HomeMy WebLinkAboutRESOLUTIONS - 01012003 - 2003-138 RESOLUTION NO. 2003/138
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 $10,000,000 FOR
THE FINANCING OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT GENERALLY
KNOWN AS HIDDEN COVE 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 88-unit multifamily residential rental development generally known as
Hidden Cove Apartments and located at 2901 Mary Ann Lane, Bay Point, California (the
"Project"), which will be owned and operated by Steadfast Hidden Cove LP, 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 $10,000,000 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.
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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 rewired 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 25'"day of February, 2003.
AYES: Supervisors Gioia, Uilkema, Gerber, Glover and DeSaulnier
NOES: None
ABSENT.- Nene
loa
Chair of the Board of Supervisors
ATTEST John Sweeten,
County Administrator and Clerk of
the Board of Supervisors
By. ---� at.,
Deputy Clerk
cc: Community Development
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