The URL can be used to link to this page

Home My WebLink AboutMINUTES - 04112006 - C.67 I Contra Costa .- -" County TO: BOARD OF SUPERVISORS I FROM: Dennis M. Barry, AICP, Director of Community Development C * 607 I . DATE: April 11, 2006 I I SUBJECT: YMCA of the East Bay Tax,Exempt Borrowing SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION I RECOMMENDATIONS i I ADOPT a Resolution approving an issuance by the Association of Bay Area Governments (ABAG) Finance Authority for Nonprofit Corporations of tax exempt bonds to finance and/or refinance facilities within Contra Costa County owned by the YMCA of the East Bay. i FISCAL IMPACT I None. No County involvement other than the approval of the subject public hearing. I BACKGROUND/REASONS FOR RECOMMENDATIONS The YMCA of the East Bay owns two facilities in Contra Costa County—first, the YMCA Family Center at 4300 Lakeside Drive, Richmond, and the second a Community Wellness Center at Pinole Valley Road & Henry Avenue in Pinole. These satellite facilities provide a variety of services. I On behalf of the YMCA of the East Bay, the ABAG Finance Authority for Nonprofit Corporations is proposing to finance and/or refinance'certain facilities and equipment with the proceeds of tax-exempt bonds, including the Contra Costa County facilities. Prior to the issuance of such debt federal tax law requires that public be provided the opportunity to comment on the nature and location of the project, and approve the issuance of bonds pursuant to Section 147(f)of the Internal Revenue Code. A noticed public hearing has been held by the Deputy Director- Redevelopment prior to this Board action. Any comments received will be included in a verbal report when the Board considers this item.This approval of the recommended resolution does not constitute authorization to sell bonds. That action will be taken by the ABAG Finance Authority. I CONTINUED ON ATTACHMENT: SIGNAT E: I ,-Ffl�COMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEEAPPROVE OTHER SIGNATURE(S): ACTION OF BOAR N APPROVED AS RECOMMENDED VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A UNANIMOUS (ABSENT 'i �C _ 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. Source: Jim Kennedy 335-7225 ATTESTED f, orig: Community Development JOHN CULLEN, CLERK OF THE cc: County Administrator's Office BOARD OF SUPERVISORS AND County Counsel COUNTY ADMINISTRATOR Health Services via: Community Development' BY ,-a- P DEPUTY * ABAG Finance Authority for Non-Profit Corporation i * Nixon Peabody I i I CADOCUM E—I\mj lann i\LOCALS—I\Temp\C.Lotus.Notes.Data\—,2779956.doc I I I I I I I THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Resolution on April 11, 2006 by the.following vote: SE L AYES: Gioia, Piepho,DeSaulnier,Glover and Uilkema e - NOES: Noney: ABSENT: None �'• _ •�~ OSSA ABSTAIN: None cola I I Resolution No. 2006/153 SUBJECT: . , RESOLUTION BY THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA APPROVING THE ISSUANCE AND SALE OF REVENUE BONDS BY THE ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $12,000,000 FOR THE YMCA OF THE EAST BAY It is hereby RESOLVED by the Board that: WHEREAS, the ABAG Finance Authority for Nonprofit Corporations, a joint exercise of powers agency established pursuant to the laws of the State of California(the"Authority"),has proposed to issue and sell its revenue bonds(the"Bonds")in an aggregate principal amount not to exceed$12,000,000 for the purpose of making a loan to the YMCA of the East Bay, a California nonprofit public benefit corporation (the "YMCA"); and I WHEREAS, the County of Contra Costa (the "County') is a member of the Authority; and WHEREAS,the Board of Supervisors of the County(the"Board")is informed that the proceeds of the Bonds will be used to (1) finance and refinance the costs of acquisition, design, construction, improvement, installation, furnishing and/or equipping of certain facilities and improvements, including the Downtown Oakland YMCA facility located at 2350 Broadway, Oakland, California 94612,the Hilltop Family YMCA facility located at 4300 Lakeside Drive, Richmond, California 94806, the Community Wellness Center at the Fremont-Newark YMCA located at 41811 Blacow Road, Fremont, California 94538 and a Community Wellness Center to be located in the City of Pinole at the southeast corner of Pinole Valley Road and Henry Avenue, Pinole, California 94564 (collectively, the"Project")and (2) pay certain expenses incurred in connection with the issuance of the Bonds; and WHEREAS, all facilities comprising the Project will be owned and operated by the YMCA,which is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986; and WHEREAS, the Board is informed