Agenda

Return

C. 43

To:	Board of Supervisors
From:	John Kopchik, Director, Conservation & Development Department
Date:	August 15, 2023

Contra

Costa

County

Subject:

Tax and Bond Counsel Contract Amendment with Quint & Thimmig LLP

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 08/15/2023

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Candace Andersen, District II Supervisor
Diane Burgis, District III Supervisor
Ken Carlson, District IV Supervisor
Federal D. Glover, District V Supervisor

Contact:

Deidre Hodgers, (925) 655-2892

I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown.
ATTESTED: August 15, 2023
Monica Nino, County Administrator

BY:	, Deputy

RECOMMENDATION(S):

APPROVE and AUTHORIZE the Conservation and Development Director, or designee, to execute a contract amendment with Quint & Thimmig, LLP, to extend the term from September 30, 2023 through March 31, 2024, with no change to the payment limit of $500,000, to provide continuing bond and tax counsel services.

FISCAL IMPACT:

There is no fiscal impact associated with this action. In the event that the bonds are issued for multifamily housing projects, the County is reimbursed for costs incurred in the issuance process. Expenses, including legal/counsel expenses, and annual expenses for monitoring of Regulatory Agreement provisions ensuring certain units in the multifamily housing projects 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.

BACKGROUND:

On May 21, 2021, the County issued a Request for Proposals (RFP) for tax and bond counsel services related to multifamily housing revenue bond financing. After review by the Debt Affordability Advisory Committee (DAAC) and firm interviews, Quint & Thimmig, LLP (Contractor), was selected to provide bond and tax counsel services to the County for Multifamily Housing Revenue Bond, Assessment and Community Facilities District Bond, and Tax Allocation Revenue Bond issues. On July 13, 2021, the Board of Supervisors approved a contract with the Contractor with a payment limit of $500,000 and a termination date of September 30, 2023. Staff is recommending a contract amendment of six (6) months to extend the termination date to March 31, 2024 with no change to the payment limit. This amendment and extension will ensure the Contractor continues to provide tax and bond counsel services while a new Request for Proposals can be issued by the County for the services.

CONSEQUENCE OF NEGATIVE ACTION:

The County would not have legal counsel on County Multifamily Housing Revenue Bond, Assessment District, Community Facilities District and Tax Allocation Revenue Bond issues, which can create vulnerability to negative tax implications.

CHILDREN'S IMPACT STATEMENT:

The recommendation supports one or more of the following children's outcomes:

(1) Children Ready for and Succeeding in School;
(2) Children and Youth Healthy and Preparing for Productive Adulthood;
(3) Families that are Economically Self Sufficient;
(4) Families that are Safe, Stable and Nurturing; and
(5) Communities that are Safe and Provide a High Quality of Life for Children and Families.