To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Multifamily Housing Revenue Bonds - Mayfair Affordable in El Cerrito
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
ADOPT a resolution authorizing the issuance of multifamily housing revenue bonds ("Bonds") designated as "County of Contra Costa, California, Multifamily Housing Revenue Note (Mayfair Affordable), 2024 Series A" in an amount not to exceed $35,141,577, to finance the acquisition and construction of a 69-unit multifamily residential rental housing development known as Mayfair Affordable located at 11690 San Pablo Avenue in El Cerrito, California (the "Development").
1) FIND and DECLARE that the recitals contained in the proposed resolution are true and correct;
2) APPROVE the form of, and authorizing the County to execute, the Funding Loan Agreement among the County (the "Governmental Lender"), BMO Bank N.A, a national banking association, in its capacity as Initial Funding Lender (the "Initial Funding Lender"), and U.S. Bank Trust Company, National Association (the "Fiscal Agent") regarding the Governmental Lender sale of the Bonds to the Initial Funding Lender for the purpose of loaning the proceeds to Mayfair Affordable Housing L.P., a limited partnership duly organized and existing under the laws of the State of California (the "Borrower");
3) APPROVE the form of, and authorizing the County to execute, the Project Loan Agreement among the Government Lender, the Fiscal Agent, and the Borrower regarding the County loan of Bonds proceeds to the Borrower;
4) APPROVE the form of, and authorize the County to execute, the Regulatory Agreement and Declaration of Restrictive Covenants among the County and Borrower;
5) Authorize the delivery of the Note by the County to the Funding Lender as the initial purchaser of the Note;
6) APPOINT Stradling Yocca & Rauth, LLP as bond counsel for the transacti...
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