HomeMy WebLinkAboutMINUTES - 12151992 - 1.117 • • � o 117
HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
TO: BOARD OF COMMISSIONERS DATE: December 15, 1992
FROM: Richard J. Martinez,Acting Interim Executive Director cc:
SUBJECT: CASA DEL RIO SENIOR HOUSING DEVELOPMENT: AUTHORIZE EXECUTION OF
CONSTRUCTION LOAN DOCUMENTS FOR CASA DEL RIO SENIOR HOUSING IN ANTIOCH
I. RECOMMENDED ACTION
AUTHORIZE the Acting Interim Executive Director to execute the loan agreement and any amendments
thereto,a promissory note,letter of credit,and any other documents necessary to execute a Bank of America State Bank
Affordable Housing Group (BASB) construction loan of$2,650,000,for Casa del Rio,an 82 unit very low income senior
housing development in Antioch.
II. FINANCIAL IMPACT:
There would be no additional fiscal impact because the amount of the total loan from Bank of America is less
than that approved in two previous resolutions referenced below. The financial impact for the required credit facility
remains the same as the previously approved credit facility.
III. REASONS FOR RECOMMENDATIONBACKGROUND
On September 22, 1992, the Board of Commissioners adopted Resolution No. 3656 which authorized the
execution of loan documents necessary to secure a$2,295,000 construction loan from BASB by the Chair of the Board.
A Board Order was approved on October 13, 1992,which authorized the Acting Interim Executive Director to execute
those loan documents on behalf of the Chair. On October 20, 1992,the Board of Commissioners adopted Resolution
No.3660 which authorized the Acting Interim Executive Director to secure lines of credit for additional costs to the
project which had surfaced. This action, in effect, increases the total BASB construction loan from $2,295,000 to
$2,650,000 and BASB is now requiring that the Acting Interim Executive Director be authorized to execute all necessary
loan documents which reflect the revised total of$2,650,000.
IV. CONSEQUENCES OF NEGATIVE ACTION:
Should the Board of Commissioners elect not to authorize the Acting Interim Executive Director to execute the
loan documents required to secure this construction loan, in an amount not to exceed $2,650,000, from the Bank of
America State Bank on behalf of the Chair of the Board of Commissioners, the Housing Authority would have to
renegotiate the construction loan ceiling with BASB and this would substantially delay the loan closing.
CONTINUED ON ATTACBW4EN1% SIGNATURE:
ECOW ENDATION OF E(ECITTIVE DIRECTOR RECOMMENDATION OF BOARD CONIlMTlEE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON December 15 , 1992 APPROVED AS RECOMMENDED X OTHER
VOTE OF COMMISSIONERS
X i nvANnuOUS(ABSENT I I , IV I HEREBY CERTIFY THAT THIS IS A TRUE AND CORRECT
AYES NOES: COPY OF AN ACTION TARN AND ENTERED ON THE
ABSENT`. ABSTAIN: NIINLTrEES OF THE BOARD OF COMMLSSIONERS ON THE
DATE SHOWN.
ATTESTED_ December 15 , 1992
Phil Batchelor,Qerk of the Board of Commissioners
BY Q�D -�ci L�� DEPUTY