RECOMMENDATION(S):
ADOPT Resolution No. 2023/519 conditionally providing for the issuance of revenue bonds in an aggregate amount not to exceed $58,300,000 to finance the acquisition and construction of 69 units of multifamily rental housing currently identified as Mayfair Affordable, to be located at 11690 San Pablo Avenue, El Cerrito, CA 94530 (APN 502-062-031), and approving related actions.
FISCAL IMPACT:
There is no fiscal impact associated with this action. In the event that the bonds are issued, the County is reimbursed for costs incurred in the issuance process. Annual expenses for monitoring of Regulatory Agreement provisions ensuring certain units in the housing development will be rented to low-income households are accommodated in the bond issue. The bonds will be solely secured by and payable from revenues (e.g. development rents, reserves, etc.) pledged under the bond documents. No County funds are pledged to secure the bonds.
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