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TO: BOARD OF SUPERVISORS
Contra
FROM: Harvey E. Bragdona
Director of Community Development
DATE: May 25, 1989 Cour
SUBJECT: Submittal of Application for Multi-Family Mortgage Revenue Bond
Authority for the Park Regency Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
1. Authorize the Director of Community Development or the Deputy
Director - Redevelopment, on behalf of the County, to submit
an application and such other documents as may be required to
the California Debt Limit Allocation Committee for an
allocation of up to $50 million dollars with respect to
multi-family revenue bonds to be issued by the County for the
Park Regency project (Pleasant Hill BART Station Area) .
2. Authorize the above referenced officers, on behalf of the
County, to certify to the California Debt Limit Allocation
Committee that the County has collected and placed on deposit
an amount equal to 1% of the amount of allocation being
requested.
FISCAL IMPACT
None. The project will be financed with Revenue Bonds, the
security for which is the mortgage payments from the project and
credit enhancement provided by a letter of credit. The County will
receive compensation for its cost of issuance and an annual fee for
costs incurred in administering the regulatory agreement.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
_ RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATI OF BOARD OMMI E
APPROVE _ OTHER
SIGNATURE(S) :
ACTION OF BOARD ON June 5 , 1989 APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
X ---- I HEREBY CERTIFY THAT THIS IS A
_ UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ASSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
cc: Community Development ATTESTED June 6 , 1989
County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Housing Authority AND COUNTY ADMINISTRATOR
Redevelopment Agency
via Community Development
Orrick, Herrington & Sutcliffe BY Q �jL,e�� , DEPUTY
Bancroft Garcia & Lavell, Inc. IV
GBW Properties
Urban Holdings
Rich Fordiani
Goldfarb & Lipman
Caine Gressel Midgley & Slater
RA35/jb/subappl.bos
BACKGROUND/REASONS FOR RECOMMENDATIONS
On April 11, 1989 the Board adopted an inducement resolution
conditionally providing for the issuance of multi-family bonds to
finance the construction of the Park Regency Apartments in the
Pleasant Hill BART Station area (Resolution No. 89/217) . This 882
unit project had received planning approvals from the Board of
Supervisors in 1988. The developer of the project is Pleasant Hill
Developments, a California limited partnership, comprised of Urban
Holdings, GBW Properties, and Rich Fordiani.
The developer is in a position to pursue tax exempt financing for
this project. In order to secure the necessary authority for such
a financing, the County must file an application with the
California Debt Limit Allocation Committee.