HomeMy WebLinkAboutMINUTES - 02262013 - D.2RECOMMENDATION(S):
1. a) OPEN a public hearing, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended;
b) CONSIDER public testimony concerning the proposed issuance by the California Enterprise Development
Authority of bonds in an aggregate principal amount not to exceed $5,500,000; and
c) CLOSE public hearing.
2. ADOPT Resolution No. 2013/117, approving the issuance of bonds by the California Enterprise Development
Authority to benefit La Clinica De La Raza, Inc. (Concord area).
FISCAL IMPACT:
Pursuant to the Internal Revenue Code, the issuance of the Bonds must be approved by the County because the
Facilities are located within the territorial limits of the County. There is no financial impact on the County.
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 02/26/2013 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I Supervisor
Candace Andersen, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Timothy Ewell (925)
335-1036
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 26, 2013
David Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
D. 2
To:Board of Supervisors
From:David Twa, County Administrator
Date:February 26, 2013
Contra
Costa
County
Subject:TEFRA HEARING - LA CLINICA DE LA RAZA, INC
BACKGROUND:
Since its beginnings as a single storefront operation in Oakland in 1971, the Borrower has grown into a
sophisticated provider of primary health care and other services, with 30 sites spread across Alameda, Contra
Costa and Solano Counties. The Borrower delivers health care services in a culturally and linguistically
appropriate manner to most effectively address the needs of the diverse populations it serves. In 2011, the
Borrower provided care to over 74,000 patients, amounting to 361,261 patient visits. With over forty-one years of
experience serving the community, the Borrower is one of the largest community health centers in the state of
California.
The County of Contra Costa is an associate member of the California Enterprise Development Authority
(“CEDA”), a joint powers authority established by the California Association for Local Economic Development
(“CALED”) whose purpose is to issue tax-exempt and taxable conduit revenue bonds to fund commercial and
industrial development projects within member jurisdictions.
CEDA will loan the proceeds of the Obligations to the Borrower to (i) refinance outstanding indebtedness
incurred by the Borrower, the proceeds of which were used to finance and refinance the cost of the acquisition,
construction, installation, rehabilitation, equipping and furnishing of community health care centers located at
2000 Sierra Road, Concord, California (the “Facilities”), (ii) finance the cost of renovating, improving, furnishing
and equipping the Facilities, and (iii) pay certain costs of issuance in connection with the Obligations. The
Facilities comprise approximately 16,000 square feet and provide expanded medical care, dental care and
optometry services, as well as health education, chronic disease management, senior services, OB/GYN and
pediatric care. The Facilities are and will be owned and operated by the Borrower in connection with its
tax-exempt mission of improving the quality of life of the diverse communities it serves by providing culturally
appropriate, high quality and accessible health care for all. Because the Facilities are located within the County’s
jurisdiction and interest on the Obligations may be tax-exempt, a public hearing and the approval of the
Obligations by the Board of Supervisors is required by the Internal Revenue Code of 1986.
Notice for today's hearing was published in the Contra Costa Times, a newspaper of general circulation, on
February 12 ,2013. Proof of Publication is attached for reference.
CONSEQUENCE OF NEGATIVE ACTION:
The California Enterprise Development Authority will not be able to issue bonds on behalf of La Clinica De La
Raza, Inc. delaying or canceling planned improvements to the future medical and dental clinic in Concord,
California.
CHILDREN'S IMPACT STATEMENT:
The new clinic plans to serve approximately 4,600 youths annually.
CLERK'S ADDENDUM
CLOSED the hearing; ADOPTED Resolution No. 2013/117 approving the tax-exempt financing and the
issuance of bonds in an aggregate principal amount not to exceed $5,500,000 to be issued by the California
Enterprise Development Authority to benefit La Clinica De La Raza (Concord area).
ATTACHMENTS
Resolution No. 2013/117
Certificate of the Clerk of the Board of Supervisors
Proof of Publication-Contra Costa Times 2/12/2013