To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Multifamily Housing Revenue Bonds - TEFRA for Lakeside Apartments in Concord
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
1. ADOPT a resolution approving the issuance of Multifamily Housing Revenue Bonds or Notes ("Bonds") in the amount of up to $30,000,000 to finance the acquisition, development, construction, and rehabilitation of a 124-unit multifamily residential rental housing development currently identified as Lakeside Apartments located at 1897 Oakmead Drive in Concord, California (the "Project").
2. FIND AND DECLARE that the recitals contained in the proposed resolution are true and correct;
3. ACKNOWLEDGE that such approval is solely for the purposes of satisfying the requirements of the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), to finance the costs of the acquisition, development, construction, and rehabilitation of the Project subject to Board of Supervisors approval of all documents related to the Bonds to which the County is a party;
4. ACKNOWLEDGE that adoption of this resolution does not relieve or exempt the project sponsor from obtaining required permits or approvals, nor obligate the County to incur any obligation to provide financial assistance with respect to the Bonds or the Project; and
5. AUTHORIZE and DIRECT the Director of the Department of Conservation & Development, or designee, to take any and all actions and execute and deliver any and all certificates, agreements and other documents needed in connection with the Bonds.
FISCAL IMPACT:
No impact to the General Fund. The County will be reimbursed for any costs incurred in the process of conducting the TEFRA Hearing and Board of Supervisors' approval. The issuance authorization is for the sole purpose of satisfying the provisions o...
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