To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Bond Sale Resolution: Multifamily Housing Revenue Bonds - Lakeside Apartments in Concord
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
1. ADOPT a resolution authorizing the issuance of a multifamily housing revenue bonds in one or more taxable or tax-exempt series ("Note"), including a tax-exempt series of the Note designated as "County of Contra Costa, California, Multifamily Housing Revenue Note (Lakeside Apartments), 2026 Series A (Tax-Exempt)" in an amount not to exceed $12,075,837, and a taxable series of the Note designated as "County of Contra Costa, California, Multifamily Housing Revenue Note (Lakeside Apartments), 2026 Series B (Taxable)" in an amount not to exceed $3,000,000, to finance the acquisition and rehabilitation of an 124-unit multifamily residential rental housing development known as Lakeside Apartments located at 1897 Oakmead Drive in Concord, California (the "Development").
2. FIND and DECLARE that the recitals contained in the proposed resolution are true and correct.
3. APPROVE the form of, and AUTHORIZE the County to execute, the Funding Loan Agreement among the County (the "Governmental Lender"), BMO Bank N.A., a national banking association, in its capacity as the Funding Lender (the "Funding Lender"), and U.S. Bank Trust Company, National Association (the "Fiscal Agent") regarding the Governmental Lender's sale of the Note to the Initial Funding Lender for the purpose of loaning the proceeds to Lakeside Recap, L.P., a California limited partnership (the "Borrower").
4. APPROVE the form of, and AUTHORIZE the County to execute, the Borrower Loan Agreement among the County as the Government Lender, the Fiscal Agent, and the Borrower regarding the County loan of proceeds of the Note to the Borrower.
5. APPROVE the form of, and AUTHORIZE the County to execute, the Regulatory Agreemen...
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