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Home My WebLink AboutMINUTES - 01132009 - C.43 TO: BOARD OF SUPERVISORS FROM: Catherine Kutsuris, Director Conservation and Development Department DATE: January 13, 2009 SUBJECT: Multi-Family Mortgage Revenue Bonds — Giant Road Family Apartments Project, San Pablo SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS ADOPT Resolution approving a Fourth Amendment to Master Pledge and Assignment related to the County's 2005 issuance of $18,634,000 of Multi-Family Housing Revenue Bonds to finance the Giant Road Family Apartments, San Pablo. FISCAL IMPACT No General Fund obligation is involved. Bonds have been issued, and 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 bon CONTINUED ON ATTACHMENT: X YES SIGNATURE: � �� ids. RECOMMENDATION OF COUNTY ADMINISTRATOR _ RECO ENDATION 70ARD COMMITTEE APPROVE _ OTHER SIGNATURE(S): ACTION OF BOARD ON U 11.11 1-3 a00� APPROVE6AS RECOMM DED ' O ER VOTE OF SUPERVISORS CAt/ I HEREBY CERTIFY THAT THIS IS A V UNANIMOUS (ASSENT �'">�� ) 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 & Development cc: County Administrator ATTESTED'J&CLgUu County Counsel DAVID TWA, CLERK THE Housing Authority BOARD OF SUPERVISORS Redevelopment Agency AND THE COUNTY ADMINISTRATOR via: Conservation & Development y� EBALDC B (2i �GIGC , DEPUTY City of San Pablo G:\CDBG-REDEV\MF MRB\Giant Family Apts\Giant Reissue Section147.Board.Order.1.13.0.9.doc BACKGROUND/REASONS FOR RECOMMENDATIONS Giant Road Family Apartments is an 86-unit project located at 2832 Giant Road, San Pablo. The project was financed with multi-family housing revenue bonds issued by the County in 2005. The project was completed and opened in 2007. The ownership entity is Giant Development, L.P., a California limited partnership,with East Bay Asian Local Development Corporation(EBALDC)as the managing General Partner. The project also included County financing in the form of Community Development Block Grant funds of$60,000 and HOME Investment Partnership funds of$600,000. San Pablo also provided $450,000 of the financing with redevelopment funds. Due to the complexity in coordinating project-based Section 8 and Shelter Plus financing,the project to experience delays in achieving a final loan closing. The recommended action is the approval of the Fourth Amendment to Master Pledge and Assignment amending and supplementing the Original Pledge and Assignment in order to provide for a new maturity date of March 1, 2009 for the 2005 Series A-2 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. G:\CDBG-REDEV\MF MRB\Giant Family Apts\Giant Reissue Section147.Board.Order.1.13.09.doc RESOLUTION NO. 2009/10 A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA AUTHORIZING THE EXECUTION AND DELIVERY OF A FOURTH AMENDMENT TO MASTER PLEDGE AND ASSIGNMENT AND AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN OTHER DOCUMENTS AND CERTIFICATES AND APPROVING OTHER RELATED ACTIONS IN CONNECTION WITH GIANT ROAD FAMILY APARTMENTS WHEREAS, the County of Contra Costa (the "County') has heretofore issued its $3,135,000 aggregate principal amount of Multifamily Housing Revenue Bonds (Giant Road Family Apartments), 2005 Series A-1 (the "Series A-1 Bonds") and its $15,499,000 aggregate principal amount of Multifamily Housing Revenue Bonds (Giant Road Family Apartments), 2005 Series A-2 (the "Series A-2 Bonds" and, collectively with the Series A-1 Bonds, the "Bonds") pursuant to a Master Pledge and Assignment dated as of August 1, 2005, as heretofore amended by the First Amendment to Master Pledge and Assignment dated as of December 1, 2005 , a Second Amendment to Master Pledge and Assignment dated as of May 1, 2008 and a Third Amendment to Master Pledge and Assignment dated as of October 1, 2009 (collectively, the "Original Pledge and Assignment'), each among the County, the Agent and the Holder (collectively, the "Original Pledge and Assignment'), both by and among the County, and U.S. Bank National Association, as agent (the "Agent'), and U.S. Bank National Association, as holder (the "Holder"); WHEREAS, the County has lent the proceeds of the Bonds to Giant Development, L.P., a California limited partnership (the 'Borrower") pursuant to a Loan Agreement, dated as of August 1, 2005 (as amended, the "Loan Agreement'), by and between the Agent, as agent for the County, and the Borrower; WHEREAS, the Borrower has used the proceeds of the Bonds to acquire and construct the Project (as defined in the Original Pledge and Assignment); WHEREAS, the Original Pledge and Assignment has heretofore been amended two times at the request of the Borrower, the Agent and the Holder; WHEREAS, the Borrower has requested that the County, the Agent and the Holder further modify, amend and supplement the Original Pledge and Assignment, and the form of the Series A-2 Bonds, in accordance with the provisions of the Original Pledge and Assignment in order to provide for new maturity dates for the Series A-2 Bonds; WHEREAS, there has been presented to this meeting a proposed form of Fourth Amendment to the Master Pledge and Assignment (the "Fourth Amendment'), by and among the County, the Agent and the Holder, containing the revisions requested by the Borrower, the Agent and the Holder; WHEREAS, the Borrower the Agent and the Holder also desire to modify the method of determining the interest rate on the Bonds; WHEREAS, the execution and delivery of the Fourth Amendment and the change in interest rate methodology will cause the Bonds to be reissued for federal income tax purposes, and as a result, the provisions of the Internal Revenue Code requiring a public hearing are applicable to the execution and delivery of the FourthAmendment; WHEREAS, on January 5, 2009, the Deputy Director — Redevelopment of the County held a public hearing on the proposed issuance of the Bonds, as required under the Internal Revenue Code of 1986, following published notice of such hearing; and Whereas, the County has determined that it is in the public interest that such modifications, amendments and supplements as are set forth in the Third Amendment be made to the Original Pledge and Assignment, and that certain other actions be taken in connection therewith. NOW THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa, as follows: 1. The County hereby finds and declares that the above recitals are true and correct. 