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Home My WebLink AboutMINUTES - 05241994 - 1.68 HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA TO: BOARD OF COMMISSIONERS DATE: May 24, 1994 FROM: Richard J. Martinez, Executive Director cc: SUBJECT: CASA DEL RIO SENIOR HOUSING DEVELOPMENT: RESOLUTION 3709 AUTHORIZING ACTION TO BE UNDERTAKEN IN CONNECTION WITH THE TRANSFER OF CASA DEL RIO TO CDR SENIOR HOUSING ASSOCIATES, A CALIFORNIA LIMITED PARTNERSHIP I. RECOMMENDED ACTION ADOPT Resolution No. 3709 AUTHORIZING the Housing Authority (a) to convey fee title to the Land and the Improvements at Casa del Rio to CDR Senior Housing Associates (the "Partnership") for good and valuable consideration as described in said Resolution; (b) to transfer its rights and obligations under the Federal Low Income Housing Tax Credit Carryover Allocation to the Partnership; and (c) to enter into any and all agreements necessary to convey the Land and the Improvements and to transfer the Carryover Allocation to the Partnership; and AUTHORIZING the Executive Director of the Housing Authority to take any and all actions and to execute any and all documents necessary to consummate the activity contemplated in this Resolution, subject to review and approval of all documents by County Counsel. Il. FINANCIAL IMPACT: No General Funds required. III. REASONS FOR RECOMMENDATION/BACKGROUND Last fall the Authority received a carryover allocation of federal low income housing tax credits from the California Tax Credit Allocation Committee (TCAC)for the Casa del Rio development. Under this program,tax credits are sold to investors/limited partners to provide substantial syndication proceeds for selected low income housing projects which received carryover allocation. Pursuant to Board authorization on December 7, 1993, the Authority established HACCC Casa del Rio, Inc., a non-profit affiliate of the Authority, to act as the managing general partner of CDR Senior Housing Associates, a limited partnership. CDR Senior Housing Associates was formed to allow the project to participate in the tax credit program,to acquire Casa del Rio,and to allow the limited partner,MHIFED I Limited Partnership,to provide equity funding to the project in exchange for the tax credits. At this time it is necessary for the Authority to transfer fee title to the Land and the Improvements to CDR Senior Housing Associates (the "Partnership"), for a total purchase price of approximately $6,955,000, of which the larger part will be the assumption by the Partnership of the Housing Authority's obligations related to the construction of the Casa Del Rio Senior Housing Development. The Authority will also need to transfer its rights and obligations under the Carryover Allocation to the Partnership. This will require that the Authority enter into agreements necessary to convey the Land and the Improvements and to transfer, the Carryover Allocation to the Partnership. These agreements include, but are not limited to,a purchase and sale agreement, a grant deed, assignment and assumption agreements, a bill of sale, and any other necessary agreements. It is recommended that the Executive Director be authorized to enter into any and all agreements necessary to convey the Land and the Improvements, transfer the Carryover Allocation,and to take any and all further actions necessary to consummate the activity contemplated in the X CONTINUED ON ATTACHMENT: SIGNATURE. RECOMMENDATION OF E)(EC[PTIVE DIRECTOR RECOMMENDATION OF BOARD COMIVIITTEE APPROVE OTHER SIGNATURES) / ACTION OF BOARD ON �o.... 264 199$ APPROVED AS RECOMMENDED ✓ OTZIER. VOTE OFF COMMISSIONERS UNANIMOUS(ABSENT I HEREBY CERTIFY THAT THLS IS A TRUE AND CORRECT AYES: NOES: COPY OF AN ACTION TAKEN AND ENTERED ON THE ABSENT- ABSTAIN: MINUTES OF THE BOARD OF COMMISSIONERS ON THE DATE SHOWN. AZ-TESTED9 f �I- Phil Batchelor, rk of the of Commissioners BY �A _ Q Q ,DEPUTY Resolution. It is further recommended that County Counsel review and approve all agreements prior to the Executive Director executing those agreements. At its regular meeting on May 16, 1994, the Advisory Housing Commission recommended that the Board of Commissioners adopt this Resolution. IV. CONSEQUENCE OF NEGATIVE ACTION: A decision by the Board of Commissioners not to approve this Resolution at this time would cause the project to lose Its carryover allocation under the tax credit program and would jeopardize the permanent funding for the project. mW.c\bo3708b.ash HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA (� r ' RESOLUTION NO. 3709 RESOLUTION AUTHORIZING ACTION TO BE UNDERTAKEN IN CONNECTION WITH THE TRANSFER OF CASA DEL RIO TO CDR SENIOR HOUSING ASSOCIATES, A CALIFORNIA LIMITED PARTNERSHIP WHEREAS, the Housing Authority of the ' County of Contra Costa (the "Housing Authority" ) is the owner in fee of certain real property located in Antioch, California (the "Land" ) upon which the Housing Authority has constructed an eighty-two ( 82 ) unit residential housing development consisting of eighty-one ( 81 ) units for low-income elderly persons and one ( 1 ) manager' s units known as Casa del Rio (the "Improvements" ) ; WHEREAS, the Board of Commissioners of the Housing Authority deems it to be in the best interests of the Housing Authority to transfer fee title to the Land and the Improvements to CDR Senior Housing Associates, a California Limited Partnership (the "Partnership" ) for good and valuable consideration as described herein below; WHEREAS, the Housing Authority has received a carryover allocation of federal low income housing tax credits from the Tax Credit Allocation Committee (the "Carryover Allocation" ) in connection with the Authority's construction of the Improvements; WHEREAS, the Board of Commissioners of the Housing Authority deems it to be in the best interests of the Housing Authority to transfer all of its rights and obligations under the Carryover Allocation to the Partnership; NOW, THEREFORE, BE IT RESOLVED, as follows : 1 . That the Housing Authority shall convey fee title to the Land and the Improvements to the Partnership, for a total purchase price of approximately $6 , 955, 000, of which the larger part will be the assumption by the Partnership of the Housing Authority' s obligations related to the construction of the Casa Del Rio Senior Housing Development. 2 . That the Housing Authority shall transfer its rights and obligations under the Carryover Allocation to the Partnership. 3 . That the Housing Authority shall enter into any and all agreements necessary to convey the Land. and the Improvements and transfer the Carryover Allocation to the Partnership, including but not limited to a purchase and sale agreement, a grant deed, assignment and assumption agreements, a bill of sale, and any other agreements and shall take any and all further action necessary to consummate the activity contemplated in this Resolution. 4 . That the Executive Director is hereby authorized and directed to take any and all actions, and execute any and all agreements, including but not limited to a purchase and sale agreement, a grant deed, assignment and assumption agreements, a bill of sale and any and all other agreements, and to take any and all further actions necessary to consummate the activity contemplated in this Resolution. 5 . That this resolution shall take effect immediately. PASSED AND ADOPTED THIS 24thday of May , 1994 , by the following vote of the Commissioners : AYES: Supervisors Smith, Bishop, DeSaulnier, Torlakson and Powers NOES: None ABSENT: None ABS TAI N:None cc: County Administrator County Counsel Housing Authority