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Home My WebLink AboutMINUTES - 02252003 - C125 TO: BOARD OF SUPERVISORS FROM: Dennis M. Barry, AICD 1 _ ' Community Development Director DATE: February 25, 2003 SUBJECT: Multi-Family Mortgage Revenue Bands — Creekview at Windemere, Dougherty Valley, San Ramon area. SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS ADOPT Resolution authorizing issuance of Multi-Family Housing Revenue Bonds in an amount not to exceed$40 million to finance the development/construction of the Creekview at Windemere Apartments, Dougherty Valley, San Ramon area. FISCAL IMPACT No General Fund obligation is involved. County costs associated with issuance of bonds are covered, as are annual administrative costs. CONTINUED ON ATTACHMENT: X YES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR __7,f-, E COMMEN AT ON OF 0TbARD COMMITTEE APPROVE OTHER r { SIGNATURES} .. ACTIONOFBOAKOON February 25, 203 APPROVED AS RECOMMENDED OTHER { VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A x UNANIMOUS (ABSENT None } 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. Contact: Jim Kennedy 3-1255 orig: Community Development `ebrtxa cc: County Administrator ATTESTED County Counsel JOHN SWEETEN, CLERK OF THE Housing Authority BOARD OF SUPERVISORS Redevelopment Agency AND THE FOUNTY ADMINISTRATOR via: Community Development Fairfield Residential BY _, DEPUTY Jones Hall Litten Financial Consulting W: \Personal\BoardOrders\BOARD.creekv4Lew.windemere. 2 . 03 BACKGROUND/REASONS FOR RECOMMENDATIONS Creekview at Windemere Apartments is a 350-unit project located at Ballinger Canyon Road and Harcourt Way, San Ramon area(128 one-bedroom, 130 two-bedroom,92 three-bedroom)on a 19.3 acre site. The ownership entity is FFP, LP, a limited partnership of Fairfield Residential, a San Diego based developer/rehabilitated over 19,000 units in California and elsewhere over the last 6"years. Many of these transactions used tax-exempt bands and/or Low income Housing Tax Credits. The proposed development of the Creekview at Windemere Apartments project would result in 900%of the units being reserved as affordable units for 55 years. Twenty-nine percent(29%or 100 units)of the affordable units would be reserved for very law income households earning 50%of the area median income or less,and seventy-one percent(71%or 250 units)of the affordable units would be reserved for law income households earning 60%of the area median income or less. Project rents are expected to be: Rent Ranae* Very Low Income $696.00-850.00 Low Income $845.00- 1,037.00 *Variable based on household size and unit size. An application for Private Activity Band Authority has been submitted to the California:Debt Limit Allocation Committee. If awarded the authority in March the County would proceed to issue the multi-family bonds by June 2003. The proposed plan of finance would involve the issuance of Freddie Mac enhanced tax exempt and taxable bonds. The recommended action is the adoption of a Resolution by the Board,as the legislative body of the County, authorizing the issuance of bonds. The Board's action acknowledges that a public hearing has been held by the Deputy Director- Redevelopment as required by Section 147(f) of the Internal Revenue Code. The recommended action of the Board is not the Bond Sale Resolution. Such action would come back to the Board after receipt of an allocation from the State for Private Activity Bond Authority. Expected timing for a Bond Sale Resolution would be spring,2003. JK:ln W: \Personal\BoardOrders\BOARD.creekview.windemere . 2 . 03 RESOLUTION NO. 2003/139 OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA, CALIFORNIA RESOLUTION AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGAGE PRINCIPAL AMOUNT NOT TO EXCEED $40,000,000 FOR THE FINANCING OF A MULTIFAMILY RESIDENTIAL RENTAL PROTECT GENERALLY KNOWN AS CREEKVIEW AT WINDEMERE APARTMENTS. WHEREAS, the County of Contra Costa (the "County") is authorized to issue multifamily housing revenue bonds pursuant to Section 52075 and following of the California Health and Safety Code,' WHEREAS, the County desires to participate in financing the development and construction of a 350-unit multifamily residential rental development generally known as Creekview at Windemere Apartments and located at Harcourt Way and Bollinger Canyon Road, San Ramon/Dougherty Valley area (the "Project"), which will be owned and operated by FFP Development, LP, a California limited partnership, or entity related thereto (collectively, the"Borrower"); WHEREAS, to assist in financing the Project, the County intends to sell and issue not to exceed $40,000,000 aggregate principal amount of its multifamily housing revenue bonds (the "Bonds") and to loan the proceeds thereof to the Borrower, thereby reducing the cost of the Project and assisting in providing housing for low income persons; WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1985 (the "Code"), the financing of the Project and the issuance of the Bonds by the County must be approved by the"applicable representative of the County" (as defined in the Code); WHEREAS, the Board of Supervisors of the County of Contra Costa (the "Board"), is the elected legislative body of the County and is one of the applicable elected representatives required to approve the financing of the Project and the Bonds under Section 147(f)of the Code; WHEREAS, pursuant to Section 147(f) of the Code, the Deputy Director Redevelopment has, following notice duly given, held a public hearing regarding the financing of the Project and the issuance of the Bonds at which no public comments were made; and WHEREAS, the Board desires to approve the financing and the issuance of the Bonds; NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the County of Contra Costa,as follows: Section 1. The Board hereby specifically finds and declares that the statements, findings and determinations of the County set forth above are true and correct. personal\documents\reso lut ion.cree kvi ew.hous.bond.2.03 Section 2. For purposes of Section 147(f) of the Code, the Board hereby authorizes the issuance of Bonds by the County to finance the Project. Section 3. The adoption of this Resolution does not (1) relieve or exempt the Borrower from obtaining any other permits or approvals that are required by,or determined to be necessary from, the County in connection with the Project, nor (2) obligate the Country to incur any obligation or provide financial assistance with respect to the Bonds or the Project. Section 4. All actions heretofore taken by the officers and!agents of the County with respect to the financing of the Project and the sale and issuance of Bonds are hereby approved, ratified and confirmed, and any authorized officer of the County is hereby authorized and directed, for and in the name and on behalf of the County, to do any and all things and take any and all actions and execute and deliver any an all certificates, agreements and other documents, which any such officer may deem necessary or advisable in order to effectuate the purposes of this Resolution. Section v. This Resolution shall take effect upon its adoption. PASSED AND ADOPTED THIS 25h day of February, 2003. AYES: Supervisors Gioia, Uilkema, Gerber, Glover and DeSaulnier NOES: None ABSENT: None Chair of the Board of Supervisors ATTEST: John Sweeten, County Administrator and Clerk of the Board of Supervisors By; - e . beputy Clerk cc: Community bevelopment personal\documents\reso Iution.creekview.hous.bond.2.03