HomeMy WebLinkAboutMINUTES - 07092013 - C.96RECOMMENDATION(S):
ADOPT Resolution No. 2013/298 authorizing the County, in its capacity as housing successor to the former Contra
Costa County Redevelopment Agency, to consent to the documents evidencing the remarketing and reissue of
Multifamily Housing Revenue Bonds in the amount of $134.5 million to refinance the acquisition and construction of
a multifamily rental housing project generally known as Avalon Walnut Creek at Contra Costa Centre and to execute
those documents and take such actions as may be necessary to consent to and facilitate such remarketing and reissue.
FISCAL IMPACT:
No impact to the General Fund. At transaction closing, the County, in its capacity as housing successor to the former
Redevelopment Agency, will be reimbursed for costs incurred in the issuance process.
BACKGROUND:
Resolution No. 2013/298 of the Board of Supervisors, in its capacity as housing successor to the former Contra Costa
County Redevelopment Agency, provides the Board's consent to the documents evidencing the remarketing and
reissue of County of Contra Costa Multifamily Housing Revenue Bonds, (the “Bonds”) in the amount of $134.5
million and authorizes other actions as may be necessary.
The remarketing and reissuance of the Bonds is described in Resolution No. 2013/298. The former Contra Costa
County Redevelopment Agency (the "Agency") also made a loan to PHVP I LP (the “Borrower”) in connection with
the construction of Avalon Walnut Creek at Contra Costa Centre (the "Project"). In connection with that loan, the
Agency recorded a deed of trust (the "Deed
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 07/09/2013 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: Maureen Toms,
674-7878
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: July 9, 2013
David Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C. 96
To:Board of Supervisors
From:Catherine Kutsuris, Conservation and Development Director
Date:July 9, 2013
Contra
Costa
County
Subject:Refinancing Multifamily Mortgage Revenue Bonds - Avalon Walnut Creek at Contra Costa
BACKGROUND: (CONT'D)
of Trust") and regulatory agreement (the "Regulatory Agreement"). The Regulatory Agreement has been
identified as a housing asset pursuant to California Health and Safety Code Section 34176 and is therefore an
asset of the County, as housing successor. Under the terms of the bond documents, the County, in its capacity as
housing successor, is required to consent to the modification of the bond documents. The Deed of Trust and
Regulatory Agreement will not be modified or subordinated in connection with the remarketing and reissuance.
Moreover, the County as housing successor, lender and regulator will not be placed in a worse position in
connection with the remarketing and reissuance because the transaction will provide for a more cost effective
structure and thereby lead to an even more financially sound Project.
CONSEQUENCE OF NEGATIVE ACTION:
Negative action would prevent the Bonds from being remarketed and reissued, and the Borrower will be denied
access to the lowest available financing rates.
CHILDREN'S IMPACT STATEMENT:
Refinancing of this apartment project includes 85 affordable apartment units, thereby helping families to be
economically self sufficient, which is one of the desired outcomes in the Contra Costa County Children's Report
Card.
ATTACHMENTS
Resolution No. 2013/298