2. The Fourth Amendment, in the form on file with the Clerk of the Board of Supervisors, is hereby approved. The Chair of the Board of Supervisors, the Vice Chair of the Board of Supervisors, the County Administrator, the Interim Director, Department of Conservation and Development and the Deputy Director-Redevelopment (each a "Designated Officer') are hereby authorized and directed, for and in the name and on behalf of the County, to execute and deliver the Fourth Amendment in said form, together with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Fourth Amendment to Master Pledge and Assignment upon consultation with Bond Counsel to the County, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Fourth Amendment to Master Pledge and Assignment by the County, provided that no such addition or change shall extend the final maturity date of the Series A-2 Bonds to later than March 1, 2009. 3. The Designated Officers, each acting alone, are hereby are hereby authorized and directed, for and in the name and on behalf of the County, to execute and deliver the revised Bonds, in the form attached to the Fourth Amendment to Master Pledge and Assignment, together with such additions thereto or changes therein as are recommended or approved by the Designated Officer executing the Bonds upon consultation with Bond Counsel to the County, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Bonds by the County. The County shall deliver such Bonds to the Holder only upon the receipt from the Holder of the existing Bonds. 4. All actions heretofore taken by the officers and agents of the County with respect to the execution and delivery of the Fourth Amendment and the reissuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the County, including the Designated Officers, are hereby authorized and directed, upon consultation with Bond Counsel, 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 any and all certificates, agreements and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the transactions contemplated thereby Bonds in accordance with this Resolution, including but not limited to those certificates, agreements and other documents described in the Fourth Amendment and that are necessary in connection with the reissuance of the Bonds. 2 5. This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 13th day of January, 2009, by the following vote: AYES: Gioia,Uilkema,Piepho, Glover&Bonilla NOES: None ABSENT: None ABSTAIN: None A V' Chair ATTEST: David Twa County Administrator and Clerk Of the Board of Supervisors By: ,u�vu hl t�(J , LCX OVA- Deputy Clerk 3 SE ` TO: BOARD OF SUPERVISORS •:• - ; �-�•.,. Contra FROM: Mary Piepho, District 111 no� Costa DATE: January 13, 2009 `°srA�o;;N `" County SUBJECT: My California Story Slam Contest SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION RECOMMENDATION: PRESENTATION of award to Ashlie Kimbrell as the Contra Costa County winner of the California Arts Council's second annual "My California Story Slam", as recommended by Supervisor Mary Piepho. BACKGROUND: Ashlie Kimbrell, currently a senior at Liberty High School in Brentwood, is the Contra Costa County winner of the California Art Council's second annual "My California Story Slam" competition. The story slam is a writing competition designed to encourage students to use the knowledge of their lives and emotional journeys to create literature. High school juniors during the 2007-08 school year were requested "to write a short story expressing an event or time in your life when all your emotions were clear to you--a time when you said to yourself, 'I need to remember this."' The competition was made CONTINUED ON ATTACHMENT: YES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE APPROVE OTHER SIGNATURE(S): ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE AND CORRECT COPY OF AN ACTION TAKEN AND ENTERED ON MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN. UNANIMOUS(ABSENT ) AYES: NOES: ABSENT: ABSTAIN: Contact: Dorothy Sansoecore,A s and 9) I t t�i oe-7 cc: Robin Moore,Arts and Culture Commission ATTESTED `(/�,(� o`+% County Administration DAVID TWA,CLE,51<OFT E BOARD OFSUPERVISORS BY: �IA� �U2� DEPUTY Page 2 of 2 possible through funds from the sales of My California: Journeys by Great Writers, a fundraising project for California Arts Council literature programs for kids. Ashlie is receiving a check for five hundred dollars. Last year, Ashlie attended Independence High School in Brentwood. Their library receives a matching five hundred dollar check. AC5 is the Contra Costa County partner to the California Arts Council. AC5 worked with and supported the California Arts Council to bring this project to our county. In this role, AC5 assures that Contra Costa County's kids are included in events such as this which encourage expressions of creativity. � o �.. tom •" s �' WANT Yti Fy SIM v .v, C y, a iX§ t "Ily 71' Ln RknoTiz- CD IT F HIM may v WT d� � ;' 8• Aa t"! '� tlQ �., S (':S`,Et�'f: l' J F-� " '� tom'• " ra Ri hi h to Cn �L � E5 3 � IS. f a 't ��. CO) MIT, T i Yw G N \ �- ITTS a t Cn d� t En id `rri 1 E 74 TIP! I UrIew CF r. A.. �y ® t""M .,may \ -.� �• Y, � 1 daU)i �W r ieLi Si,U (>^� `i 'is*" ,.^ �E f l�J 1 `'F iT'T i MIAMI AW m '4 O x •�✓\!I ri t 4A O