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Home My WebLink AboutRESOLUTIONS - 05202008 - 2008-351 RESOLUTION NO. A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST 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 $1,318,163 aggregate principal amount of Multifamily Housing Revenue Bonds (Gateway Apartments), 2006 Series B-1 (the "Series B-1 Bonds") and its $4,681,837 aggregate principal amount of Multifamily Housing Revenue Bonds (Gateway Apartments), 2006 Series B-2 (the "Series B-2 Bonds" and, collectively with the Series B-1 Bonds, the "Bonds") pursuant to a Master Pledge and Assignment dated as of March 1, 2006 (the "Original Pledge and Assignment'), 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 Gateway Mixed Use Development, A California Limited Partnership (the "Borrower") pursuant to a Loan Agreement, dated as of March 1, 2006, 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 modify, amend and supplement the Original Pledge and Assignment, and the forms of the Series B-1 Bonds and the Series B-2 Bonds, in accordance with the provisions of the Original Pledge and Assignment in order to provide for new maturity dates for the 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 First 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 First 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 First 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 First 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 B-1 Bonds to later than October 1, 2037, or the final maturity date of the Series B-2 Bonds to later than July 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 Series B-1 Bonds and the Series B-2 Bonds, both in the forms attached to the First 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 B-1 Bonds and the Series B-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 B-1 Bonds and the Series B-2 Bonds by the County. The County shall deliver such Series B-1 Bonds and Series B-2 Bonds to the Holder only upon the receipt from the Holder of the existing Series B-1 Bonds and Series B-2 Bonds. 4. All actions heretofore taken by the officers and agents of the County with respect to the execution and delivery of the First 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 First Amendment to Master Pledge and Assignment. 2 a v 0C-135/ 5. This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 201h 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 Of the Board of Supervisors By:61 Depu y Clerk 3 0 d F/3�'/ S'9 COU1'1� 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 — Gateway Apartments, Pittsburg area SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS ADOPT Resolution authorizing a First Amendment to Master Pledge and Assignment, and other action related to the County's 2006 issuance of $6.0 million Multi-Family Housing Revenue Bonds for the construction of the Gateway Apartments, Pittsburg 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: jeo,�* &,� ,jZLCOMMENDATION OF COUNTY ADMINISTRATO RECOM ENDATION OF OARD COMMITTEE ,,-APPROVE OTHER SIGNATURE(S). ACTION OF BO ON �'//�.rs� �o o2uo�' APPROVED AS RECOMMENDED O R VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A UNANIMOUS (ABSENT ,/�� ) TRUE AND CORRECT COPY OF AN YES: 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 County Counsel JOHN CULL N, C K OF THE Housing Authority BOARD OF UP VISORS Redevelopment Agency AND THE OUNTY ADMINISTRATOR via: Community Development *Jones Hall BY Y Domus Development G:\CDBG-REDEV\redev\Board Orders and Greenies\BOARD.5.20.08 gateway apartments.doc BACKGROUND/REASONS FOR RECOMMENDATIONS In 2006, the County issued its 2006- Issue B-1 and B-2, Multi-Family Mortgage Revenue Bonds to the finance the development of the Gateway Apartments near downtown Pittsburg. Gateway Apartments is a 28 unit project at 125 E. 10th Street, Pittsburg. The development entity is Gateway Mixed Use Development,A California Limited Partnership, an affiliate of Domus Development. The project is complete. In order to accommodate the permanent financing sources, the bonds are being restructured to extend maturities by a few months The permanent lenders need additional time to satisfy all closing requirements hence the First Amendment is recommended. Pursuant to the original plan of finance, the City of Pittsburg is providing $4.0 million in financial assistance. The Resolution before the Board approves the First Amendment,and is the action by the Board, as the legislative body of the County. JK:dk G:\CDBG-REDEV\redev\Board Orders and Greenies\BOARD.5.20.08 gateway apartments.doc