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HomeMy WebLinkAboutMINUTES - 06251991 - 1.82 I0 y THE BOARD OF COMMISSIONERS, HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA RESOLUTION NO. 3612 RESOLUTION APPROVING, AUTHORIZING AND DIRECTING THE EXECUTION AND DELIVERY OF A FIRST AMENDMENT TO REGULATORY AGREEMENT, AND DIRECTING RELATED ACTIONS IN CONNECTION THEREWITH, IN CONJUNCTION WITH THE MORAGA ROYALE APARTMENTS PROJECT WHEREAS, the Housing Authority of the County of Contra Costa (the "Issuer") has issued its Multifamily Mortgage Revenue Bonds (Moraga Royale) , 1985 Issue J in the aggregate principal amount of $4,375,000 (the "Bonds") pursuant to an Indenture of Trust (the "Indenture") , dated as of December 1, 1985, by and between the .Issuer and Security Pacific National Bank, as Trustee (the "Trustee") ; and, WHEREAS, the owner of the project financed with the proceeds of the Bonds (the "Project") , Moraga Royale, a California Partnership (the "Developer") has requested that the Regulatory Agreement dated as of December 1, 1985, by and amount the Issuer, the Trustee and the Developer (the "Regulatory Agreement") executed in connection with the issuance of the Bonds be amended so as to provide additional affordable rent guidelines for Lower Income Tenants (as defined in the Regulatory Agreement) which more accurately reflect current market conditions for the Project; and, WHEREAS, the Regulatory Agreement provides for the amendment of such Agreement upon the written consent of all of the parties thereto; and, WHEREAS, the Developer and the Trustee have consented to the execution and delivery of the First Amendment to Regulatory Agreement, dated as of May 1, 1991, by and among the Issuer, the Trustee and the Developer (the "First Amendment") , which consent will be evidenced by the execution and delivery thereof by the Developer and the Trustss: NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA, as follows: SECTION 1. First Amendment. The Issuer hereby approves and authorizes the delivery and execution of the First Amendment, in substantially the form on file with the Secretary of the Issuer, together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director of the Issuer. The Executive Director of the Issuer, or such other person designed by the Issuer, are hereby authorized and directed to execute and deliver to the Trustee and the Developer, for an in the name of the Issuer, the First Amendment. SECTION 1. Official Action. The Executive Director, any and all other officials of the Issuer, or such other person designated by the Issuer are hereby directed, for and on behalf of the Issuer, to do any and all things and take any and all actions, including, without limitation, the execution and delivery of any and all amendments or supplements to the documents executed and delivered by the Issuer in connection with the issuance of the Bonds, any and all assignments, certificates, agreements, notices, consents, instruments of conveyance and other documents which they, or any of them, on the advise of counsel to the Issuer, may deem necessary or advisable in order to effect the amendment of the Regulatory Agreement, as provided herein, and any and all assignments, certificates, agreements, notices, consents, instruments or conveynace and other documents which may be required, which they, or any of them, on the advise of counsel to the Issuer, may deem necessary or adviable in connection with the amendments of the Regulatory Agreement, as provided herein. PASSED ON June 25 , 1991 by the following vote of the Commissioners: AYES: Commissioners Fanden, Schroder , Torlakson, McPeak, Powers NOES: None l hereby certify tnal this is a true and correct copy of an action taken and entered on the minutes of the ABSENT• None Board of Sup4BAMELOR, on the date shown. p ' ATTESTED: �_.. ABSTAIN: None PHit. Clerk of t e Board of Supervisors and County Administrator .� Deputy y- ,HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA TO: BOARD OF COMMISSIONERS DATE: June 25, 1991 FROM: Perfecto Villarreal , Executive Director cc: SUBJECT: FIRST AMENDMENT TO REGULATORY AGREEMENT BETWEEN HOUSING AUTHORITY SECURITY PACIFIC NATIONAL BANK AND MORAGA ROYALE APARTMENTS PROJECT I. RECOMMENDED ACTION: ADOPT Resolution No. 3612 approving, authorizing and directing the execution and delivery of a First Amendment to the regulatory agreement and directing related actions in connection therewith, in conjunction with the Moraga Royale .Apartments Project, as recommended by the Advisory Housing Commission. II. FINANCIAL IMPACT: None. III. REASONS FOR RECOMMENDATION/BACKGROUND: On December 1, 1985 the Housing Authority of the County of Contra Costa issued multifamily mortgage revenue bonds in the amount of $4,375,000 to finance the construction of the Moraga Royale senior housing development. By virtue of that financing, the owner is obligated to provide 20% of the units as affordable units for low and moderate income tenants. The original regulatory agreement provided that the affordable units would be rented entirely to SSI recipients on a double occupancy basis. Experience has indicated that an insufficient number of SSI recipients were willing to share a unit in order to reside at Moraga Royale. Information documenting the inability to rent the units and additional marketing efforts to occupy the units on a double occupancy basis have been presented to Jim Kennedy in the Contra Costa County Community Development Department. Mr. Kennedy has verified this information through the staff of the County Office on Aging. The County Office on Aging concurs that there seems to be a major blockage as it relates to SSI residency at the remote location of Moraga Royale that marketing of the development in and of itself will not cure. In order to permit occupancy of qualified low and moderate income households who are not SSI recipients, the Community Development Department staff has proposed a modified requirement which is indentical to that utilized in the E1 Cerrito Royale project for lower income households. In general terms, the amendment would permit CONTINUED ON ATTACHMENT: YES SIGNATU(tE: RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION OF BOARD COMMITTEE APPROVE OTHER SIGNATURE($) ACTION OF BOARD ON APPROVED AS RECOMMENDED K OTHER 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 COMMISSIONERS ON THE DATE SHOWN. CC: ATTESTED Of 17 /9 91 Phil Batchelor, Clerk of the Board of Commissioners DEPUTY M382/7-83 BY � � Board of Commissioners June 25, 1991 Page -2- single occupancy by qualified low and moderate income tenants who would pay a monthly rent no greater than the less of the following: (1) An amount equal to 80% of the monthly income of a tenant earning 65% of the median ($1,420 for a single person and $1,620 for a household of two related persons) ; or, (2) The market rent (Board and Care rate) . At its Regular Meeting on Monday, June 17, 1991, the Advisory Housing Commission voted to recommend approval of Resolution No. 3612, approving, authorizing and directing the execution and delivery of a first amendment to regulatory agrement, and directing related actions in connection therewith, in conjunction with the Moraga Royale Apartments Project; and authorizing the Executive Director to execute the necessary legal documents related to the first amendment to this regulatory agreement. IV. CONSEQUENCES OF NEGATIVE ACTION: Should the Board of Commissioners elect to not adopt Resolution No. 3612 approving this first amendment, affordable units for low and moderate income elderly, disabled and handicapped individuals capable of independent living will be lost.