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Home My WebLink AboutMINUTES - 10181994 - 1.75 HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA TO: BOARD OF COMMISSIONERS DATE: October 18, 1994 FROM: Robert J. McEwen, Acting Executive Director cc: SUBJECT: CASA DEL RIO SENIOR HOUSING DEVELOPMENT: RESOLUTION 3728 AUTHORIZING THE EXECUTION OF LOAN DOCUMENTS FOR RENTAL HOUSING CONSTRUCTION PROGRAM I. RECOMMENDED ACTION: ADOPT Resolution No.3728 AUTHORIZING the Executive Director of the Housing Authority,or his designee, to execute an Amendment (hereinafter the "Amendment") to the Regulatory Agreement entered into as part of a previously approved Rental Housing Construction Program (RHCP) loan;and to execute any and all other documents deemed necessary or appropriate in order to evidence,secure or facilitate the closing of the RHCP loan from the State of California Department of Housing and Community Development (HCD), subject to review and approval of all documents by County Counsel. II. FINANCIAL IMPACT: The Amendment to the Regulatory Agreement requires, in part, that the Housing Authority guarantee performance of HACCC Casa del Rio, Inc.,which is the managing general partner of the Partnership that now owns the Casa del Rio Senior Housing Development. Potential obligations,if any,resulting:p from this Oarantee would be paid from Housing Authority funds. III. REASONS FOR.RECOMMENDATION/BACKGROUND On April.28, 1992, the Board of Commissioners authorized the Housing Authority to edter.into various loan documents for a RHCP loan,for partial funding of the Casa del Rio Senior Housing Debelopment,in an amount not to exceed $3,085,597. The Housing Authority thereafter executed the loan documents.'.Following Poard approval on May 24,1994,the ownership of the Casa del Rio Senior HousingDevelopment was transferred to CDR Senior Housing Associates,a California limited partnership (the "Partnership'. On June 30, the RHCP loan was assigned to the Partnership. HCD now requires that the Housing Authority, as the original sponsor/borrower, and the Partnership, as the new owner/borrower, execute an Amendment to the Regulatory Agreement entered into as part of the loan transaction. The Amendment requires,,in pertinent part,that the Housing Authority guarantee the performance of HACCC Casa del Rio, Inc. (i.e., the Partnership's general partner) and provide assistance to HACCC Casa del Rio, Inc., if necessary to assure compliance with the Regulatory Agreement. '. . IV. CONSEQUENCE OF NEGATIVE ACTION: A decision by the Board of Commissioners not to approve this Resolution authorizing the Executive Director, or his designee, to execute the documents would delay the permanent loan closing until after the ictinstruction loans expire and would mean that:the project would incur monetary:penalties until closing. CONTINUED ON ATTAC HNMNP SIGNATURE RFrnMNIENDATION OF EXECCTTIVE DIRECTOR RECOh0MWA1ION OF BOARD CO?AhM EE �pPROVE rnusm SIGNATURE(S) ACTION OF BOARD ON 'OCT 1 819% APPROVED AS RECOMMENDED_,� OTHER VOTE OF COMMISSIONERS Y I YNANIMOUS(ABSENT �- � I HEREBY CERTIFY THAT THIS IS A TRUE AND CORRECT 'AYES: NOES: COPY OF AN ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE BOARD OF COMMISSIONERS ON THE DATE SHOWN. ATTESTED OCT 18 Phil Batchelor,Cert of the Board of Commis i,== By ��. l—� ��a Q ; DEPUTY �.-7 Pte- 2 HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA RESOLUTION NO. 3728 RESOLUTION AUTHORIZING THE EXECUTION OF AN AMENDMENT TO A REGULATORY AGREEMENT, AND ANY OTHER AMENDMENTS OR DOCUMENTS RELATING TO A RENTAL HOUSING CONSTRUCTION PROGRAM LOAN, FROM THE STATE OF CALIFORNIA BY THE EXECUTIVE DIRECTOR OR HIS DESIGNEE WHEREAS, the State of California Department of Housing and Community Development (the "HCD" ) issued a Notice of Funding Availability under its Rental Housing Construction Program (the "RHCP" ) ; and WHEREAS, the Housing Authority (the "Housing Authority" ) applied for funding and received a conditional loan commitment letter from HCD for a RHCP loan, in an amount not to exceed $3,085,597, for its proposed Casa del Rio senior housing development in Antioch, CA; and WHEREAS, HCD and the Housing Authority have subsequently entered into a Standard Agreement, a Deed of Trust, a Promissory Note, a Development Agreement, and a Regulatory Agreement (the "RHCP Loan Documents" ) for the $3,085,597 RHCP loan for Casa del Rio; and WHEREAS, pursuant to Board authorization on May 24,; 1994, the Housing Authority transferred ownership of Casa del Rio to CDR Senior Housing Associates, a California Limited Partnership (the "Partnership" ) ; and r WHEREAS, the Partnership is established for the purposes of owning and operating the Casa del Rio development; and WHEREAS, the RHCP Loan Documents were assigned to the 'Partnership pursuant to the- Assignment and Assumption Agreem6nt, dated June 30, 1994; and WHEREAS, HCD requires that the Housing Authority, as' the original sponsor, and the Partnership, as the new owner, execute an Amendment to the RHCP Regulatory Agreement for this project; and WHEREAS, the Board of Commissioners has determined that it is in the best interests of the Housing Authority and Casa del Rio' to execute the Amendment to the RHCP Regulatory Agreement and any and all other documents required to evidence the RHCP loan and to close the permanent loans for the project; and. WHEREAS, the Board of Commissioners has determined that it is in the best interest of the .Housing Authority to authorize the Executive Director of the .Housing Authority, or his designee, to execute any of the above described documents . NOW, THEREFORE, BE IT RESOLVED, as follows : 1 . That the Board of Commissioners of the Housing Authority of the County of Contra Costa does hereby approve and accept the Amendment to the RHCP Regulatory Agreement, for the. RITCP loan in an amount not to exceed $3., 085,597, and any and all other documents deemed necessary or appropriate in order to evidence and secure the RHCP loan (collectively, the "RHCP Loan Documents." ) , subject to the review and approval of County Counsel. 2. That the Executive Director of the Housing Authority, or his designee, is hereby authorized and directed to take any and all actions, and execute any and all agreements or amendments necessary to secure the RHCP loan and to close the permanent loans for Casa del Rio. 1 .75 P cc;3,e..:3 3 . That this resolution shall take effect immediately. PASSED AND ADOPTED THIS 18th day of Oct. , 19 94 , by the following vote of the Commissioners : AYES: Commissioners Bishop, DeSaulnier, Torlakson and Powers NOES: None ABSENT: Commissioner Smith ABSTAIN: None cc: County Administrator County Counsel Housing Authority m1g:c\bo-3728.ash