that the interest on the Bonds may qualify for tax exemption under Section 103 of the Internal Revenue Code of 1986,as amended(the"Code"),only if the Bonds are approved in accordance with Section 147(f) of the Code; and I WHEREAS, the Authority has requested that the Board approve the issuance and sale of the Bonds in order to satisfy the public approval requirements of Section 147(f) of the Code; and, WHEREAS, the Richmond and Pinole facilities included in the Project are located wholly within the County of Contra Costa, California;land I WHEREAS, not more than$5,000,000 of such$12,000,000 is expected to be used to finance or refinance the facilities located in the cities of Pinole and Richmond, which constitute all of the facilities located within the County; and i WHEREAS, on March 27, 2006, the County caused a notice stating that a public hearing with respect to the issuance of the Bonds arid the financing and refinancing of the Project would be held by the County on April 11, 2006, to appear in West County Times which is a newspaper of general circulation in the County; and I WHEREAS, the Redevelopment Director has held the public hearing described above, and an opportunity was provided for persons ,to comment on the issuance and sale of. the Bonds and the financing and refinancing of the Project; and I i i i G:\CDBG-REDEV\redev\LNoble\Personal\Documents\resolution.ABAG-YMCA of the East Bay 04.11.06.doc I I i i WHEREAS,this Board is the electi ed legislative body of the County and is informed that it is the applicable elected representative required to approve the Bonds within the meaning of Section 147(f)of the Code. WHEREAS, not more than$5,000,000 of such$12,000,000 is expected to be used to finance or refinance the facilities located in the cities of Pinole and Richmond, which constitute all of the facilities located within the County; and WHEREAS, on March 27, 2006, the County caused a notice stating that a public hearing with respect to the issuance of the Bonds and the financing and refinancing of the Project would be held by the County on April 11, 2006, to appear in West County Times which is a newspaper of general circulation in the County; and WHEREAS, the Redevelopment Director has held the public hearing described above, and an opportunity was provided for persons to comment on the issuance and sale of the Bonds and the financing and refinancing of the Project; and WHEREAS, this Board is the elected legislative body of the County and is informed that it is the applicable elected representative required to approve the Bonds within the meaning of Section 147(f)of the Code. NOW,THEREFORE, IT IS HEREBY DETERMINED AND RESOLVED by the Board of Supervisors of the County of Contra Costa, as follows: Section 1. That this Board hereby finds and declares the above recitals are true and correct. Section 2. That this Board hereby approves the issuance and sale of the Bonds by the Authority for purposes of Section 147(f) of the Code. It is the purpose and intent of this Board that this Resolution constitute approval of the Bonds by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Richmond and Pinole facilities included in the Project are located in accordance with Section 147(f) of the Code. Section 3. The members of the Board and such other officers as may be necessary are hereby authorized and directed, jointly and severally, to do any and all things and execute and deliver any and all documents, certificates and other instruments which they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds by the Authority, and to execute and deliver such certificates and other documents they may deem appropriate and otherwise to carry out, give effect to and comply with the terms and intent of this Resolution. Any actions heretofore taken by such officers are hereby ratified and approved. Section 4. The Board expressly conditions its approval of this Resolution on its understanding that the County shall have no obligation whatsoever to pay any principal, interest, fees or any other costs associated with the Authority's issuance of the Bonds and that the Board's approval of the issuance and sale of the Bonds is neither an approval of the underlying credit issues of the proposed Project nor an approval of the financial structure of the Bonds. Section 5. This Resolution shall take effect from and after its passage and approval. 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: April 11,2006 John Cullen,Clerk of the Board of Supervisors i And Coun A inistrator i By —�'t Deputy cc: Community Development i RESOLUTION 2006/153 G:\CDBG-REDEV\redev\LNoble\Personal\DocumentsUesolution.ABAG-YMCA of the East Bay 04.11.06.doc i i i