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Home My WebLink AboutMINUTES - 12142004 - C.116 CONTRA •f P COSTA : COUNTY TO: BOARD OF SUPERVISORS FROM: Dennis M. Barry, AICD Community Development Director DATE: December 14, 2004 SUBJECT: Multi-Family Mortgage Revenue Bonds — Courtyard at Cypress Grove Apartments, Oakley SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) ,& BACKGROUND AND JUSTIFICATION RECOMMENDATIONS ADOPT Resolution acknowledging that a public hearing required by Section 147(f) of the Internal Revenue Code has been held by the Deputy Director -- Redevelopment, and authorizing issuance of Multi-Family Housing Revenue Bonds in an amount not to exceed$28 million to finance the development of the Courtyard at Cypress Grove Apartments,Oakley,and authorizing the Deputy Director—Redevelopment to execute such documents as necessary to effectuate the purposes of the Resolution. 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: ,?� EOMMENDATION OF COUNTY ADMINISTRATOR i ECOM NQATION C3F BOARD COMMITTEE ---APPROVE OTHER ' r SIGNATURE(S): ACTION OF BO ; jj ON ., v< n f"` %APPROVED AS RECOMMENDED 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. Contact: Jim Kennedy 3-1255 orig: Community Development • Y cc: County Administrator ATTESTED County Counsel JOHN SWEETEN, CLERK OF NE Housing Authority BOARD OF SUPERVISORS Redevelopment Agency AND THE COUNTY ADMINISTRATOR via: Community Development * Pacific Communities BY k f , DEPUTY * City of Oakley G:\CDBG-F2EDEV\redev\LNoble\Personal\Board Orders and Greeny.es\SOARD.courtyard.12.04.doc BACKGROUND/REASONS FOR RECOMMENDATIONS The Courtyard at Cypress Grove is a 96-unit project located on the south side of Cypress Road east of Highway 4,Oakley. This new development will contain 7 one-bedroom,39 two-bedroom units,and 50 three- bedroom units. The ownership entity is Oakley Cypress Associates, a California limited partnership, or an entity related thereto, Oakley Cypress Associates is an affiliate of Pacific West Communities,Nampa,Idaho. The developer has significant experience having developed eight affordable housing projects totaling over 1,200 units in California. The project has already secured a commitment of Oakley Redevelopment Agency financing in excess of$3 million for the project. The project has all required land use approvals. An application for Private Activity Bond Authority was submitted to the California Debt Limit Allocation Committee in July 2004,and authority to issue the multi-family bonds has been awarded. 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. 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 Board took this identical action on July 13, 2004, however there was a flaw in the public noticing, which required repeating this process. JK;In G:\CDBG-REDEV\redev\LNoble\Personal\Bcard Orders and Greenies\BOARD.courtyard.l2.04.doc THE BOAR} OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Resolution on December 14, 2004 by the following vote: AYES: SUPERVISOR5 GI4IA, i1ILKEMA, GREENLERG AND DdSAULNIER NOES: Wane ABSENT: _gJIMt TISOR FEDERAL D. GLOVER ABSTAIN: none SUBJECT: Resolution No. 2004/654 RESOLUTION AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS) IN AN AGGREGAGE PRINCIPAL AMOUNT NOT TO EXCEED$28,000,000 FOR THE FINANCING) OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT GENERALLY KNOWN AS COURTYARD AT CYPRESS GROVE,OAKLEY). 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 development of an 95-unit multifamily residential rental development generally known as Courtyard at Cypress Grove,Oakley and located on the south side of Cypress Road east of State Highway 4, Oakley, California (the "Project"), which will be owned and operated by Oakley Cypress Associates,L.P.,a California limited partnership,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 $28,000,000 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. Suction 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. G:\CDBG-RED EV\redev\LNobie\Personal\Documents\resolut(on.courtyard.12.04.doe 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. 1 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; December 14, 2004 John Sweeten, Clerk of the Board of Supervisors And Coghty Administrator BY � ;' f' ` � Deputy cc: Community Development RESOLUTION 20041654 G:\CDBG-REDEViredev\LNoble\Personaioocumentslresplution.courtyard.12.04.doe