HomeMy WebLinkAboutMINUTES - 04251989 - 1.67 TO: BOARD OF SUPERVISORS
FROM: Harvey E. Bragdon Contra
Director of Community Development C1lJJta
DATE: April 14, 1989 Count/
SUBJECT: Submittal of Application for Multi-Family Mortgage Revenue Bond
Authority ---
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 $30 million dollars with respect to
multi-family revenue bonds to be issued by the County.
2. Authorize the above referenced officers, on behalf of the
County, to ce'rtify 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
FHA insurance. The County will receive compensation for its cost
of issuance and an annual fee for costs incurred in administering
the regulatory agreement.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On March 28, 1989 the Board adopted an inducement resolution
conditionally providing for the issuance of multi-family bonds to
finance the construction of the Byron Park Senior Citizen' s
CONTINUED ON ATTACHMENT: X YES SIGNATUREJaAx,a,
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMEDiDAT O .COMM E
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON _��� r�19� APPROVED AS RE ED �_ OTHER
VOTE OF SUPERVISORS
_ I HEREBY CERTIFY THAT THIS IS A
_>e-, UNANIMOUS (ABSENT �— ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
cc: Community Development ATTESTED APR 25 1989 -
County
989 -County Administrator PHIL BATCHELOR, CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Community Development AND COUNTY ADMINISTRATOR
via Community Development
Orrick & Sutcliffe BY , DEPUTY
Newman & Associates
A. F. Evans Company, Inc
Haynes & Miller
TRI Financial
L. B. Share & Associates
RA35/jb/subappl.bos
R
development on Tice Valley Blvd. in the Walnut Creek area
(Resolution No. 89/203 ) . This 187 unit Senior Citizen project had
received planning approvals from the Board of Supervisors in
September of 1986 (Subdivisions 6779;2679RZ;3030-86) . The
developer of the project is A. F. Evans Inc.
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. In order to complete
this financing in early June, it is imperative that an application
be filed with the State on or before May 1.