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Home My WebLink AboutMINUTES - 11182008 - C.84 %S J • r'4 UN TO: BOARD OF SUPERVISORS FROM: Catherine Kutsuris Department of Conservation and Development Director DATE: November 18, 2008 SUBJECT: Multi-Family Mortgage Revenue Bonds — Valley Vista Senior Housing, San Ramon SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS ADOPT Resolution 2008/716 authorizing issuance of Multi-Family Housing Revenue Bonds in an amount not to exceed $40 million to finance the construction of the Valley Vista Senior Housing, San Ramon. FISCAL IMPACT No General Fund obligation is involved. In the event bonds are issued, the County is reimbursed for costs associated with issuance of bonds. Annual expenses related to monitoring of the Regulatory Agreement are accommodated in the bond issue. The bonds to be issued will be solely secured by a pledge of revenues(rents, reserves, etc.) pledged under the bond documents. No County funds are pledged to secure the bonds. CONTINUED ON ATTACHMENT: X YES SIGNATURE: C 2/ RECOMMENDATI OF COUNTY ADMINISTRATOR ECOM NDATION 70ARD COMMITTEE APPROVE _ OTHER SIGNATURE(S): ACTION OF BOARD ON I ?-WO APPROVj1tb AS RECOMMENDED_\/"� OtHER VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN. Contact: Jim Kennedy 5-7225 orig: Conservation and Development ,,�� /I-- cc: County Administrator ATTESTED t , V944er C$. ZW9 County Counsel DAVID TWA, CLERK OF THE via: Conservation and Development BOARD OF SUPERVISORS AND Valley Vista Senior Housing, L.P. THE COUNTY ADMINISTRATOR City of San Ramon � ' �/�� .- . �J_ Jones Hall BY � , DEPUTY G:\CDBG-REDEV\MF MRB\Valley Vista, San Ramon\TEFRA\Sectionl47.Board.Order.11.2.08.doc BACKGROUND/REASONS FOR RECOMMENDATIONS Valley Vista Senior Housing is a 105-unit affordable senior rental development located at 20503 and 20709 San Ramon Valley Boulevard, San Ramon. The ownership entity is Valley Vista Senior Housing, L.P., a California Limited Partnership, the Owner and Property Management Company is American Baptist Homes of the West(ABHOW),the General Partner is Carmel Senior Housing Inc., a (501)(c)(3) nonprofit of which ABHOW is 100% member, and Satellite Housing, Inc. is the Developer. The Valley Vista Senior Housing project has already received funding commitments from the U.S. Department of Housing and Urban Development(Section 202 funds),the City of San Ramon and its Redevelopment Agency,the Contra Costa County HOME Investment Partnership Act program,and the Federal Home Loan Bank of San Francisco. The project will provide one and two bedroom units for independent seniors with annual incomes at or below 50%area median income.The project also includes laundry rooms, a 1,200 square foot community room, landscaped patio, and computer room. The proposed financing would implement policy of the City and the County to increase the supply of affordable senior housing.An application for Private Activity Bond Authority is to be submitted to the California Debt Limit Allocation Committee on December 1, 2008 in order to receive an allocation in January 2009. 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 January, 2009. G:\CDBG-REDEV\MF MRB\Valley Vista, San Ramon\TEFRA\Sectionl47.Board.Order.11.2.08.doc THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Resolution on November 18, 2008 by the following vote: s -L AYES: SUPERVISORS GIOIA, UILKEMA, BONILLA,AND PIEPHO `- NOES: NONE 10, ;ligan- S ABSENT; SUPERVISOR CLOVER o ABSTAIN: NONE _ SrA�couK'� SUBJECT: ,Resolution No. 2008/716 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 SENIOR RESIDENTIAL RENTAL PROJECT GENERALLY KNOWN AS VALLEY VISTA SENIOR HOUSING, SAN RAMON. 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 a 105-unit senior residential rental development generally known as Valley Vista Senior Housing and located at 20503 and 20709 San Ramon Valley Boulevard (APN 211-030-029), San Ramon, California(the"Project"), which will be owned by Valley Vista Senior Housing, L.P., a California Limited Partnership and affiliate of Satellite Housing, Inc., and operated by American Baptist Homes of the West (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 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. GACDBG-REDEV\MF MRB\Valley Vista,San Ramon\TEFRA\Sectlon147.Resolution.11.2.08.doc 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 18, 2008 David Twa, Clerk of the Board of Supervisors And County Administrator By ILU�t� Deputy cc: Department of Conservation and Development RESOLUTION 2008/716 G:\CDBG-REDEV\MF MRB\Valley Vista,San Ramon\TEFRA\Section147.Resolution.11.2.08.doc