HomeMy WebLinkAboutMINUTES - 02282012 - C.76RECOMMENDATION(S):
ADOPT Resolution No. 2012/61 conditionally providing for the issuance of revenue bonds
in an amount not to exceed $16 million to finance the development of Lafayette Senior
Apartments, a multifamily rental housing development to be located at 3436 Mount Diablo
Boulevard in the City of Lafayette (APN: 233-040-038).
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 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: 02/28/2012 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
ABSENT:Gayle B. Uilkema, District II
Supervisor
Contact: Kristen Lackey,
5-7228/4-7888
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 28, 2012
David Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C.76
To:Board of Supervisors
From:Catherine Kutsuris, Conservation & Development Director
Date:February 28, 2012
Contra
Costa
County
Subject:Inducement Action for Multifamily Projects - Lafayette Senior Apartments, Lafayette
BACKGROUND: (CONT'D)
operates a multifamily mortgage revenue 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 with the
unincorporated County and within the cities.
Eden Housing, Inc. has requested to participate in the County's multifamily mortgage
revenue bond financing program. They propose to develop Lafayatte Senior Apartments,
a 48-unit senior housing project located at 3436 Mt. Diablo Boulevard in the City of
Lafayette. 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 Lafayette Senior, L.P., a limited
partnership between Lafayette Senior LLC (an affiliate of Eden Housing, Inc.), as
managing general partner, and a to-be-named tax credit investor as limited partner. A
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, Eden Housing, 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 $16
million.
CHILDREN'S IMPACT STATEMENT:
Not applicable.
ATTACHMENTS
Resolution No. 2012/61
Lafayette Sr Inducement Exh A
Exhibit A
• Name of Development: Lafayette Senior Apartments
• Maximum Amount of Bond Issue: $16,000,000
• Location of Project: 3436 Mount Diablo Boulevard, Lafayette
(APN: 233-040-038)
• Number of Units: 48
• Name of Developer/Initial Owner: Lafayette Senior L.P.
The partnership includes Lafayette Senior LLC
(an affiliate of Eden Housing, Inc.) and a to-
be-named tax credit investor.