HomeMy WebLinkAboutMINUTES - 10062015 - C.99RECOMMENDATION(S):
ADOPT Resolution No. 2015/369 conditionally providing for the issuance of revenue bonds in an amount not to
exceed $40 million to enable private owners to finance the acquisition and rehabilitation of the East Bluff
Apartments, a multifamily residential rental housing development, located at 1813 Marlesta Court (APN
401-240-032) in the City of Pinole, California (the "Development").
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 ensuring certain units in the Development will
be rented to low income households are accommodated in the bond issue. The bonds will be solely secured by and
payable from revenues (e.g. Development rents, reserves, etc.) pledged under the bond documents. No County
general funds are pledged to secure the bonds.
BACKGROUND:
Contra Costa County, through the Conservation and Development Department, 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 low and very low income households. The County program may be undertaken within the
unincorporated County and within the cities located in the County who have agreed to let the County operate the
program in their jurisdiction.
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 10/06/2015 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: 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: October 6, 2015
David Twa, County Administrator and Clerk of the Board of Supervisors
By: Stephanie L. Mello, Deputy
cc:
C. 99
To:Board of Supervisors
From:John Kopchik, Director, Conservation & Development Department
Date:October 6, 2015
Contra
Costa
County
Subject:Reimbursement Resolution for Multifamily Residential Rental Housing Development - East Bluff Apartments, Pinole
BACKGROUND: (CONT'D)
Eden Housing, Inc. (Eden), has requested to participate in the County's multifamily mortgage revenue bond
financing program. Through a limited partnership that it has sponsored, Eden currently owns the East Bluff
Apartments, a 144-unit multifamily rental facility for families located at 1813 Marlesta Court (APN 401-240-032)
in the City of Pinole, California. They propose to form a new limited partnership with Eden, or one of its
affiliates, as managing general partner, and a to-be-named tax credit investor as a limited partner to acquire and
rehabilitate the facility. The proposed development meets the eligibility criteria for bond financing, and the
proposed plan of finance is consistent with County policy for this program.
A requirement of federal tax law is that the prospective financing be subject to a conditional statement of intent to
issue bonds to reimburse expenses incurred prior to the date the bonds are issued, i.e. a reimbursement resolution
must be adopted by the Board of Supervisors. Also, the California Debt Limit Allocation Committee, which must
allocate tax-exempt bond authority to the bond issue, requires that a reimbursement resolution be adopted before
application can be made for such an allocation. The adoption of a reimbursement resolution will not obligate the
County or the owner without future discretionary actions, but will indicate the intent of the County to issue the
bonds if all conditions in the resolution have been satisfied.
Eden applied for County Community Development Block Grant (CDBG) funds, and received approval from the
Affordable Housing Finance Committee at its September 21, 2015 meeting. The Board will be asked to consider
approval of the CDBG allocation under a separate Board Order at this October 6, 2015 meeting. The City of
Pinole supports the project and the County's involvement in its financing.
CONSEQUENCE OF NEGATIVE ACTION:
Without the Reimbursement Resolution, Eden will not be able to commence with the process of applying to the
California Debt Limit Allocation Committee for multifamily mortgage revenue bond authority through the
County.
CHILDREN'S IMPACT STATEMENT:
The East Bluff Apartments provide 144 units of affordable rental housing appropriate for families. This supports
outcome #3: Families are Economically Self Sufficient.
ATTACHMENTS
Resolution No. 2015/369