HomeMy WebLinkAboutMINUTES - 10131992 - 1.55 (5) 55f A,
.f 4
Contra
Costa
TO: BOARD OF SUPERVISORS :.
FROM: Harvey E. Bragdon �o:.._, _..�� County ,
Director of Community Development
DATE: October 13 , 1992
SUBJECT: Bond Sale Resolution — Park Regency Apartments
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Adopt Resolution authorizing the sale of Multi-Family Mortgage Revenue
Bonds for the Park Regency Apartments, Pleasant Hill BART Station
Area, and actions related thereto.
FISCAL IMPACT
No general fund monies are involved. The bonds are secured entirely
by revenues pledged under the Indenture. No obligation, moral or
otherwise, exists as a result of this action. Ongoing costs of the
County in monitoring compliance with affordability requirements are
to
m� be paid by the developer.
' B`ACKGROUND/REASONS FOR RECOMMENDATIONS
On July 28,, 1992 the Board of Supervisors authorized the submittal of
an application to the State of California for. the necessary authority
to issue multi-family tax exempt bonds for the Park Regency project.
d
CONTINUED ON ATTACHMENT: YES SIGNATURE: 7
RECOMMENDATION OF COUNTY ADMINISTRATOR REC NDATION OF BOARD C ITTEE
APPROVE OTHER
j
SIGNATURE(S) :
4 a4-
ACTION OF BOARD ON Z APPROVED AS RECOMMENDED J< OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT `'�- ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Jim Kennedy, 646-4076
cc: Community Development
CAO ATTESTED
County Counsel PHIL BATCHELOR, CLERK OF
Redevelopment Agency THE BOARD OF SUPERVISORS
AND COUNTY ADMINISTRATOR
SRA6/parkrcg.bos
BY , DEPUTY
i. f
• z
The State is scheduled to consider the County's application on
October 21, 1992 . The project is located at 3110 Oak Road in the
Pleasant Hill BART Station Area. The developer is Park Regency
Partners (GBW Properties) .
The Park Regency project is an essential component of the County's
Pleasant Hill BART Station Area. The Redevelopment Agency and the
developer have entered into a Disposition and Development
Agreement.
The Park Regency project is an 892 unit development. The initial
422 units of the project have already been financed with tax-exempt
multi-family bonds in 1989 . This financing would refund these 1989
bonds and issue additional bonds so that a total of 672 units would
be financed tax exempt. This financing will result in 135 of the
units being reserved for very low income renters at affordable
rents. The total amount of the financing is $60 million - $40
million in refunding bonds and $20 million in "new money" bonds.
The tax exempt bonds to be issued will have security in the form of
a letter of credit to be issued by Sumitomo Bank, backed up with a
collateral pledge from Teachers Insurance and Annuity Association,
an "AAA" rated insurance company, in which they would commit to
purchase the $60 million loan in the event of a mortgage default.
Pursuant to Section 147 (f) of the Internal Revenue Code, the County
is required to hold a noticed public hearing on the proposed
issuance of these bonds. This hearing was held before staff on
August 13, 1992 . A summary of that hearing and a response to
comments is provided as Attachment A.
The bond sale resolution authorizes a number of actions, a summary
of which is provided in Attachment B.
ATTACHMENT A
Summary of Public Hearing on Proposed Issuance of Multi-Family
Mortgage Revenue Bonds (Park Regency Apartments, Pleasant Hill BART
Station Area) .
Pursuant to Federal Law the County is required to hold a public
hearing on the proposed issuance of Multi-family- Mortgage Revenue
Bonds. This noticed public hearing was held on August 13 , 1992 .
The hearing officer was Jim Kennedy, Deputy Director-Redevelopment
for Contra Costa County. A' summary of the hearing follows:
No parties attended. No comments were received in writing.
,
ATTACHMENT B
The attached resolution authorized a number of actions, a summary
of which follows:
1. Authorizes the issuance of revenue bonds in an amount not
to exceed $60 million;
2 . Approves the form of Indenture between the County and
State Street Bank & Trust Company of California, as
Trustee;
3 . Approves the form of Bond Purchase Agreement between the
County, Developer and Goldman, Sachs & Co. as senior
managing underwriter, and Artemis Capital and M. R. Beal
as co-managing underwriters;
4. Approves form of. Loan Agreement between County and
Developer;
5. Approves form of Regulatory Agreement between County,
Trustee and Developer;
6. Approves form of Official Statement;
7. Authorizes the Chair, Vice-Chair, County Administrator,
Director of Community Development, and Deputy Director-
Redevelopment to take such other actions necessary to
complete the sale of bonds and assistance related
thereto.