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Home My WebLink AboutMINUTES - 04032007 - C.127 12 „L sr"�^CO1�23 TO: BOARD OF SUPERVISORS FROM: Dennis M. Barry, AICP Community Development Director DATE: April 3, 2007 SUBJECT: Multi-Family Mortgage Revenue Bonds— Riverstone Apartments, Antioch area 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$28 million to finance the acquisition and rehabilitation of the Riverstone Apartments, Antioch area. 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: _RECOMMENDATION OF COUNTY ADMINISTRATOR RECOM DATION OF ombDARD COMMITTEE ✓/X'PPROVE OTHER SIGNATURE(S): ACTION OF BOA N *v;l P,!f APPROVED AS RECOMMENDED OTHER 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 5-7225 orig: Community Development cc: County Administrator ATTESTED ✓T 7 ' County Counsel JOHN CULLEN, CLERK OF THE Housing Authority BOARD OF SUPERVISORS Redevelopment Agency AND THE COUNTY ADMINISTRATOR via: Community Development *USA Properties BYE , DEPUTY G:\CDBG-REDEV\redev\Alicia (formally LNoble)\Personal\Board Orders and Greenies\BOARD.Riverstone apartments.antioch.04,03.07.doc BACKGROUND/REASONS FOR RECOMMENDATIONS Riverstone Apartments is an 136-unit project located at 2200 Sycamore Drive, Antioch. The ownership entity is Riverstone Apartments, L.P.. The development entity is related to USA Properties, an experienced owner/manager of affordable housing projects. The City of Antioch is supportive of the acquisition and rehabilitation of the Riverstone Apartments,and is considering the provision of financial assistance from Redevelopment Housing Set Aside funds in an amount up to $2.5 million. The proposed financing would implement policy of the City and the County to preserve the affordability of existing mixed income projects. The County originally financed the development of the project,then referred to as the Meadowood Apartments,with the issuance of tax-exempt, multi- family bonds in 1985. An application for Private Activity Bond Authority was submitted to the California Debt Limit Allocation Committee in March 2007. 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 July/August, 2007. JK:dk G:\CDBG-REDEV\redev\Alicia (formally LNoble)\Personal\Board Orders and Greenies\BOARD.Riverstone apartments.antioch.04.03.07.doc THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Resolution on April 3, 2007 by the following vote: AYES: SUPERVISORS GIOIA, BONILLA , GLOVER, PIEPHO NO: NONE ABSENT: SUPERVISOR UILKEMA ABSTAIN: NONE ' Sr---------- SUBJECT: 'covKSUBJECT: Resolution No. 2007/ /47 RESOLUTION AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGAGE PRINCIPAL AMOUNT NOT TO EXCEED $28,000,000 FOR THE FINANCING OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT GENERALLY KNOWN AS RIVERSTONE APARTMENTS, ANTIOCH AREA). It is hereby RESOLVED by the Board that: WHERE=AS,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; WHERE-AS, the County desires to participate in financing the acquisition and rehabilitation of a 136-unit multifamily residential rental development generally known as Riverstone Apartments and located at the 2200 Sycamore Drive,Antioch,California(the"Project"),which will be owned and operated by Riverstone Apartments, L.P., or an entity related thereto (collectively, the "Borrower"); WHEREAS, to assist in financing the Project, the County intends to sell and issue not to exceed $28,000,000 aggregate principal amount of its multifamily housing revenue bonds (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 1986 (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 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-REDEVVedev\Alicia(formally LNoble)\Personal\Documents\resolution.riverstone apartments.04.03.07.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: April 3, 2007 John Cullen, Clerk of the Board of Supervisors And County Administrator � � cc: Community Development BY Deputy RESOLUTION 2007/ GACDBG-REDEV\redev\Alicia(formally LNoble)\Personal\Documents\resolution.riverstone apartments.04.03.07.doc