RECOMMENDATION(S):
ADOPT Resolution No. 2016/102 conditionally providing for the issuance of revenue bonds in an amount not to exceed $80,000,000 to finance a Multifamily Residential Rental Housing Developments (the "Developments"), and approving related actions: Twenty One and Twenty Three Nevin Apartments located at the Southwest Corner of Nevin Avenue and 23rd Street, and one at 344 21st Street (APNs 514-080-013 and 514-090-018) in the City of Richmond, California, currently identified as Twenty One and Twenty Three Nevin.
FISCAL IMPACT:
None. 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 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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