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Home My WebLink AboutMINUTES - 06201995 - 1.71 .� Ccntra TO: , Board of Supervisors > County FROM: Allen Little, Fire Chief DATE: June 20, 1995 SUBJECT: Authorizing Subordination of Payments from Contra Costa County Redevelopment Agency SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS' As the Governing Board of the Contra Costa County Fire Protection District, ADOPT resolution authorizing subordination of payments from Contra Costa County Redevelopment Agency; and AUTHORIZE the Chair to execute a Certificate Implementing Subordination of Payments. FISCAL RdPACT None. The Contra Costa County Redevelopment Agency has adequately demonstrated financial capacity to make 100% of required payments of tax increment revenues to the Contra Costa County Fire Protection District. BACKGROUND/ E, SONS FOR RECOMMENDATIONS In 1987 the County and its Redevelopment Agency adopted a Redevelopment Plan for the Bay Point (then West Pittsburg) area. As part of the proceeding, the Redevelopment Agency entered into a fiscal agreement with the Riverview Fire Protection District (now part of the Contra Costa Fire Protection District). The fiscal agreement provides for the Agency to pass-thru to the Fire Protection District 100% of tax increment revenues contributed by the Fire Protection District. The fiscal agreement also provides that the Fire Protection District must subordinate its right to such payments in favor of the Agency's pledge of tax increment revenues to pay long term bonded indebtedness. CONTINUED ON ATTACHMENT: _X-X YES SIGNATURE: RECOMMENDATION OF EXECUTIVE DIRECTOR ._ RECOMMENDATION OF AGENCY CONEM=E APPROVE OTHER SIGNATURE(S): ACTION OF AGENCY ON June 20 , 1995 APPROVED AS RECOMMENDED x OTHER IT IS BY THE BOARD-ORDERED that Resolution No. 95/272 is ADOPTED. VOTE OF COMAUSSIONERS I HEREBY CERTIFY THAT THIS IS A x UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND ENTERED ON ABSENT: ABSTAIN: THE MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN. Contact: Tim Kennedy 646-4076 ATTESTED June 20 , 1995 cc: County Administrator PHIL BATCHELOR, CLERK OF THE County Counsel BOARD OF SUPERVISORS AND Contra Costa County Fire Protection Dist. COUNTY ADMINISTRATOR Treasurer/Tax Collector County Auditor BY -a ,DEPUTY JV-1h �tsffinvdimbos I t , The Redevelopment Agency has approved the issuance of additional bonded indebtedness for the Bay Point area. The Redevelopment Agency has provided the Fire Protection District with documentation which adequately demonstrates the ability of the Agency to debt service the bonds, and continue to make payments to the Fire Protection District under foreseeable circumstances. { ^ '� 1 , 71 CERTIFICATE OF CONTRA COSTA COUNTY FIRE PROTECTION DISTRICT IMPLEMENTING SUBORDINATION OF PAYMENTS FROM CONTRA COSTA COUNTY REDEVELOPMENT AGENCY The undersigned, Chairperson of the Governing Board of the Contra Costa County Fire Protection District (the "District"), hereby certifies and agrees on behalf of the District as follows: 1. That the undersigned is the duly appointed Chairperson of the Governing Board of the District and has full power and authority to execute and deliver this Certificate; 2. That the District is the successor to the Riverview Fire Protection District, which district was merged into the District; 3. That the undersigned has read and is familiar with that certain Agreement entitled Agreement Concerning Tax Increment From West Pittsburg Redevelopment Project Area" (the Agreement"),by and between the District's predecessor, the Riverview Fire Protection District, and the Contra Costa County Redevelopment Agency(the "Agency"), dated as of December 29, 1987; 4. That, as provided in Section 2 of the Agreement, the Agency has requested that the District approve a subordination of its right to receive payments under the Agreement to the pledge of certain Tax Increment(as defined in the Agreement)to the repayment by the Agency of a loan(the "Loan")from the Contra Costa County Public Financing Authority (the "Authority")made pursuant to a First Supplement to West Pittsburg Loan Agreement between the Agency and the Authority for the West Pittsburg (now Bay Point) Redevelopment Project (the "Redevelopment Project"). The Authority will fund the Loan from a portion of the 1995 Tax Allocation Revenue Bonds, Series A (the"Bonds")that it intend to issue. The ultimate source for repayment of the Bonds will be, in part, the repayments made by the Agency to the Authority under the Loan; 