HomeMy WebLinkAboutMINUTES - 11042003 - C104 TO: BOARD OF SUPERVISORS
FROM: Dennis M. Barry, AICP
Community Development Director
DATE: November 4, 2003
SUBJECT: Multi-Family Mortgage Revenue Bonds — Lakeside Apartments Project, Concord
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 $23 million to finance the acquisition/rehabilitation of the Lakeside
Apartments, Concord.
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.
ECOMMENDATION OF COUNTY ADMINISTRATOR ECOM DATION OF OARD
COMMITTEE ,.,-APPROVE OTHER
SIGNATURE(S):
ACTION OF BOA N �Zo,eldg---APPROVED AS RECOMMENDED 2e-e�ffl�.
11b
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.
Contact: Jim Kennedy
3-1255
orifi: Community Development
cc: County Administrator ATTESTED
County Counsel JOHN SWEETEN, CLERK OF THE
Housing Authority BOARD OF SUPERVISORS
Redevelopment Agency AND THE COUNTY ADMINISTRATOR
via: Community Development
* Resources for Community Development B Y DEPUTY
mon..am..
* City of Concord
H:\Personal\Board Orders and Greenies\BOARD.lakeside-10.03-doc
A ..
BACKGROUND/REASONS FOR RECOMMENDATIONS
Lakeside Apartments is a 124-unit project located at 1897 Oakmead Drive,Concord. The property was built in
1961 and contains 59 one-bedroom,53 two-bedroom units,and 12 three-bedroom units. The ownership entity
is to be a limited partnership, the managing General Partner of which will be Resources for Community
Development (RCD). Resources for Community Development is an Alameda County based non-profit
developer who has developed/rehabilitated over 500 units in the Bay Area over the last 5 years, utilizing tax-
exempt bonds and/or Low Income Housing Tax Credits. They recently completed the acquisition/renovation of
the Camara Circle Apartments in Concord,and Pinecrest Apartments in Antioch. They have also completed
new construction projects recently in Pinole (Alvarado Court) and Concord (Bonifacio Place), and have
undertaken development of the Bay View Apartments in Bay Point.
The proposed acquisition/rehabilitation of the Lakeside Apartments project would result in rental housing
opportunities for working families with very-low and low incomes. The average affordability will be 52% of
Area Median Income(approximately$41,650 per year).
An application for Private Activity Bond Authority will be submitted to the California Debt Limit Allocation
Committee late in 2003, or in 2004. If awarded the authority, the County would proceed to issue the multi-
family bonds in 2004. The proposed plan of finance would involve the issuance of unenhanced and unrated
tax-exempt bonds which adhere to the adopted County policies for such bonds. County HOME funds are
being considered for inclusion in the plan of finance in order to secure very low-income units. The City of
Concord, through its Redevelopment Agency, has committed over $3.4 million to the transaction. The
financing would result in$27,800/unit in renovation and upgrades including: correction of code deficiencies,
roof replacement,replacement of floor coverings,interior painting,appliances,fixtures,heating/air conditioning
improvements, and deck/balcony repair replacement. Energy efficiency is a key theme of the renovation
program.
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 nor an allocation of HOME funds. Such
actions would come back to the Board after receipt of an allocation from the State for Private Activity Bond
Authority, and after submittal/review/recommendation for HOME funds. Expected timing for a Bond Sale
Resolution would be in the first half of 2004.
JK:In
H:\Personal\Board Orders and Greenies\BOARD.lakeside.10.03.doc
lley dy
THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Resolution on November 4, 2003 by the following vote: ,.. , ,
AYES: SUPERVISORS GIOIA UIZKEMA, GREENBERG, GLOVER AND '+ .-
DESAULNIER
.r
NOES: NONE
r
t
ABSENT: NONE c'o•:. = ,,,r•``
ABSTAIN: NONE
SUBJECT: Resolution No. 2003/ 681
RESOLUTION AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS)
IN AN AGGREGAGE PRINCIPAL AMOUNT NOT TO EXCEED$23,000,000 FOR THE FINANCING)
OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT GENERALLY KNOWN AS LAKESIDE
APARTMENTS, CONCORD).
It is hereby RESOLVED by the Board that:
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 acquisition and rehabilitation of a
124-unit multifamily residential rental development generally known as Lakeside Apartments and located
at 1897 Oakmead Drive, Concord, California (the "Project'), which will be owned and operated by
Lakeside Apartments, L.P., a limited partnership with Resources for Community Development as
Managing General Partner, or an entity related thereto (collectively, the"Borrower");
WHEREAS,to assist in financing the Project,the County intends to sell and issue not to exceed
$23,000,000 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 1988 (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.
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.
Personalldocu mentslresolution.lakeside.10.03
2003/681
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 5. This Resolution shall take effect upon its adoption.
I hereby certify that this is a true and correct copy
of an action taken and entered on the minutes of
the Board of Supervisors on the date shown
ATTESTED: November 4, 2003
John sweeten, Jerk of the Board of Supervisors
And County ministrator
:;000,0�
By Deputy
cc: Community Development
RESOLUTION 2003/ 681
Personandocuments\resolution.lakeside.10.03
THE-BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
illIIIIIIIIIIIIIIIIII,
Adopted this Resolution on November 4, 2003 by the following vote: ,+$ ,1
111111111111111
AYES: SUPERVISORS GIOIA, UILKEMA, GREENBERG., GLOVER AND
DESAULNIER
NOES: NONE
ABSENT: NONE
OU
ABSTAIN: -NONE"
SUBJECT: Resolution No. 2003/ 681
RESOLUTION AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS)
IN AN AGGREGAGE PRINCIPAL AMOUNT NOT TO EXCEED$23,000,000 FOR THE FINANCING)
OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT GENERALLY KNOWN AS LAKESIDE
APARTMENTS, CONCORD).
It is hereby RESOLVED by the Board that:
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 acquisition and rehabilitation of a
124-unit multifamily residential rental development generally known as Lakeside Apartments and located
at 1897 Oakmead Drive, Concord, California (the "Project"), which will be owned and operated by
Lakeside Apartments, L.P., a limited partnership with Resources for Community Development as
Managing General Partner, or an entity related thereto (collectively, the "Borrower");
WHEREAS,to assist in financing the Project,the County intends to sell and issue not to exceed
$23,000,000 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 1986 (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.
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.
Personal\documents\resolution.lakeside.10.03
2003/681
a
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 5. This Resolution shall take effect upon its adoption.
I hereby certify that this is a true and correct copy
of an action taken and entered on the minutes of
the Board of Supervisors on the date shown
ATTESTED: November 4, 2003
John Sweeten, Clerk of the Board of Supervisors
And Coun Administrator
Beputy
cc: Community Development
RESOLUT 2003/ 681
Personal\documents\resolution.lakeside.10.03