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TO: BOARD OF SUPERVISORS °` CostaCounty_
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FROM: Harvey E. Bragdon ............ �Ju� �ty
Director of Community Development
DATE: July 10, 1990
SUBJECT: Submittal of Application for Multi-Family Mortgage Revenue Bond
Authority for a Multi-Family Project in the City of E1 Cerrito.
SPECIFIC REQUEST(S) OR RECONMKENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
1. Authorize the ', County Administrator 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 $20 million dollars with . respect to multi-family
revenue bonds to be issued by the County for a multi-family
project to be developed by the IBEX Group in the City of E1
Cerrito.
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 FHA Insurance. The County will
receive compensation for its cost of issuance and an annual fee for
costs incurred in administering the regulatory agreement.
CONTINUED ON ATTACHI4ENT: X YES SIGNATURE: IL
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOP!MENDATI F BO '`COMMI
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
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
County Administrator PHIV BAT , CLERK OF
County Counsel THE BOARD OF SUPERVISORS
Housing Authority AND COUNTY ADMINISTRATOR
Redevelopment Agency
via Community Development 2
Arnelle & Hastie BY �• %'l pl . DEPUTY
Newman & Associates
John Stewart Company
E1 Cerrito Redevelopment Agency
California Debt Limit Allocation Committee
Goldfarb & Lipman
Caine Gressel Midgley & Slater
BACKGROUNDJREASONS FOR RECOMMENDATIONS
On August 11, 1989 the Board adopted an inducement resolution
conditionally providing for the issuance of multi-family bonds to
finance the construction of an apartment project in the City of
E1 Cerrito (Resolution No. 89/566) . This 136 unit project for
families and seniors (20%) is to be developed by the IBEX Group, a
partnership of the John Stewart Company.
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.
RA35/jb/subappl.bos