HomeMy WebLinkAboutMINUTES - 05241994 - 1.74 1.71 through 1.76
THE BOARD OF SUPERVISORS OF
CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on May 24,1994, by the following vote:
AYES: Supervisors Smith, Bishop, DeSaulnier, Torlakson and Powers
NOES None
ABSENT: None
ABSTAIN: None
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SUBJECT: CORRESPONDENCE
Item No.
1.71 LETTER dated April 22, 1994,from E. Martin,President,Brentwood Recreation&Park District,740 B
Third Street,Brentwood 94513,requesting the Board to change the District's name to the Delta Recreation
&Park District.
***REFERRED TO COUNTY COUNSEL
1.72 LETTER dated May 11, 1994,from B.Peaslee,President, Service Employees International Union,Local
535,requesting a review of eligibility requirements that permit individuals with outstanding felony arrest
warrants to receive General Assistance.
***REFERRED TO SOCIAL SERVICE DIRECTOR AND COUNTY COUNSEL AND
REQUESTED THE SOCIAL SERVICE DIRECTOR TO IMMEDIATELY BEGIN ADDRESSING
THE SAFETY ISSUES
1.73 LETTER dated May 11, 1994,from Mary Lou Laubscher,Chair, Homeless Advisory Committee,3133
Estudillo Street,Martinez,requesting the Board of Supervisors to consider lengthening the six-month
length of time a client may spend in a County shelter in a two-year period.
***REFERRED TO SOCIAL SERVICE DIRECTOR
V/1.74 LETTER dated May 11, 1994,from M. L. Korell,GMAC Mortgage Corporation, 8400 Normandale Lake
Boulevard, Suite 700,Minneapolis,MN 55437,on investing in Hearthstone Advisors'new multi-state
residential construction lending partnership.
***REFERRED TO COUNTY ADMINISTRATOR,RETIREMENT ADMINISTRATOR,AND
RETIREMENT BOARD
1.75 LETTER dated May 16, 1994,from R.Tomlin,President,Contra Costa Mobilehome Owners Association,
P.O.Box 271131,Concord 94527,requesting that the Internal Operations Committee be assigned the task
of reviewing a proposed ordinance as presented to County Counsel and the Community Development
Department.
***REFERRED TO THE MOBILE HOME ADVISORY COMMITTEE AND COMMUNITY
DEVELOPMENT DIRECTOR
1.76 Ordinance No. 1589-0494 of the Board of Directors, Stege Sanitary District,P.O.Box 537,El Cerrito
94530,adopting the District's Conflict of Interest Code.
***REFERRED TO COUNTY COUNSEL
hereby certify that this is a true and correct copy of
cc: Correspondents an action taken and entered on the minutes of the
County Counsel Board of Supervi ors on the date shown.
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ATTESTED: 0-!- 9.LI !a C1 T
Social Service Director PHIL BATCHEL Clerk of the Board
County Administrator of Supervisors and County Administrator
Retirement Administrator
Retirement Board By ,Deputy
Mobile Home Advisory Committee
Community Development Director
GMAC Mortgage Corporation Mark L. Korell
8400 Normandale Lake Boulevard President
Suite 700 Chief Executive Officer
Minneapolis,MN 55437
Tel. 612-832-7410
Fax 612-832-7178
1`31�1c 16171g7�
May 11, 1994 NiAY 1994
ao Received �t
�' District 1
SA Supervisor
Mr. Tom Powers d, ,'l+
Supervisor, First District ell-_LEOS
Contra Costa County
100 - 37th Street., Room 270
Richmond, California 94805
Dear Mr. Powers:
I am writing to you in regard to your potential interest in
investing in Hearthstone Advisors' new multi-state residential
construction lending partnership. GMAC Mortgage, through its
Residential Funding Corporation unit, has recently made a firm
commitment of. up to $20 million, subject to a maximum of 20% of
total equity funding. Moreover, we are prepared to commit $50
million in debt funding.
We have worked with Jim Pugash and Rich Werner and their team for
the last two years in their innovative venture with CalPERS. We
are the largest provider of debt, and have been very pleased with
the success of that good effort to build more affordable housing
for families in California while providing attractive returns to
the financial partners. We continue to be impressed with the
knowledge, professionalism and management skills of this group.
For the new Hearthstone Multi-State Homebuilding Partners, L.P. , we
and Hearthstone have agreed to work closely together and with the
other investors. Hearthstone intends to hold 3-4 partners'
meetings each year for a day or two, where we can review
financials, meet builders, visit homebuilding sites, and generally
share ideas and information amongst the small group of
participants.
As you review potential participation in this exciting new
investment opportunity, please feel free to contact me or Greg
Schultz, EVP-Secured Lending, at 612/832-7000 if we can answer any
questions or provide any other perspectives to you.
Sincerely,, , -,,
cc: Jim Pugash
L e a d e r s h i p i n H o u s i n g A m e r i e a `