HomeMy WebLinkAboutMINUTES - 03012011 - C.74RECOMMENDATION(S):
ADOPT Resolution No. 2011/58 conditionally providing for the issuance of revenue bonds
in an amount not to exceed $6 million to refinance and rehabilitate the Pinole Grove Senior
Housing project, a multifamily rental housing development at 800 John Street in the City of
Pinole (APNs: 401-186-035-2, 401-186-035-3).
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,
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 03/01/2011 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
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Jim Kennedy,
925-335-7225
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: March 1, 2011
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C.74
To:Board of Supervisors
From:Catherine Kutsuris, Conservation & Development Director
Date:March 1, 2011
Contra
Costa
County
Subject:Inducement Action for Multifamily Project - Pinole Grove Senior Housing, Pinole
BACKGROUND: (CONT'D)
operates a multifamily mortgage bond financing program. The purpose of the program is
to increase 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.
BRIDGE Housing Ventures, Inc. has requested to participate in the County's multifamily
mortgage bond financing program. They propose to renovate Pinole Grove Senior
Housing, an existing 70 unit affordable rental housing development located at 800 John
Street in the City of Pinole. The proposed development meets the eligibility criteria for
bond financing, and the Conservation and Development Department states that 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 BRIDGE, or
one of its affiliates, as managing general partner, and a to-be-named tax credit investor as
limited partner. A detailed description of the project can be found in Exhibit A.
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, BRIDGE Housing Ventures, Inc. 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 in an amount not
to exceed $6 million.
CHILDREN'S IMPACT STATEMENT:
Not Applicable.
ATTACHMENTS
Resolution No. 2011/58
Exhibit A - Pinole Grove Project Information