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HomeMy WebLinkAboutRESOLUTIONS - 03271984 - 84-189 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY CALIFORNIA March 27 , 1984 Adopted this Order on , by the following vote: AYES: Supervisors Powers , Fanden, McPeak, Schroder , Torlakson. NOES: None . ABSENT: None . ABSTAIN: None . SUBJECT: Resolution Conditionally Providing ) For The Issuance of Bonds To ) Finance Housing To Be Constructed ) RESOLUTION NO. 84/189 and Owned By Heritage Financial ) Corporation and KCR Venture ) Partnership ) ) WHEREAS, the County of Contra Costa (the "County") is a legal subdivision and body corporate and politic of the State of California, duly organized and existing under the Constitution and laws of the State of California; and Whereas, the Board of Supervisors of the County, after careful study and consideration, has determined that there is a shortage of safe and sanitary housing within the County, and that it is in the best interest of the residents of the County and in furtherance of the health, safety and welfare of the public for the County to assist in the financing of housing developments; and ` WHEREAS, the Cities of Concord and Brentwood have requested that the County prospectively include rental housing developments in their community in the County's proposed issuance of bonds to finance said housing, and have approved a cooperative agreement with the County for said purposes; and WHEREAS, Heritage Financial Corporation & KCR Venture Partnership (The "Owners") have requested that the County issue and sell its bonds for the purpose of financing a multi-unit rental housing project (the "Project"), to be located respectively at 2825 Monument Blvd. (Assessor's Parcel #126-210-021), Concord and Highway 4 approxi- mately 1,000' north of Village Dr. (Assessors Parcel 4016-170-003 & 004), Brentwood, to be acquired and constructed by the Owner or by a related entity, and the County wishes to induce the Owner to acquire and construct the Project at said location; and WHEREAS, it is in the public interest and for the public benefit that the County authorize such financing for the Projects, and it is within the powers of the County to provide such financing; and WHEREAS, in order to expedite the formulation of a mortgage revenue bond financing program, and the financing of the Projects, the County deems it advisable to select bond counsel and an underwriter at this time; NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the County of Contra Costa as follows: 1. The County approves execution of a Cooperative Agreement between the County and the City of Concord, and the County and the City of Brentwood, and authorize the Chairman to execute said agreements. RESOLUTION NO. 84/189 000160 BOARD DATE Date & Initial Indexed &121,'Z 5 - ^g Numbered g)lkl s-' aples Removed Ready for keypunching Has been keypunched All orders are in and this file is ready for microfilming Has been microfilmed Ready for storage i (2) 2. The County will issue, at one time or from time to time, bonds in an aggregate principal amount not to exceed $3,0009000 for the Heritage Financial (Concord) project and $2,500,000 for the KCR Venture Partnership (Brentwood) project to provide financing for the Projects, subject to the conditions that (i) the County by resolution shall have first agreed to acceptable terms and conditions for the bonds (and for the sale and delivery thereof), and for an indenture and all other agreements with respect to any of the foregoing; (ii) all requisite governmental approvals shall have first been obtained; (iii) the bnds shall be payable solely from revenues received with respect to loans or other investments made with the proceeds of such bonds, and neither the full faith nor the credit of the County shall be pledged to the payment of the principal of or interest on any such bond; (iv) the County and the Owner shall have entered into a preliminary agreement concerning the financing, in substantially the form before this meeting, with such additions or deletions as are considered necessary or appropriate by the County Planning Director or the County Administrator and the Owner, and the Chairman of the County is hereby authorized to execute said preliminary agreement for and in the name and on behalf of the County; (v) at least twenty percent (20%) (fifteen percent (15%) in targeted areas) of the Project units are to be occupied by individuals or families of low or moderate income as defined in Section 103(b) for at least the period required by Internal Revenue Code of 1954, as amended, said section, and the Project shall otherwise meet any federal requirements for tax exemption of interest on the bonds and any requirements of the County applicable to such financings. 3. The Chairman of the Board of Supervisors, the Clerk of the Board, the County Planning Director, County Administrator, County Counsel and their deputies and other officers of the County are hereby authorized and directed to participate in the preparation of any resolution, indenture, bond purchase agreement, official statement and/or other documents or agreements necessary or appropriate to effect such financing. 4. In connection with the proposed issuance of such bonds, Orrick, Herrington & Sutcliffe, A Professional Corporation, is hereby designated as bond counsel for the County, and Dean Witter Reynolds Inc. is hereby designated as underwriter for the bonds. 5. It is the purpose and intent of the County that this Resolution constitute official action toward the issuance of obligations by the County in accordance with Section 1.103-8(a)(5)(iii) of the Regulations of the United States Department of the Treasury. 6. This Resolution shall take effect immediately. I hereby certify that this is a true and correct copy of an action taker, Lnd entered on tho minutes of the Board of Supervi$ rs on the date .:iovrn. ATTESTED: a J.R. OLSSON, COUNTY CLERK and ex officio Clerk koof7the Board By C�.�lA� , Deputy cc: Heritage Financial Corporation KCR Venture Partnership City of Brentwood City of Concord Dean Witter Reynolds Orrick, Herrington & Sutcliffe Director of Planning County Counsel County Administrator F RESOLUTION NO. 84/189 000161 1 . MORTGAGE. REV- $OND FINANC ING. MULTI-FAMILY , ,Rt5 S O'gl/rq 2 . KCR VENTURE PARTNERSHIP DESIGNATED AS ADVISORS � 3 . SAME AS 1 4. HERITAGE FINANCIAL CORP DESIGNATED AS ADVISORS I 5 . SAME AS 1. 6 . BRENTWOOD CITY COOPERATION AGRMT APPRVD RES 84/189 7 . SAME AS 1 8 . CONCORD CITY COOPERATION AGRMT APPRVD RES 84/189