Agenda

Return

C.94

To:	Board of Supervisors
From:	Catherine Kutsuris, Conservation & Development Director
Date:	February 24, 2009

Contra

Costa

County

Subject:

Multi-Family Mortgage Revenue Bonds – Giant Road Family Apartments Project, San Pablo

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 02/24/2009

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Gayle B. Uilkema, District II Supervisor
Mary N. Piepho, District III Supervisor
Susan A. Bonilla, District IV Supervisor
Federal D. Glover, District V Supervisor

Contact:

Jim Kennedy 5-7225

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: February 24, 2009
David Twa,

BY:	, Deputy

RECOMMENDATION(S):

ADOPT Resolution No. 2009/85, approving a Fifth Amendment to Master Pledge and Assignment Agreement related to the County’s 2005 issuance of $18,634,000 of Multi-Family Housing Revenue Bonds to finance the Giant Road Family Apartments, San Pablo.

FISCAL IMPACT:

No General Fund obligation is involved. Bonds have been issued, and the County is reimbursed for costs associated with issuance of bonds. Annual expenses related to monitoring of the Regulatory Agreement are accommodated in the bond issue. The bonds to be issued will be solely secured by a pledge of revenues (rents, reserves, etc.) pledged under the bond documents. No County funds are pledged to secure the bonds.

BACKGROUND:

Giant Road Family Apartments is an 86-unit project located at 2832 Giant Road, San Pablo. The project was financed with multi-family housing revenue bonds issued by the County in 2005. The project was completed and opened in 2007. The ownership entity is Giant Development, L.P., a California limited partnership, with East Bay Asian Local Development Corporation (EBALDC) as the managing General Partner. The project also included County financing in the form of Community Development Block Grant funds of $60,000 and HOME Investment Partnership funds of $600,000. San Pablo also provided $450,000 of the financing with redevelopment funds. Due to the complexity in coordinating project-based Section 8 and Shelter Plus financing, the project continues to experience delays in achieving a final loan closing. The recommended action is the approval of the Fifth Amendment to Master Pledge and Assignment amending and supplementing the Original Pledge and Assignment in order to provide for a new maturity date of May 1, 2009 (or such later date requested by U.S. Bank National Association, and any successors and assigns) for the 2005 Series A-2 Bonds. The Board’s action acknowledges that a public hearing has been held by the Deputy Director – Redevelopment as required by Section 147(f) of the Internal Revenue Code.