To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Reimbursement Resolution for Multifamily Housing Revenue Bonds -
El Cerrito Plaza - Parcel A South - El Cerrito
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
1) ADOPT a resolution conditionally providing for the authorization of revenue bonds ("Bonds") in an aggregate amount not to exceed $50,000,000 to finance the acquisition and construction of 70 units of multifamily residential rental housing currently identified as El Cerrito Plaza - Parcel A South, located at 515 Richmond Street, El Cerrito, California (the "Development"), and approving related actions.
2) FIND and DECLARE that the recitals contained in the proposed resolution are true and correct.
3) DETERMINE that the issuance of Bonds to finance the Development, including reimbursement of expenses incurred by ECP Parcel A South Housing Partners, L.P. or a County-approved affiliate or assignee (the "Borrower"), is necessary and providing conditional approval thereof and setting forth conditions for the issuance of Bonds.
4) DECLARE the County's official intent to use proceeds of the Bonds to reimburse expenditures of the Borrower incurred for the Development.
5) AUTHORIZE certain Designated Officers of the County to submit an application to CDLAC for an allocation from the state ceiling of private activity bonds.
6) APPOINT Stradling Yocca & Rauth, LLP as bond counsel for the transaction.
7) AUTHORIZE the Designated Officers to implement the approvals set forth in the resolution.
FISCAL IMPACT:
There is no fiscal impact associated with this action. In the event that the Bonds are issued, the Contra Costa County (the "County") will be reimbursed for any costs incurred in the issuance process. Annual expenses for monitoring of Regulatory Agreement provisions ensuring certain units in the Development will be rented to low-income households are accommoda...
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