To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Amended and Restated Reimbursement Resolution for Multifamily Housing Revenue Bonds - Lakeside Apartments in Concord
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
1. ADOPT an amended and restated resolution to supersede Resolution No. 2025-16 and to conditionally provide for the authorization of revenue bonds ("Bonds") in an aggregate amount not to exceed $30,000,000 to finance the acquisition, construction and rehabilitation of 124 units of multifamily residential rental housing currently identified as Lakeside Apartments located at 1897 Oakmead Drive, Concord, 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 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 the Director of the Department of Conservation and Development, or designee, to submit an application to CDLAC for an allocation from the state ceiling of private activity bonds.
6. APPOINT Stradling Yocca Carlson & Rauth LLP as bond counsel for the transaction.
7. AUTHORIZE the Director of the Department of Conservation and Development, or designee, 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 ...
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