issuing bonds(the"Bonds"), subject to the conditions set forth herein and in Resolution No. of the County. In consideration of the County's expression of willingness to provide such financing,the Owner hereby agrees as follows: 1. The Owner agrees to pay, or to make arrangements for persons other than the County to pay, all costs involved in the issuance of the Bonds, including by way of example and not limitation,. fees and disbursements of bond counsel, the County, underwriters or financial advisors and any other experts engaged by the Owner or by the County in connection with the issuance of the Bonds, bond printing and other printing costs,publication costs and costs incurred in order to obtain a rating for the Bonds. Such coats may be paid from proceeds of sale of the Bonds. In the event that the Bonds are not Issued for any reason, the Owner agrees to pay all of such costs and assume the County's .obligations,if any,for payment of such costs. • 2. The Owner agrees to pay the cost of preparation of any studies,reports or other documents necessary to be prepared by or for the County to comply with the California Environmental Quality Act. 3. The Owner agrees to pay any and all costs incurred by the County in connection with any legal action challenging the issuance or validity of the Bonds or use of the proceeds thereof,or challenging proceedings or determinations by the County under the California Environmental Quality Act. The County agrees to proceed, and to direct bond counsel to proceed,with the planning and preparation of the necessary proceedings for the offering of the Bonds for sale to finance the Project. The Owner understands that this Agreement does not exempt it from any requirements of the County or any department or agency thereof or other governmental body that would apply in the absence of the proposed Bond financing, and compliance with such requirements is an express precondition to the issuance of the Bonds by the County. The Owner'further understands and agrees that the issuance of any Bonds by - the County is contingent upon the County being satisfied with all of the terms and conditions of the Bonds and of the issuance thereof and that such issuance is in the best interests of the County, and that the County shall not be liable to the Owner or to any other person if the County shall determine for any reason not to issue the Bonds. IN WITNESS WHEREOF,the parties have executed this Agreement on I98 COUNTY OF CONTRA COSTA By: Anthony A. Dehaesus Director of Planning (OWNER) By: AAD/mb lc 1 i i