HomeMy WebLinkAboutMINUTES - 06261984 - 2.2 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on June 26. 1984 , by the following vote:
AYES: Supervisors Powers, Fanden, Schroder, McPeak and Torlakson
NOES: None
ABSENT: None
ABSTAIN: None
SUBJECT:
Resolution Conditionally Providing )
For The Issuance of Bonds To )
Finance Housing To Be Constructed ) RESOLUTION NO. 84/402
and Owned By Westwood )
Apartments-Antioch Partners )
and Riley Bower, Inc. )
WHEREAS, the County of Contra Costa (the "County") is a legal subdivision and
body corporate and politic of the State of California, duly organized and existing under the
Constitution and laws of the State of California; and
Whereas, the Board of Supervisors of the County, after careful study and
consideration, has determined that there is a shortage of safe and sanitary housing within
the County, and that it is in the best interest of the residents of the County and in
furtherance of the health, safety and welfare of the public for the County to assist in the
financing of housing developments; and
WHEREAS, the City of Antioch has requested that the County prospectively
include rental housing developments in their community in the-County's proposed issuance of
bonds to finance said housing, and have approved a cooperative agreement with the County
for said purposes; and
WHEREAS, Westwood Apartments Antioch Partners (Mike Selbert Keehner,
Partner) and Riley Bower, Inc. have requested that the County issue and sell its bonds for
the purpose of financing a multi-unit rental.housing projects (the "Projects"), to be located
respectively at the southwest corner of Buchanan and Somersvifle Roads (Assessor's Parcel
#089-150-004), Antioch, on San "Jose Drive approximately 1,000' northwest of its inter-
section with Buchanan Road (Assessor's Parcel #076-440-025), Antioch, to be acquired and
constructed by the respective Owners or by a related entity, and the County wishes to
induce the respective Owners to acquire and construct the Projects at said locations; and
WHEREAS, it is in the public interest and for the public benefit that the County
authorize such financing for the Projects, and it is within the powers of the County to
provide such financing; and
NOW, THEREFORE, BE IT RESOLVED, by the. Board of Supervisors of the
County of Contra Costa as follows:
1. The County approves execution of a Cooperative Agreement between the
County and the City of Antioch, and authorize the Chairman to execute said agreements.
RESOLUTION NO. 42/402
00 158
`r
(2)
2. The County will issue, at one time or from time to time, bonds in an
aggregate principal amount not to exceed $3,000,000 for the Westwood Apartment Project
and $6,000,000 for the Riley Bower, Inc. Project to provide financing for the Projects,
subject to the conditions that (i) the County by resolution shall have first agreed to
acceptable terms and conditions for the bonds (and for the sale and delivery thereof), and
for an indenture and all other agreements with respect to any of the foregoing; (ii.) all
requisite governmental approvals shall have first been obtained; (iii) the bonds shall- be
payable solely from revenues received with respect to loans or other investments made with
the proceeds of such, bonds, and neither the full faith nor the credit of the County shall be
pledged to the payment of the principal of or interest on any such bond; (iv) the County and
the Owner shall have entered into a preliminary agreement concerning the financing, in
substantially the form before this meeting, with such additions or deletions as are
considered necessary or appropriate by the County Planning Director or the County
Administrator and the Owner, and the Chairman of the County is hereby authorized to
execute said preliminary agreement for and in the name and on behalf of the County; (v) at
least twenty percent (20%) (fifteen percent (15%) in targeted areas) of the Project units are
to be occupied by individuals or families of low or moderate income as defined in Section
103(b) for at least the period required by Internal Revenue Code of 1954, as amended, said
section, and the Project shall otherwise meet any federal requirements for tax exemption of
interest on the bonds and any requirements of the County applicable to such financings.
3. The Chairman of the Board of Supervisors, the Clerk of the Board, the County
Planning Director, County Administrator, County Counsel and their deputies and other
officers of the County are hereby authorized and directed to participate in the preparation
of any resolution, indenture, bond purchase agreement, official statement and/or other
documents or agreements necessary or appropriate to effect such financing.
. . 4. It is the purpose and intent of the County that this Resolution constitute
official action toward the issuance of obligations by the County in accordance with Section
1.103-8(a)(5)(iii) of the Regulations of the United States Department of the Treasury.
5. This Resolution shall take effect immediately.
I t weby certify that this to a true and correct copy oT
sn action taken and antared on the cndnutaE of the
Board of Supervisors en the da!o st:o*e,.
ATTESTED:--
i
J.R. Oi.Es<.s - OUN= ; C:i_rrf K
and ex officlo Clez'k of the Board
By . Deputy
cc: Westwood Apartments - Antioch Partners
City of Antioch
Riley Bower, Inc.
Dean Witter Reynolds
Orrick, Herrington & Sutcliffe
Director of Planning
County Counsel
County Administrator
F
RESOLUTION NO. 84/402
00 159