5. That, in connection with such request,the Agency has submitted reasonable evidence (including revenue forecasts and debt service schedules) that the amount of the payments to the District under the Agreement will not be necessary for the payment of debt service on the Loan; 6. That the submitted evidence has demonstrated that the Tax Increment needed to make the payments due under the Agreement will be used in the cash-flow for the.Loan only for additional security(debt service coverage) and that the Tax Increment, together with other pledged funds, will be adequate, over the term of the Loan, to pay 100% of the actual debt service thereon, to pay the Agency's obligations under the Agreement, and to pay all other obligations of the Agency with respect to the redevelopment Project, whether statutory or contractual, which are or would be superior to the Agency's obligations under the Agreement; and 7. That the District hereby approves and agrees to the subordination of the District's payments under the Agreement to the pledge of Tax Increment to the payment of the Loan. Dated: June 20 , 1995 Chairperson of the Governing board of the Contra Costa County Fire Protection District nc:m waia/rueboncLat THE GOVERNING BOARD OF THE CONTRA COSTA COUNTY FIRE PROTECTION DISTRICT Adopted this Order on June 20 , 1995 by the following vote: AYES: Supervisors Rogers , Smith, DeSaulnier, Torlakson and Bishop NOES: None ABSENT: None ABSTAIN: None RESOLUTION NO. 9 5/2 7 2 SUBJECT: RESOLUTION OF THE GOVERNING BOARD OF THE CONTRA COSTA COUNTY FIRE PROTECTION DISTRICT AUTHORIZING SUBORDINATION OF PAYMENTS FROM CONTRA COSTA COUNTY REDEVELOPMENT AGENCY WHEREAS, in connection with adoption by the County of Contra Costa of the Redevelopment Plan for the West Pittsburg (now Bay Point)Redevelopment Project, the Riverview Fire Protection District, the predecessor to the Contra Costa County Fire Protection District (the "District") and the Contra Costa County Redevelopment Agency (the "Agency") entered into an Agreement Concerning Tax Increment From West Pittsburg Redevelopment Project (the "Agreement"), dated as of December 29, 1987; and WHEREAS, subsequent to execution of the Agreement, Riverview Fire Protection District was merged into the District; WHEREAS, pursuant to the Agreement,the District is entitled to receive certain payments of Tax Increment (as defined in the Agreement) from the Agency (such payments are referred to in this Resolution as the "District Payments"); WHEREAS, pursuant to the Agreement, the District has agreed to subordinate its right to receive the District Payments to the pledge of Tax Increment for the payment of Agency long-term indebtedness under specified circumstances; and WHEREAS, the Agency has requested that the District approve such subordination in connection with repayment by the Agency of a loan (the "Loan") from the Contra Costa County Public Financing Authority (the "Authority") made pursuant to a Loan Agreement between the Agency and the Authority; and WHEREAS, the Authority will fund the Loan from a portion of the 1995 Tax Allocation Revenue Bonds, Series A(the "Bonds") it intends to issue; and WHEREAS, the ultimate source for repayment of the Bonds will be, in part, the repayments made by the Agency to the Authority under the Loan; and WHEREAS, as more particularly described in the Certificate of Consolidated Fire Protection District Implementing Subordination of Payments From Contra Costa County Redevelopment Agency(the "Certificate"), attached to this Resolution as Exhibit A and incorporated herein by reference, the Agency has satisfied the requirements set forth in the Agreement for such subordination of the District's right to receive the District Payments. NOW, THEREFORE, BE IT RESOLVED that the District hereby approves and agrees to the subordination of the right to receive District Payments under the Agreement to the pledge of Tax Increment for the payment of the Loan. BE IT FURTHER RESOLVED that the District hereby authorizes and directs its Chairperson to execute and deliver, on behalf of and as the act of the District, the Certificate, substantially in the form attached as Exhibit A with such modifications as the Chairperson deems appropriate, evidencing such approval and agreement. I hereby certify that this Is a true and correct copy of an action taken and entered on the minutes of the Board of Su isors on the date shown. ATTESTED: - I PHIL TCHELOR,Clerk of the Board o upe tui Cotan Administrator t7 By ,Deputy JK:Ih sra18/firebond.res 95/272