HomeMy WebLinkAboutMINUTES - 06032003 - HA1 4i i
TO; Housing Authority Board of Commissioners
FROM; Robert McEwdn, Executive Director *
DATE; June 3, 2003
SUBJECT; Lakeshore Apartments, Antioch
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
ADOPT Resolution approving an amended and restated Indenture and Financing Agreement,
an amended Regulatory Agreement, and an Intercreditor Agreement related to the Housing
Authority of the County of Centra Costa Variable Rate Demand Multifamily Mortgage Revenue
Refunding Sands(Lakeshore Apartments,Antioch), 1992 Issue C,and actions related thereto.
FISCAL IMPACT
None. No County funds secure the Bonds. The County's costs of administering its Regulatory
Agreement are covered by the Borrower.
CONTINUED ON ATTACHMENT; X YES SIGNATURE; — law
ECOMM'ENDATION OF COUNTY ADMINISTRATOR EC M'MEN ION ' OF B RD
COMMITTEE --APPROVE OTHER
{
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SIGNATURES};
ACTION OF BO ON Jum 3. 2003 APPROVED AS RECOMMENDED,y. OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
x UNANIMOUS (ABSENT Nom } TRUE AND CORRECT COPY OF AN
AYES; NOES; ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN; MINUTES OF THE BOARD OF
A&d svey t�s`i' i*xx�m�ss�ren seat Vwwf
**T istrxct li t vet** SUP'ERV'ISORS ON THE DATE SHOWN.
Contact; Jim Kennedy
5-1255
orig; Community Development
cc; County Administrator ATTESTED ,die 3. 2W3
County Counsel JOHN SWEETEN, CLERK OF THE
Redevelopment Agency BOARD OF SUPERVISORS
Housing Authority AND THE COUNTY ADMINISTRATOR
via: Community Development -L4"'
* Orrick, Herrington & Sutcliffe Blf` 'f #' `w , DEPUTY
• Davidon Corporation
Personal\Boardorders\BOAR.D.housingauthority. 6 . 03
BACKGROUND/REASONS FOR RECOMMENDATIONS
In 1985 the County through the Housing Authority of County of Contra Costa issued$12.3 million in
multifamily bonds to finance the construction of the Lakeshore Apartments, 600 Wilbur Avenue,
Antioch. The 26$-unit project is currently owned by Lakeshore Antioch, L.P., a California limited
partnership, of which Davidon Corporation is the sole partner. In 1992 the Housing Authority
author€zed the issuance of its $12,095,000 Variable Rate Demand Multifamily Mortgage Revenue
Refunding Bonds(1952 Series C). These refunding bonds were rated A. The transaction extended
the term of the Regulatory Agreement 15 years to December 1,2007. The bonds were secured by a
letter of credit issued by the Bank of America.
The property owner has requested that the bonds be modified to carry a guarantee from The
Federal Home Lean Mortgage Corporation (Freddie Mac). The bonds will continue to carry a AAA
rating. To accommodate this the bond documentation needs to be amended. Because the program
documents need to be amended to accommodate, staff requested, and the Borrower agreed to
extend the Regulatory Agreement an additional 10 years to December, 2017. The restricted rents
apply to 20%of the project, or 54 units.
The recommended resolution accomplishes the actions listed in Attachment A.
JK:ln
ATTACHMENT A
Summary of Actions of Lakeshore Apartment Resolution of 6/3103
The Resolution of the Housing Authority of the County of Contra Costa authorizes the
following:
1. Execution of an Amended and Restated Indenture of Trust between the Authority
and the Trustee, U.S. Bank National Association;
2. Execution of an Amended and Restated Financing Agreement between the
Borrower, the Authority, and the Trustee;
3. Execution of a Second Amendment to the Regulatory Agreement between the
Borrower, the Authority, and the Trustee;
4. Execution of the Intercreditor Agreement between the Authority, the Trustee, and
Freddie Mac;
5. Appoints the County of Contra Costa as the Administrator; and
6. Authorizes such other actions as necessary to complete the transaction as
described.