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Home My WebLink AboutRESOLUTIONS - 01012001 - 2001-527 RESOLUTION NO. 9nol , 27 OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA, CALIFORNIA RESOLUTION AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGAGE PRINCIPAL AMOUNT NOT TO EXCEED $9,000,000 FOR THE FINANCING OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT GENERALLY KNOWN AS WILLOWBROOK APARTMENTS. 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 72-unit multifamily residential rental development generally known as Willowbrook Apartments and located at 110 Bailey Road, Bay Point, California (the "Project"), which will be owned and operated by a California Limited Partnership, the general administrative partner of which will be Avalon Communities, LLC, a California limited partnership,and.entities related thereto (collectively, the"Borrower"); WHEREAS, to assist in financing the Project, the County intends to sell and issue not to exceed $9,000,000 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; 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. RESOLUTION NO. 2001/527 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. 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. PASSED AND ADOPTED THIS 6th day of November, 2001, AYES: SUPERVISORS GIOIA, GERBER, DESAULNIER, GLOVER and UILKEMA NOES NONE ABSENT: NONE Ch of the Bo d of Supervisors ATTEST: John Sweeten, County Administrator and Clerk of the Board of Supervisors By: Deputy Clerk cc: Quint & Thimmig ARCS Mortgage RESOLUTION NO. 2001/527 Canna Costa TO:. BOARD OF SUPERVISORS UriCounty FROM: Dennis M. Barry, AICP Jfr Community Development Director DATE: November 6, 2001 SUBJECT: Multi-Family Mortgage Revenue Bonds –Willowbrook Apartments Project, Bay Point 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 $9 million to finance the acquisition/rehabilitation of the Willowbrook Apartments, Bay Point. 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: t,-RtbOMMENDATION OF COUNTY ADMINISTRATOR7 ECOM DATION OF 430ARD COMMITTEE —APPROVE OTHER V SIGNATURES) (I�,� ACTION OF Br_0N - &0��Z - APPROVED AS RECOMMENDED X 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 cc: County Administrator ATTESTED County Counsel JOHN SWEETEN, CLERK OF THE Housing Authority BOARD OF SUPERVISORS Building Inspection AND COUNTY ADMINISTRATOR via: Community Development By Avalon Communities, LLC BY e DEPUTY Newman & Associates Quint & Thimmig Dain Rauscher ARCS Mortgage . W: \Personal\BoardOrders\BOARD.willowbrookapts .rev.bonds . 11 . 01 BACKGROUND/REASONS FOR RECOMMENDATIONS WUkowbnooke� � a �unK '� located at11O Bailey Road in the unincorporated B� p� � community. The property was b \bi 1982, and contains 72'unbs (16onn-bedroom. 48 two-bedroom, and 8three-bednmom)ona3.Gacre site. The ownership entity ialimited partnership ofAvalon Communities,LLC. Avalon Communities, LLC, im a Southern California based developer who has developed/rehabilitated over 000 units in California over the last 5 yearo, utilizing tax exempt bonds and/or Low Income Housing Tax Credits. The President ofAvalon is Lao Puig. The proposed acquisition/rehabilitation [dthe Willowbrook Apartments project would result in 100% of the units being reserved aaaffordable units for 55years. Half of the affordable units would bereserved for very low income households earning 50%of the area median income or less,and half of the affordable units would be reserved for low income households earning 60% of the area median income or less. Project rents are expected to be: Rent Range* Very Low Income $871.00— 931.00 Low Income $805.00- 1.117.00 *Variable based onhousehold size and unit size. The projectioacurnent|yguboidiogdpr ject under the Federal 221(d)(4)mortgage insurance program,and is "At-Rie /' ofconversion tVmarket rate ifthe property |onot subject UJfinancing that provides for continued affordability. An application for Private Activity Bond Authority has been submitted buthe California Debt Limit Allocation Committee. |fawarded the authority|nDecember the County would proceed toissue the multi-family bond early in 2002. The proposed plan of finance would involve the issuance of Fannie Mae enhanced tax exempt and taxable bonds. The financing would result in$1 0,000/unit in renovation and upgrades including:painting, appliances,fixtures,and heating improvements. Energy efficiency is akey theme nfthe renovation program. The Counb/o Building Inspection Department has been involved in developing the proposed rehabilitation program. The recommended action hsthe adoption ofsResolution bythe Board, ' the legislative body cdthe County, authorizing the issuance ofbonds. The Board's action acknowledges that apublic hearing has been held by the Deputy Director— Redevelopment as ,gqu|nod by Section 147U0 of the Internal Revenue Code, The recommended action Vdthe Board imnot the Bond Sale Resolution. Such action would come back tothe Board after receipt of an allocation from the State for Private Activity Bond Authority. Expected timing for o Bond Sale Resolution would belate winter orspring,20O2. JPCjn ` ` VV: \I`ereonaI\BoardOrders\BOARD.wiIIovbrnokaots 'rev'bondo . lI ' OI