To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Termination of Regulatory Agreement - Giant Road Family Apartments in San Pablo
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
1. ADOPT a resolution authorizing the execution and delivery of a Termination of Regulatory Agreement and Declaration of Restrictive Covenants (Termination Agreement), terminating the Regulatory Agreement and Declaration of Restrictive Covenants dated as of August 1, 2005, recorded as Instrument No. 2005-0490141-00, in connection with the County's issuance in 2005 of (i) $3,135,000 County of Contra Costa Multifamily Housing Revenue Bonds 2005 Series A-1 (the Series A-1 Bonds), and (ii) $15,499,000 County of Contra Costa Multifamily Housing Revenue Bonds (Giant Road Family Apartments) 2005 Series A-2 (the Series A-2 Bonds) to finance the Giant Road Family Apartments, an affordable housing development located at 2832 Giant Road, in San Pablo (Property), which termination will enable the Property to be refinanced.
2. APPROVE and AUTHORIZE the Director of the Department of Conservation and Development, or designee, to execute the Termination Agreement, the form of which is on file with the Clerk of the Board.
3. AUTHORIZE the Director of the Department of Conservation and Development, or designee, to take any and all actions and execute and deliver any and all certifications, agreements, and other documents needed in connection with the Termination Agreement.
FISCAL IMPACT:
There is no negative impact on the General Fund. The County will be reimbursed by the new owner of the Property for any costs incurred in connection with the Termination Agreement. The purchase price of the Property is expected to enable the current owner to redeem the outstanding bonds in full.
BACKGROUND:
The recommended action is the adoption of a resolution by the Board of Supervisors, as the legislative body...
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