To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Bond Sale Resolution: Multifamily Housing Revenue Bonds - El Cerrito Plaza - Parcel A South in El Cerrito
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
ADOPT a resolution authorizing the issuance of a multifamily housing revenue bond in one or more taxable or tax-exempt series ("Bond"), including a tax-exempt series of the Bond designated as "County of Contra Costa, California Multifamily Housing Revenue Bonds (El Cerrito Plaza - Parcel A South), 2025 Series A" in an amount not to exceed $35,700,000, and a taxable series of the Bond designated as "County of Contra Costa, California Multifamily Housing Revenue Bonds (El Cerrito Plaza - Parcel A South), 2025 Series B (Federally Taxable)" in an amount not to exceed $10,000,000, to finance the acquisition and construction of a 70-unit multifamily residential rental housing development known as El Cerrito Plaza - Parcel A South located at 515 Richmond Street in El Cerrito, California (the "Development").
FIND and DECLARE that the recitals contained in the proposed resolution are true and correct.
APPROVE the form of, and AUTHORIZE the County to execute, the Trust Indenture between the County (the "Issuer") and U.S. Bank Trust Company, National Association (the "Trustee") and authorizing the Issuer's sale of the Bond to JPMorgan Chase Bank, N.A., as the initial purchaser of the Bond, for the purpose of loaning the proceeds to ECP Parcel A South Housing Partners, L.P., a California limited partnership (the "Borrower").
APPROVE the form of, and AUTHORIZE the County to execute, the Loan Agreement among the County as the Issuer, the Trustee, and the Borrower regarding the County loan of proceeds of the Bond to the Borrower.
APPROVE the form of, and AUTHORIZE the County to execute, the Regulatory Agreement and Declaration of Restrictive Covenants between the County a...
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