HomeMy WebLinkAboutMINUTES - 02152011 - C.51RECOMMENDATION(S):
ADOPT Resolution 2011/59,
(1) authorizing the issuance of Multi-Family Housing Revenue Bonds in an aggregate
amount not to exceed $12.5 million to finance the costs of acquisition and rehabilitation of
the Riley Court Apartments located at 2050, 2051 and 2061 Riley Court in Concord;
(2) finding and declaring that certain findings, statements and declarations contained in the
proposed Resolution are true and correct;
(3) declaring that the Resolution will not relieve the borrower of Bond funds from obtaining
other required permits or approvals required by law nor obligate the County to incur any
obligation or provide financial assistance with respect to the Bonds or the Project concerned;
(4) approving, ratifying, and confirming all actions heretofore taken by officers and agents
of the County with respect to the financing of the Project and the sale and issuance of
Bonds; and,
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 02/15/2011 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Gayle B. Uilkema, District II
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
ABSENT:Mary N. Piepho, District III
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: February 15, 2011
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C.51
To:Board of Supervisors
From:Catherine Kutsuris, Conservation & Development Director
Date:February 15, 2011
Contra
Costa
County
Subject:Multi-Family Housing Revenue Bonds – Riley Court Apartments, Concord
(5) authorizing and directing any authorized officer of the County to do any and all things,
take any and all actions, and execute and deliver any
RECOMMENDATION(S): (CONT'D)
and all certificates, agreements, and other documents which the officer may deem
necessary or advisable in order to effectuate the purposes of the Resolution.
FISCAL IMPACT:
No General Fund obligation is involved. In the event that the bonds are issued, the
County will be reimbursed for costs associated with the issuance of bonds. The bonds to
be issued will be solely secured by revenues (rents, reserves, etc.) pledged under the
bond documents. No County funds are pledged to secure the bonds.
BACKGROUND:
The recommended action is the adoption of a Resolution by the Board, as the legislative
body of the County, authorizing the issuance of Multi-Family Housing Revenue Bonds
which will be used to finance the costs of acquisition and rehabilitation of the Riley
Court Apartments, a 48-unit multifamily rental housing development located at 2050,
2051 and 2061 Riley Court (APNs 128-200-062 and 128-200-063) in Concord.
The bonds, when issued, will be used to finance the acquisition and rehabilitation of the
Riley Court Apartments by the ownership entity. The ownership entity will be a
California Limited Partnership, the Managing General Partner of which will be
Resources for Community Development (a local non-profit housing developer) or a
related entity.
The proposed financing would implement City of Concord and County policies to
preserve the supply of affordable housing. The City of Concord is supportive of the
acquisition and renovation of Riley Court Apartments.
The main purpose of the proposed Resolution is to acknowledge that a public hearing has
been held by the Deputy Director – Redevelopment and to meet other bond issuance
requirements which are specified in Section 147(f) of the Internal Revenue Code.
The recommended action of the Board is not the Bond Sale Resolution. The proposed
bonds could not be issued until a separate resolution is adopted by the Board of
Supervisors specifically authorizing the sale of bonds. Such a separate proposed
resolution to authorize the sale of bonds would come back to the Board after receipt of an
allocation from the State of California for Private Activity Bond Authority. An
application for Private Activity Bond Authority will be submitted to the California Debt
Limit Allocation Committee in the summer of 2011. The expected timing for a Bond
Sale Resolution would be in the fourth quarter of calendar year 2011.
The proposed resolution would not relieve the borrower of bond funds from obtaining
other required permits or approvals required by law, nor obligate the County to incur any
obligation or provide financial assistance with respect to the bonds or the project
concerned.
Annual expenses related to the monitoring of the Regulatory Agreement are
accommodated in the bond issue.
CONSEQUENCE OF NEGATIVE ACTION:
Negative action would prevent the County from meeting the public approval requirement
of the Internal Revenue Code for issuing Multi-family Housing Revenue Bonds, and
prior actions of officers and agents of the County would not be confirmed and ratified. As
a result, the Multi-family Housing Revenue Bonds could not be issued and funds would
not be available to refinance the Riley Court Apartments located at 2050, 2051 and 2061
Riley Court in Concord.
CHILDREN'S IMPACT STATEMENT:
Not Applicable.
ATTACHMENTS
Resolution No. 2011/59