HomeMy WebLinkAboutMINUTES - 05082012 - C.99RECOMMENDATION(S):
ADOPT Resolution No. 2012/196 conditionally providing for the issuance of revenue bonds in an amount not to
exceed $18 million to finance the development of Berrellessa Palms, a multifamily senior rental housing
development to be located at 310 Berrellessa Street (also known as 301 Buckley Street) in the City of Martinez (APN:
373-243-001).
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: 05/08/2012 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,
925-674-7888
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: May 8, 2012
David Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C. 99
To:Board of Supervisors
From:
Date:May 8, 2012
Contra
Costa
County
Subject:Inducement Action for Multifamily Project - Berrellessa Palms, Martinez
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 within the unincorporated County and within the cities.
Resources for Community Development has requested to participate in the County's multifamily mortgage
revenue bond financing program. They propose to construct Berrellessa Palms, a 49-unit senior housing project
located at 310 Berrellessa Street (also known as 301 Buckley Street) in the City of Martinez. 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 Resources for Community Development, or one of its affiliates, as managing general partner, and a
to-be-named tax credit investor as a 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, 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 in an amount not to exceed $18 million.
CHILDREN'S IMPACT STATEMENT:
Not applicable.
CLERK'S ADDENDUM
Speaker: Janet Kennedy, on behalf of Martinez Mayor Schroeder, confirmed that the project has been
approved by the city council. The following people spoke in support of the Berrellesa Pines project: Peggy Jen,
resident of Martinez; David Dunlop, Segue Construction Co.; Ann Cheng, Greentrip program director; Jay
Lee, HomeBase; Julie o'Loughlin, resident of Concord; Ralph Hoffman, resident of Walnut Creek; Debbie
Toth, RSNC; Sally Sweetser, resident of Martinez; Kattye Giles, Resources for Community Development; Liz
Eckstein, resident of Martinez; Lisa Motoyame did not speak but left written comments for the Board.
CORRECTED TO READ: ADOPT Resolution No. 2012/196 conditionally providing for the issuance of
revenue bonds in an amount not to exceed $18 million to finance the development of Berrellessa Palms, a
multifamily senior rental housing development to be located at 310 Berrellessa Street (also known as 301
Buckley Street) in the City of Martinez (APN: 373-243-001).
ATTACHMENTS
Resolution No. 2012/196
Berrellessa Inducement Exhibit A