HomeMy WebLinkAboutMINUTES - 12102010 - C.126RECOMMENDATION(S):
ADOPT Resolution No. 2010/604 conditionally providing for the issuance of revenue bonds
to finance the development of Riley Court Apartments, a multifamily rental housing
development in the City of Concord.
FISCAL IMPACT:
None. In the event that the bonds are issued, the County is reimbursed for costs incurred in
the issuance process. Annual expenses for monitoring of Regulatory Agreement provisions
are accommodated in the bond issue. The bonds 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:
Contra Costa County, through the Conservation and Development Department, operates a
multifamily mortgage bond financing program. The purpose of the program is to increase
APPROVE OTHER
RECOMMENDATION OF CNTY
ADMINISTRATOR
RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 12/14/2010 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
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: December 14, 2010
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C.126
To:Board of Supervisors
From:Catherine Kutsuris, Conservation & Development Director
Date:December 14, 2010
Contra
Costa
County
Subject:Inducement Action for Multifamily Project - Riley Court Apartments, Concord
BACKGROUND: (CONT'D)
or preserve the supply of affordable rental housing available to lower income households.
The County program may be undertaken within the unincorporated County and within
the cities.
Resources for Community Development (RCD) has requested to participate in the
County's multifamily mortgage bond financing program. They propose to renovate the
Riley Court Apartments, an existing 48 unit affordable rental housing development in the
City of Concord. The proposed development meets the eligibility criteria for bond
financing, and the proposed plan of finance appears to be consistent with County policy
for this program. The prospective owner of the project will be a limited partnership
between RCD, or one of its affiliates, as managing general partner, and a to-be-named
tax credit investor as limited partner.
A requirement of federal tax law is that the prospective financing be subject to a
conditional statement of intent to issue bonds, i.e., an inducement resolution must be
adopted by the Board of Supervisors. The inducement action does not obligate the
County or the owner without future discretionary actions.
CONSEQUENCE OF NEGATIVE ACTION:
Without the Inducement Resolution, Resources for Community Development will not be
able to commence with the process of applying to the California Debt Limit Allocation
Committee for multifamily mortgage revenue bonds through the County.
CHILDREN'S IMPACT STATEMENT:
Not Applicable.
ATTACHMENTS
Resolution No. 2010/604
Riley Court Inducement BO Att A