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Home My WebLink AboutMINUTES - 04222008 - C.61 i 1 nasTa-C01JIi'� TO: BOARD OF SUPERVISORS FROM: Dennis M. Barry, AICP Community Development Director DATE: April 22, 2008 SUBJECT: Multi-Family Mortgage Revenue Bonds - Los Medanos Village Apartments, Pittsburg 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 $30 million to finance the construction of the Los Medanos Village Apartments, Pittsburg. FISCAL IMPACT No General Fund obligation is involved. In.the event bonds are issued, the County is reimbursed for costs associated with issuance of bonds. Annual expenses related to monitoring of the Regulatory Agreement are accommodated in the bond issue. The bonds to be issued will be solely secured by a pledge of revenues (rents, reserves, etc.) pledged under the bond documents. No County funds are pledged to secure the bonds. CONTINUED ON ATTACHMENT: X, YES SIGNATURE: -fftCOMMENDATION OF COUNTY ADMINISTRATOR ECO NDATION OF OARD COMMITTEE ✓APPROVE OTHER SIGNATURE(S):_ , ACTION OF B D ON oZ APPROVItb AS RECOMMENDED 'HER VOTE OF SUPERVISORS / I HEREBY CERTIFY THAT THIS IS A V UNANIMOUS (ABSENT 0 ) 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. /� o cc: County Administrator ATTESTED �% Ja, 02009 County Counsel JOHN CULLE , CLERK OF THE Housing Authority BOARD OF SUPERVISORS Redevelopment Agency AND THE COUNTY ADMINISTRATOR via: Community Development _ RCD •B ! , DEPUTY City of Pittsburg D:\JKennedy\MF MRB\Los Medanos village\Sectionl47.Board.Ordet.4.22.08.doc v ; BACKGROUND/REASONS FOR RECOMMENDATIONS Los Medanos Village Apartments is a 71-unit project located at Crestview Drive at the Highway 4 Frontage Road, Pittsburg.The ownership entity is a to be named California Limited Partnership,the Managing General Partner of whom is Resources for Community Development, a Berkeley based non-profit housing developer The City of Pittsburg is supportive of the development of the Los Medanos Village Apartments. The Pittsburg Redevelopment Agency and Resources for Community Development will be entering into a Disposition and Development Agreement that provides,among other things,financial assistance from Redevelopment Housing Set Aside funds in an amount up to $6,105,848 million. The County has committed$1,500,000 million in HOME funding to the project. The proposed financing would implement policy of the City and the County to increase the supply of affordable housing. The site is near transportation and retail services in the area. The 3.25-acre site is currently vacant. Multifamily development abuts the site to the east and single family homes to the west. The development will include the affordable housing project for families and emancipated foster youth.An application for Private Activity Bond Authority is to be submitted to the California Debt Limit Allocation Committee in the summer/fall of 2008. The recommended action is the adoption of a Resolution by the Board,as the legislative body of the County,authorizing the issuance of bonds. The Board's action acknowledges that a public hearing has been held by the Deputy Director—Redevelopment as required by Section 147(f)of the Internal Revenue Code. The recommended action of the Board is,not the Bond Sale Resolution. Such actions would come back to the Board after receipt of an allocation from the State for Private Activity Bond Authority. Expected timing for Bond Sale Resolution would be in December, 2008. JK:dk D:\JKennedy\MF MRB\Los Medanos Village\Sectionl47.Board.Order.4.22.08.doc i THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Resolution on April 22, 2008 by the following vote: AYES: GIOIA, UILKEMA, PIEPHO, BONILLA&GLOVER NOES: NONE ABSENT: NONE100- ABSTAIN: 0 ABSTAIN: NONE --- o ST 1-C6 SUBJECT: Resolution No. 2008/04$ RESOLUTION AUTHORIZING THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS IN AN AGGREGAGE PRINCIPAL AMOUNT NOT TO EXCEED$30,000,000 FOR THE FINANCING OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT GENERALLY KNOWN AS LOS MEDANOS VILLAGE APARTMENTS, PITTSBURG. 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 of a 71-unit multifamily residential rental development generally known as Los Medanos Village Apartments and located at Crestview Drive and Highway 4 Frontage Road(APN 087-195-024,087-030-079,and 081,and 087-400- 018), Pittsburg, California (the "Project"), which will be owned and operated by California Limited Partnership the Managing General Partner of whom is Resources for Community Development , 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 $30,000,000 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 approyals'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\MF MRB\Los Medanos Vill,age\Sectionl47.Resolution.4.22.08.doc s 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 22, 2008 John Cullen, Clerk of the Board of Supervisors And County Administrator BY Q�� i Q�/L Deputy cc: Community Development RESOLUTION 2008/�]� 0 G:\CDBG-REDEV\MF MRB\Los Medanos Village\Section147.Resolution.4.22.08.doc