HomeMy WebLinkAboutRESOLUTIONS - 05202008 - 2008-350 RESOLUTION NO. 12,2o 50
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA
COSTA AUTHORIZING THE EXECUTION AND DELIVERY OF A SECOND AMENDMENT TO
MASTER PLEDGE AND ASSIGNMENT AND AUTHORIZING THE EXECUTION AND
DELIVERY OF CERTAIN OTHER DOCUMENTS AND CERTIFICATES AND APPROVING
OTHER RELATED ACTIONS IN CONNECTION WITH GIANT ROAD FAMILY APARTMENTS
Whereas, the County of Contra Costa (the "County") has heretofore issued its
$3,135,000 aggregate principal amount of Multifamily Housing Revenue Bonds (Giant Road
Family Apartments), 2005 Series A-1 (the "Series A-1 Bonds") and its $15,499,000 aggregate
principal amount of Multifamily Housing Revenue Bonds (Giant Road Family Apartments), 2005
Series A-2 (the "Series A-2 Bonds" and, collectively with the Series A-1 Bonds, the "Bonds")
pursuant to a Master Pledge and Assignment dated as of August 1, 2005, as heretofore
amended by the First Amendment to Master Pledge and Assignment dated as of December 1,
2005 (collectively, the "Original Pledge and Assignment"), both by and among the County, and
U.S. Bank National Association, as agent (the "Agent'), and U.S. Bank National Association, as
holder (the "Holder");
Whereas, the County has lent the proceeds of the Bonds to Giant Development, L.P., a
California limited partnership (the "Borrower") pursuant to a Loan Agreement, dated as of
August 1, 2005, by and between the Agent, as agent for the County, and the Borrower;
Whereas, the Borrower is using the proceeds of the Bonds to acquire and construct the
Project (as defined in the Original Pledge and Assignment);
Whereas, the Borrower has requested that the County, the Agent and the Holder further
modify, amend and supplement the Original Pledge and Assignment, and the form of the Series
A-2' Bonds, in accordance with the provisions of the Original Pledge and Assignment in order to
provide for new maturity dates for the Series A-2 Bonds; and
Whereas, the County has determined that it is in the public interest that such
modifications, amendments and supplements be made to the Original Pledge and Assignment,
and that certain other actions be taken in connection therewith.
NOW THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of
Contra Costa, as follows:
1. The County hereby finds and declares that the above recitals are true and
correct.
2. The Second Amendment to Master Pledge and Assignment by and among the
County, the Agent and the Holder, in the form on file with the Clerk of the Board of Supervisors,
is hereby approved. The Chair of the Board of Supervisors, the Vice Chair of the Board of
Supervisors, the County Administrator, the Interim Director, Department of Conservation and
Development and the Deputy Director-Redevelopment (each a "Designated Officer") are hereby
authorized and directed, for and in the name and on behalf of the County, to execute and
deliver the Second Amendment to Master Pledge and Assignment in said form, together with
such additions thereto or changes therein as are recommended or approved by the Designated
Officer executing the Second Amendment to Master Pledge and Assignment upon consultation
with Bond Counsel to the County, the approval of such additions or changes to be conclusively
evidenced by the execution and delivery of the Second Amendment to Master Pledge and
Assignment by the County, provided that no such addition or change shall extend the final
maturity date of the Series A-2 Bonds to later than August 1, 2008.
3. The Designated Officers, each acting alone, are hereby are hereby authorized
and directed, for and in the name and on behalf of the County, to execute and deliver the
revised Series A-2 Bonds, in the form attached to the Second Amendment to Master Pledge
and Assignment, together with such additions thereto or changes therein as are recommended
or approved by the Designated Officer executing the Series A-2 Bonds upon consultation with
Bond Counsel to the County, the approval of such additions or changes to be conclusively
evidenced by the execution and delivery of the Series A-2 Bonds by the County. The County
shall deliver such Series A-2 Bonds to the Holder only upon the receipt from the Holder of the
existing Series A-2 Bonds.
4. All actions heretofore taken by the officers and agents of the County with respect
to the execution and delivery of the Second Amendment to Master Pledge and Assignment are
hereby approved, confirmed and ratified, and the proper officers of the County, including the
Designated Officers, are hereby authorized and directed, upon consultation with Bond Counsel,
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 any and all certificates, agreements and other documents, which they, or
any of them, may deem necessary or advisable in order to consummate the transactions
contemplated thereby Bonds in accordance with this Resolution, including but not limited to
those certificates, agreements and other documents described in the Second Amendment to
Master Pledge and Assignment.
5. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED this 20th day of May, 2008, by the following vote:
AYES: GIOIA,UILKEMA, PIEPHO,
BONILLA&GLOVER
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
Chair
ATTEST:
John Cullen
County Administrator and Clerk
O/Board ervisors
Buty Clerk
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TO: BOARD OF SUPERVISORS
FROM: DENNIS M. BARRY, AICP, INTERIM DIRECTOR
DEPARTMENT OF CONSERVATION AND DEVELOPMENT
DATE: May 20, 2008
SUBJECT: Multi-Family Mortgage Revenue Bonds — Giant Road Family, San Pablo area
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
ADOPT Resolution authorizing a Second Amendment to Master Pledge and Assignment, and
other action related to the County's 2005 issuance of $18.6 million Multi-Family Housing
Revenue Bonds for the construction of the Giant Road Family 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 ADMINISTRATO RECO NDATION OF OARD
COMMITTEE ✓APPROVE OTHER
SIGNATURE(S):
ACTION OF BOAOPN au 48' APPROVED AS RECOMMENDED O ER
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 p
County Counsel JOHN CULLEN, CLERK OF THE
Housing Authority BOARD OF PERVISORS
Redevelopment Agency AND THE OUNTY ADMINISTRATOR
via: Community Development
*Jones Hall B Y
East Bay Asian Local Development Corp.
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y • 7 I
BACKGROUND/REASONS FOR RECOMMENDATIONS
In 2005, the County issued its 2005-Issue A-1 and A-2 Multi-Family Mortgage Revenue Bonds to
finance the construction of the Giant Road Family Apartments. The development entity is Giant
Development L.P.,a California Limited Partnership an affiliate of the non-profit East Bay Asian Local
Development Corporation. Giant Road Family Apartments is an 86-Unit project. The project is
complete. In order to accommodate the permanent financing sources, the bonds are being
restructured. A First Amendment to the Master Pledge Assignment which was approved by the
Board on December 13, 2005, provided additional time for the permanent lenders to close on their
loans resulting from a need to address hazardous materials remediation issues on the site. The
permanent lenders need additional time to satisfy all permanent closing requirements hence the
Second Amendment is recommended. Pursuant to the original plan of finance both the City of San
Pablo and the County are providing financial assistance-$1.7 million and $1.7 million respectively.
The Resolution before the Board approves the Second Amendment,and is the action by the Board,
as the legislative body of the County, authorizing the issuance of bonds.
JK:dk
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pablo.doc