HomeMy WebLinkAboutMINUTES - 11152005 - C108 c� `cwt
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TO: BOARD OF SUPERVISORS
FROM: Dennis M. Barry, AICP
Community Development Director
DATE: November 15, 2005
SUBJECT: Multi-Family Mortgage Revenue Bonds — Casablanca Apartments, Danville 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$25 million to finance the development of the Casablanca Apartments,
Danville 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: i �
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RECOMMENDATION OF COUNTY ADMINISTRATOR RECOM NDATION BOARD
COMMITTEE ... ,4PPROVE OTHER
SIGNATURE(S): Of
ACTION OF BOA N 45, 2005 APPROVED AS RECOMMENDED to* OT ER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT��'8"� 1 TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
mmwwrm� SUPERVISORS ON THE DATE SHOWN.
Contact: Jim Kennedy
3-1255
orig: Community Development
cc: County Administrator ATTESTED /�� /5 '
County Counsel JOHN SWEETEN, CLERK OF THE
Housing Authority BOARD OF SUPERVISORS
Redevelopment Agency AND THE COUNTY ADMINISTRATOR
1W
via: Community Development � ) �,I.
*Braddock & Logan BDEPUTY
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BACKGROUND/REASONS FOR RECOMMENDATIONS
Casablanca is an 95-unit project located in the Camino Tassajara area east of Danville. The
ownership entity is Contra Costa RE Investors, LLC, or a related entity. The development entity is
related to Braddock and Logan.
The proposed financing would implement an element of the County adopted affordability
requirements contained in the Camino Tassajara Affordable Housing Program. An application for
Private Activity Bond Authority will be submitted to the California Debt Limit Allocation Committee in
2006.
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
actions 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 in Octobe r-November 2004.
JK:bd
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11.15.05.doc
THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Resolution on November 15, 2005 by the following vote:
AYES: Gioia,Piepho,DeSaulnier,Glover and Uilkema
NOES: None '
i
ABSENT: None •., _ ;,,
ABSTAIN: None .
rA'couK'r'�
SUBJECT: Resolution No. 2005/4w
RESOLUTION AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS)
IN AN AGGREGAGE PRINCIPAL AMOUNT NOT TO EXCEED$25,000,000 FOR THE FINANCING)
OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT GENERALLY KNOWN AS CASABLANCA
APARTMENTS, DANVILLE ARREA).
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 Casablanca Apartments and located at the
southeast corner of Camino Tassajara and Monterosso, bounded on the south by Casablanca Street,
Danville area,California(the"Project"),which will be owned and operated by Contra Costa RE Investors,
LLC., 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
$25,000,000 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.
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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.
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 15, 2005
John Sweeten, Clerk of the Board of Supervisors
And County Administrator
By Deputy
cc: Community Development
RESOLUTION 2005/ 420
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