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Home My WebLink AboutMINUTES - 06212005 - C86 COP CONTRA COSTA COUNTY TO: BOARD OF SUPERVISORS FROM: Dennis M. Barry, AICP Community Development Director DATE: June 21, 2005 SUBJECT: Multi-Family Mortgage Revenue Bonds — BART Property Apartments, Pleasant Hill BART SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS ADOPT Resolution authorizing issuance of Multi-Family Housing Revenue Bonds in an amount not to exceed $150 million to finance the development of multi-family apartments on the BART joint development property Pleasant Hill BART Station area, and authorizing the Deputy Director—Redevelopment to execute such documents as necessary to effectuate the purposes of the Resolution. FISCAL IMPACT No General Fund obligation is involved. County costs associated with issuance of bonds are covered, as are annual administrative costs. CONTINUED ON ATTACHMENT: X YES SIGNATURE: L---ARECOMMENDATION OF COUNTY ADMINISTRATORRECOMM NDATION OF OARD COMMITTEE APPROVE OTHER SIGNATURE(S): ACTION OF BOA Zp�Xoo APPROVED AS RECOMMENDED X.ZTHEK. VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A UNANIMOUS (ABSENT TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN. Contact: Jim Kennedy 3-1255 orig: Community Development cc: County Administrator ATTESTED e, 07/ County Counsel JOHN SWEETEN, CLERK OF THE Housing Authority BOARD OF UPERVISORS Redevelopment Agency AND THE OUNTY ADMINISTRATOR via: Community Development Millennium Partners BY - .100111 DEPUTY G:\CDBG-REDEV\redev\LNoble\Personal\Board Orders and Greenies\BOARD.bartproperty-06.14.05.doc • BACKGROUND/REASONS FOR RECOMMENDATIONS Millennium Partners is the developer for the BART property at the Pleasant Hill BART Station. A limited liability corporation—Pleasant Hill Transit Village Associates, LLC—has been formed to be the development entity. As a result of a design charrette in 2001,and a subsequent rezoning of the property in 2002,the property will be developed as a residential/mixed use development. Up to 500 residential rental units could be developed on the site based on current site plans. Because the property is subject to affordable housing, an inclusionary requirement pursuant to State Redevelopment law, the most efficient plan of finance appears to be tax-exempt bonds in which 20% of the units would be affordable. An application for Private Activity Bond Authority has been submitted to the California Debt Limit Allocation Committee. If awarded the authority in July 2005,the County would proceed to issue the multi-family bonds in late summer, 2005. The recommended action is the adoption of a Resolution by the Board,as the legislative body of the County,authorizing the issuance of bonds. The Board's action acknowledges that a public hearing has been held by the Deputy Director—Redevelopment as required by Section 147(f)of the Internal Revenue Code. The recommended action of the Board is not the Bond Sale Resolution. Such actions would come back to the Board after receipt of an allocation from the State for Private Activity Bond Authority. Expected timing for a Bond Sale Resolution would be in 2005-2006. JK:bd2 G:\CDBG-REDEV\redev\LNoble\Personal\Board Orders and Greenies\BOARD.bartproperty.06.14.05.doc THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Resolution on June 21, 2005 by the following vote: i.��'��... ,, ♦ 't wt+ 1 / AYES: Gioia,Piepho,DeSaulnier,Glover and Uilkema ♦ NOES: None ,, _ i,,•4 ABSENT: None AB STAIN: None SUBJECT. Resolution No. 2005.. rev RESOLUTION AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS) IN AN AGGREGAGE PRINCIPAL AMOUNT NOT TO EXCEED$15090009000 FOR THE FINANCING OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT ON THE BART JOINT DEVELOPMENT SITE, PLEASANT HILL BART STATION AREA). It is hereby RESOLVED by the Board that: WHEREAS,the County of Contra Costa(the"County")is authorized to issue multifamily housing revenue bonds pursuant to Section 52075 and following of the California Health and Safety Code; WHEREAS,the County desires to participate in financing the development and construction of up to 500 units of multifamily residential rental development located on the BART joint development site at the Pleasant Hill BART Station,California (the"Project"),which will be owned and operated by Pleasant Hill Transit Village Associates, LLC, or an entity related thereto (collectively, the "Borrower"); WHEREAS, to assist in financing the Project, the County intends to adopt a plan of financing providing for the sale and issuance of multifamily housing revenue bonds in one or more series from time to time, including bonds issued to refund such revenue bonds in one or more series from time to time,at no time to exceed $150,000,000 in aggregate principal amount(the"Bonds")and to loan the proceeds thereof to the Borrower, thereby reducing the cost of the Project and assisting in providing housing for low income persons; WHEREAS, pursuant to Section 147(f)of the Internal Revenue Code of 1985 (the"Code"), the financing of the Project and the issuance of the Bonds by the County must be approved by the "applicable representative of the County" (as defined in the Code); WHEREAS,the Board of Supervisors of the County of Contra Costa(the"Board"),is the elected legislative body of the County and is one of the applicable elected representatives required to approve the financing of the Project and the Bonds under Section 147(f)of the Code; WHEREAS, pursuant to Section 147(f)of the Code,the Deputy Director--Redevelopment has, following notice duly given,held a public hearing regarding the financing of the Project and the issuance of the Bonds at which no public comments were made; and WHEREAS, the Board desires to approve the financing and the issuance of the Bonds; NOW,THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the County of Contra Costa, as follows: Section 1. The Board hereby specifically finds and declares that the statements,findings and determinations of the County set forth above are true and correct. Section 2. For purposes of Section 147(f) of the Code, the Board hereby authorizes the adoption of the plan of financing and the issuance of Bonds by the County to finance the Project. Section 3. The adoption of this Resolution does not(1)relieve or exempt the Borrower from obtaining any other permits or approvals that are required by, or determined to be necessary from, the County in connection with the Project, nor (2) obligate the Country to incur any obligation or provide financial assistance with respect to the Bonds or the Project. G:\CDBG-REDEV\redev\LNoble\Personal\Documents\resolution.bart.6.14.05.doc Section 4. All actions heretofore taken by the officers and agents of the County with respect to the financing of the Project and the sale and issuance of Bonds are hereby approved, ratified and confirmed, and any authorized officer of the County is hereby authorized and directed, for and in the name and on behalf of the County,to do any and all things and take any and all actions and execute and deliver any an all certificates, agreements and other documents, which any such officer may deem necessary or advisable in order to effectuate the purposes of this Resolution. Section 5. This Resolution shall take effect upon its adoption. I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown ATTESTED: June 21, 2005 John Sweet n, Clerk of the Board of Supervisors And yCounAdministrator By Deputy cc: Community Development RESOLUTION 200516,?6 G:\CDBG-REDEV\redev\LNoble\Personal\Documents\resolution.bart.6.14.05.doc