HomeMy WebLinkAboutMINUTES - 11031987 - 1.44 jL 044
Tn BOARD OF SUPERVISORS
FROM: Cwtra
Harvey E. Bragdon
Director of Community Development Ct)sta
DATE: October 22, 1987 Wurty
SUBJECT;
Inducement Action for Multifamily Projects
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
1
I. RECOMMENDATION
Adopt resolution conditionally providing for the issuance of revenue bonds
to finance multifamily rental housing developments to be owned by the
parties listed as the ownership entity of Exhibit A attached.
II. FINANCIAL 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. In the
event that no bond issue occurs, the County has already been paid an
"Inducement Fee" to offset expenses.
III. BACKGROUND
The owners of prospective multi-family rental housing developments desire
.to be included in a future multi-family revenue bond financing program. In
order to provide financing eligibility for costs incurred, the development
must be induced, i.e. , a conditional statement of intent by the Board of
Supervisors must be adopted. The inducement action does not obligate the
County or the owner without future discretionary actions.
CONTINUED ON ATTACHMENT: YES SIGNATUR
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMM ION BO RD COMMITTEE
APPROVE OTHER
SIGNATURE(S): V
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
x UNANIMOUS (ABSENT AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES. AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
CC: Housing Authority ATTESTED
County Administrator - -
PHIL BATCHELOR. CLERK OF THE BOARD OF
County Counsel SUPERVISORS AND COUNTY ADMINISTRATOR
BY (�( DEPUTY
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