2. Authorizing and directing the executing officers, the Clerk of the Board and all other proper officers and officials of the County to execute such other agreements, documents and certificates, and to perform such other acts and deeds, as may be necessary or convenient to effect the purposes of the Resolution and the transactions authorized.
No impact to the General Fund. The County will be reimbursed for any costs incurred in the process of conducting the TEFRA Hearing. The CMFA will issue tax-exempt revenue bonds on behalf of the Borrower. Repayment of the Bonds is solely the responsibility of the Borrower.
Deliverance Temple Apartments LP, with the City of Richmond's support, requested the County to conduct a Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) hearing for the California Municipal Finance Authority (CMFA) issuance of Multifamily Housing Revenue Bonds in an amount not to exceed $43,000,000 to be used to finance the acquisition, development and construction of an 82-unit multifamily rental housing development commonly known as Deliverance Temple Apartments located at 4312 Potrero Avenue in the City of Richmond, California (the “Project”). The Project will be operated by Apartment Management Consultants. A TEFRA hearing must be held by an elected body of the governmental entity having jurisdiction over the area where the project is located in order for all or a portion of the Bonds to qualify as tax-exempt bonds for the financing of the Project. The County is a member of the CMFA and qualifies as an elected body of the governmental entity having jurisdiction over the area where the project is located.
The main purposes of the proposed Resolution are to acknowledge that a public hearing was held by the County's Community Development Bond Program Manager on October 7, 2016, where members of the community were given an opportunity to speak in favor of or against the use of tax-exempt bonds for the financing of the Project and to approve of CMFA's use of tax-exempt bonds for the financing of the project. No public comments were received. A notice of the hearing was published in the Contra Costa Times (proof of publication attached) on September 23, 2016.
The County’s only role in this transaction was to hold the TEFRA hearing and to grant the limited approval described above. Additional actions related to the bond issuance will be the responsibility of CMFA and the Borrower.
Negative action would prevent CMFA from providing tax-exempt financing for the Deliverance Temple Apartments project in Richmond.