HomeMy WebLinkAboutMINUTES - 03152011 - C.116RECOMMENDATION(S):
ADOPT Resolution 2011/104,
1) finding and declaring that the statements, findings and determinations contained in the
proposed Resolution are true and correct;
2) for purposes of Section 147(f) of the Internal Revenue Code of 1986, authorizing the
issuance of Multi-Family Housing Revenue Bonds (the "Bonds") in an aggregate amount not
to exceed $6 million to finance the costs of the acquisition and rehabilitation of the Pinole
Grove Senior Housing located at 800 John Street in Pinole (the "Project");
3) declaring that the Resolution will not relieve or exempt BRIDGE Housing Venture Inc.
(the "Borrower") from obtaining other permits or approvals required by the County in
connection with the Project, nor obligate the County to incur any obligation or provide
financial assistance with respect to the Bonds or the Project;
4) approving, ratifying, and confirming all actions heretofore taken by the officers and
agents of the County with respect to the financing of the Project and the sale and issuance of
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 03/15/2011 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
ABSENT: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 15, 2011
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C.116
To:Board of Supervisors
From:Catherine Kutsuris, Conservation & Development Director
Date:March 15, 2011
Contra
Costa
County
Subject:Multifamily Housing Revenue Bonds - Pinole Grove Senior Housing, Pinole
Bonds; and
RECOMMENDATION(S): (CONT'D)
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 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:
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 provided for 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:
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 Pinole
Grove Senior Housing, a 70-unit multifamily rental housing development located at 800
John Street (APNs 401-186-035-2 and 401-186-035-3) in Pinole.
The Bonds, when issued, will be used to finance the acquisition and rehabilitation of the
Pinole Grove Senior Housing by the ownership entity. The ownership entity will be a
California Limited Partnership, the Managing General Partner of which will be BRIDGE
Housing Ventures, Inc. (a local non-profit housing developer) or a related entity.
The proposed financing would implement City of Pinole and County policies to preserve
the supply of affordable housing. The City of Pinole is supportive of the acquisition and
renovation of the Project.
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 March of 2011. The expected timing for a Bond Sale
Resolution would be in the summer of 2011.
The proposed resolution would not relieve the Borrower 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.
Annual expenses of the County related to the monitoring of the Regulatory Agreement
are provided for 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 Multifamily Housing Revenue Bonds, and prior
actions of officers and agents of the County would not be confirmed and ratified. As a
result, the Multifamily Housing Revenue Bonds could not be issued and funds would not
be available to refinance the Pinole Grove Senior Housing located at 800 John Street in
Pinole.
CHILDREN'S IMPACT STATEMENT:
N/A
ATTACHMENTS
Resolution No. 2011/104