HomeMy WebLinkAboutRESOLUTIONS - 01012003 - 2003-422 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Resolution on ,June 24, 2003 by the following vote:
AYES: Supervisors Gioia, Uilkema and DeSaulnler
NOES: None
ASSENT: Supervisor Glover
ABSTAIN: Nene
District III Seat Vacant
SUBJECT: Resolution No. 2003!422
RESOLUTION AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS)
IN AN AGGREGAGE PRINCIPAL AMOUNT NOT TO EXCEED$17,000,000 FOR THE FINANCING)
OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT GENERALLY KNOWN AS BAY VIEW
APARTMENTS.)
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 and construction of a
52-unit multifamily residential rental development generally known as Bay View Apartments,located on
Willow Pass Road between Bella Monte Avenue and Fairview Street,Bay Point(the"Project"),which will
be owned and operated by Resources for Community Development 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
$17,000,000 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 1585 (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,
fallowing 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.
Personal\documentslresoludon.bayview.apartments.6.03
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: June 24, 2003
John Sweeten, Clerk of the Board of Supervisors
And County Administrator
By _Deputy
cc: Community Development
RESOLUTION 20031 422
PersonaltdocumenWresolubon.bayvlew.apartments.6.03
TO: BOARD OF SUPERVISORS
FROM: Dennis M. Barry, AICP '
Community Development Director
DATE: June 24 2003 —'
SUBJECT: Multi-Family Mortgage Revenue Bonds – Bay View 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 $17.0 million to finance the development/construction of the Bay View
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: ,
,-RECOMMENDATION OF COUNTY ADMINISTRATOR RECOENDATION O BOARD
COMMITTEE APPROVE OTHER .
7
SIGNATURE(S):
t
ACTION OF BO ON June 24.,_ 2003 APPROVED AS RECOMMENDED x OTHER
VOTE OF SUPERVISORS
1 HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT Dover } TRUE AND CORRECT COPY-OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
Note: District III Seat vacant SUPERVISORS ON THE DATE SHOWN.
Contact: Jim Kennedy
3-1255
orig: Community Development
cc: County Administrator ATTESTED June 24, 2003
County Counsel JOHN SWEETEN, CLERK OF THE
Housing Authority BOARD OF SUPERVISORS
Redevelopment Agency AND THE COUNTY ADMINISTRATOR
via: Community Development
RCD B - , DEPUTY
Personal\Boardorders\BOARD.bayview.apartments. 6 . 03
BACKGROI, N1 DIREA_8ONS FOR RECaMMENDATIONa
Bay View Apartments are a 52-unit project located on the north side of Willow Pass Road between Bella
Monte Avenue and Fairview Street, Bay Point. The ownership entity is to be a limited partnership, the
managing General Partner of which will be Resources for Community Development.
The proposed financing would result in 100%of the units being reserved as affordable units for extremely low
and very low, low-income households.
An application for Private Activity Bond Authority may be submitted to the California Debt Limit Allocation
Committee. If awarded the authority in September the County would proceed to issue the multi-family bonds
by December, 2003. The proposed plan of finance would involve the issuance of unenhanced and unrated
tax-exempt bonds which adhere to the adopted County policies for such bonds. County Redevelopment and
CDBG/HOME funds have been committed to the project. Land use entitlements are in place.
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 November/December, 2003.
JK.In
Personal\BoardOrders\BOARD.bayview.apartments. 6 . 03