HomeMy WebLinkAboutMINUTES - 03111986 - 1.55 1 - or 5
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HOUSING AUTHORITY OF THE .COUNTY OF .CONTRA COSTA
TO: Board of Commissioners DATE:
February 5, 19.86.
FROM: Perfecto Villarreal cc. Community Development
Executive Director County Administrator
SUBJECT: Inducement Action for Multi-Family Projects
I RECOMMENDATION
Adopt resolution conditionally providing for the issuance of revenue
bonds to finance multi-family rental housing developments to be owned
by the parties listed as the ownership entity on Exhibit A attached,
as recommended by the Advisory Housing 'Comm ssion.
II FINANCIAL IMPACT
None. . In the event that the bonds are issued, the Authority and the
County is reimbursed for costs incurred. Annual expenses for monitoring
a of Regulatory Agreement provisions are accomodated in the bond issue.
In the event that no bond issue occurs, the Authority and the County have
already been paid an "Inducement Fee" to offset expenses . Given that
the Authority is a back-up issuer in the event that the County is
unable to do so, the expenses of the Authority should be minimal .
III BACKGROUND
The owners of prospective multi-family. rental housing developments desire
to be included in a future multi-family revenue bond financing program.
In order to provide financing eligibility for costs incurred, the develop-
ment must be induced, i .e. , a. conditional statement of intent by the
Board of Commissioners must be adopted . The Inducement action does
not obligate the County or the owner without future discretionary actions.
CONTINUED ON ATTACHMENT: YES SIGNATURE: //
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RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMEND TION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S)
AI.TION OF BOARD ONP.RO`LEC AS RECOMMENDED
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VOTE OF COMMISSIONERS.
UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS A TRUE AND
AYES: NOES: CORRECT COPY OF AN ACTION TAKEN AND
ABSENT: ABSTAIN: ENTERED ON THE MINUTES OF THE BOARD
OF COMMISSI MRS ON THE DATE SHOWN.
C C: County Counsel ATTESTED t �
County Administrator Phil Batchelor, Clerk of the
Community Development Board of Commissioners
Developers. via Community Development
M382/7-83 B W DEPUTY
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RESOLUTION NO. 3478
OF.THE HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
RESOLUTION CONCERNING THE ISSUANCE OF
REVENUE BONDS TO FINANCE THE CONSTRUCTION
OF MULTIFAMILY HOUSING DEVELOPMENT(S)
WHEREAS, the Commissioners of the Housing Authority of the County of Contra
Costa (the "Authority"), after careful study and consideration, has determined that there is
a shortage of safe and sanitary housing within the County of Contra Costa (the "County"),
particularly for low or moderate income persons, 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 Authority to assist in the financing of multifamily rental housing units;
WHEREAS, pursuant to Division 24 of the Health and Safety Code of the State of
California, and particularly Chapter 1 of Part 2 thereof (the "Act"), the Authority is
empowered to issue and sell bonds, notes and other obligations for the purpose of making
mortgage loans or otherwise providing funds to finance the development of multifamily
rental housing including units for lower income households and very low income households;
and
WHEREAS, the Authority has now determined to provide financing for the
multifamily rental housing development(s), identified in Exhibit A hereto (the
"Development"), and in order to finance the Development the Authority intends to issue one
or more issues of revenue bonds, notes or other obligations pursuant to the Act;
NOW, THEREFORE, BE IT RESOLVED by the Commissioners of the Housing
Authority of the County of Contra Costa as follows:
1. The Authority hereby determines that it is necessary and desirable to
provide construction and permanent financing for the Development by the issuance, pursuant
to the Act or other appropriate authority, of one or more issues of mortgage revenue bonds,
notes or other obligations (the "Bonds") in an aggregate principal amount not to exceed the
amount set forth on Exhibit A hereto, subject to the conditions that (i) the Authority 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 Authority shall be pledged to the payment of the principal of or interest on any such
bond; (iv) the Authority and the Owner shall have entered into a preliminary agreement
concerning the financing, in substantially the form attached hereto as Exhibit B, with such
additions or deletions as are considered necessary or appropriate by the Executive Director
of the Authority, or the County Director of Community Development or the County
Administrator, and the Owner, and the Chair of the Board of Commissioners, the Executive
Director of the Authority and the County Director of Community Development are hereby
authorized to execute said preliminary agreement for and in the name and on behalf of the
Authority; (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 Development shall otherwise meet any federal
requirments for tax exemption of interest on the bonds and any requirements of the
Authority applicable to such financings. The Development is to be located at the site and is
to consist of approximately the number of units set forth in said Exhibit A, and is to be
developed and owned by the Developer described therein or by a related entity or an entity
to be created by persons comprising said developer. Subject to final approval by the
Commissioners of the Authority, the Executive Director of the Authority, other officers of
the Authority, and the Director of Community Development for the County of Contra Costa
are hereby authorized and directed. for and in the name and on behalf of the Authority, to
take all necessary actions to finance the Development, including the actions necessary for
the issuance of the Bonds.
Page 2
2. It is intended that this resolution shall constitute"some other official
action" toward the issuance of the Bonds to finance the Development within the meaning of
Section 1.103-8(a)(5) of the Treasury Regulations promulgated under Section 103 of the
Internal Revenue code of 1954, as amended.
3. The Executive Director of the Authority and other officers of the
Authority and the Director of Community Development for the County of Contra Costa are
hereby authorized and directed, for and in the name and on behalf of the Authority, to take
all actions and to sign all documents necessary or desirable to effectuate the purposes of
resolution____
-
4. Nothinghereincontained shall bedeemed tocreate anyliabilityonthe
part of the Authority if the Authority, in its sole discretion, determines at any time and for
any reason not to issue such Bonds or to finance the Development.
This resolutionshalltake effcctimmediately upon itspassageandadoption.
PASSED AND ADOPTED by the Commissioners of the Housing Authority of the
County of Contra Costa, this 11th day of March 1986, by the following vote:
1 AYES: Commissioners Fand,-n , ,--cPeak, Torlal�son, Powers .
NOES: None.
ABSENT: Co:-r_:issi oyer Schroder .
ABSTAIN: <o-ze.
s
Chairwasaaa of the Authority
ATTEST:
Executive Director of the Authority
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RESOLUTION NO. 3478
RESOLUTION NO. 3478
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