COMPLETED BOARD ORDER�"y��S-1
Before the Board of Supervisors in and for the
County of Monterey, State of California
a. Conduct a public hearing under the requirements of the Tax Equity and
Financial Responsibility Act TEFRA) and the Internal Revenue Code of
1986, as amended for the Cynara Court Affordable Housing Project
located at 10860-10868 Merritt Street and 10201-10203 Merritt Street in
Castroville being developed by Mid-Peninsula Housing Coalition and
b. Adopt Resolution approving the issuance of up to $11,700,000 in Private
Activity Bonds by the California Municipal Finance Authority CMFA)
for the benefit of Mid-Peninsula Castroville Associates, L.P. to provide for
the financing of the Project.
Upon motion of Supervisor Parker, seconded by Supervisor Calcagno, and carried by those
members present, the Board hereby:
a. Conducted a public hearing under the requirements of the Tax Equity and Financial
Responsibility Act TEFRA) and the Internal Revenue Code of 1986, as amended for the
Cynara Court Affordable Housing Project located at 10860-10868 Merritt Street and 10201-
10203 Merritt Street in Castroville being developed by Mid-Peninsula Housing Coalition
and
b. Adopted Resolution No. 10-092 approving the issuance of up to $11,700,000 in Private
Activity Bonds by the California Municipal Finance Authority CMFA) for the benefit of
Mid-Peninsula Castroville Associates, L.P. to provide for the financing of the Project.
PASSED AND ADOPTED this 13th day of April, 2010, by the following vote, to wit:
AYES: Supervisors Armenta, Calcagno, Salinas, Parker, Potter
NOES: None
ABSENT: None
I, Gail T. Borkowski, Clerk of the Board of Supervisors of the County of Monterey, State of California, hereby
certify that the foregoing is a true copy of an original order of said Board of Supervisors duly made and entered in
the minutes thereof of Minute Book 75 for the meeting on April 13, 2010.
Dated: April 15, 2010 Gail T. Borkowski, Clerk of the Board of Supervisors
County of Monterey, State of California
By R r1
Deputy
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COMPLETED RESOLUTION��"y��S-1
Before the Board of Supervisors in and for the
County of Monterey, State of California
Resolution No: 10 092
Resolution approving the issuance of tax-exempt
bonds by the California Municipal Finance
Authority for Mid-Peninsula Castroville Associates,
L.P. with respect to a multifamily rental project.
RECITALS:
WHEREAS, Mid-Peninsula Castroville Associates, L.P., or another limited partnership to be
established by Mid-Peninsula Housing Coalition, a California non-profit corporation, or an
affiliate thereof the Borrower") intends to acquire and construct two multi-family rental
housing developments totaling 58 units collectively, the Project") to be located at 10860
through 10868 Merritt Street and at 10201 through 10203 Merritt Street in Castroville, County of
Monterey, California 95012, and has requested the California Municipal Finance Authority the
Authority") to issue tax-exempt bonds the Bonds") in the not-to-exceed amount of
$11,700,000, the proceeds of which shall be used for the purpose of financing the construction of
the Project; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986 the Code") requires that the
applicable elected representative" with respect to the Project approve the issuance of the Bonds
with respect to the Project after a public hearing has been held concerning the issuance and
delivery of the Bonds with respect to the Project; and
WHEREAS, the Board of Supervisors of the County of Monterey the Board") is the elected
legislative body of the County of Monterey the County") and is one of the applicable elected
representatives required to approve the issuance of the Bonds under Section 147(f) of the Code;
and
WHEREAS, the Authority has requested that the Board approve the issuance of the Bonds by
the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code
and the requirements of Section 4 of the Joint Exercise of Powers Agreement, dated as of
January 1, 2004 the Agreement"), among certain local agencies, including the County; and
WHEREAS, pursuant to Section 147(f) of the Code, the Board has, following notice duly given,
held a public hearing regarding the issuance of the Bonds at which all those interested in
speaking with respect to the financing of the Project were heard, and now desires to approve the
issuance of the Bonds by the Authority, as provided below;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE
COUNTY OF MONTEREY, AS FOLLOWS;
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COMPLETED RESOLUTION��"y��s-i
Section 1. The Board hereby finds and determines that the foregoing recitals are true and
correct.
Section 2. The Board hereby approves the issuance of the Bonds with respect to the Project
by the Authority. It is the purpose and intent of the Board that this resolution constitute approval
of the issuance of the Bonds by the Authority only for the purposes of i) Section 147(f) of the
Code by the applicable elected representative of the governmental unit having jurisdiction over
the area in which the Project will be located, in accordance with said Section 147(f), and ii)
Section 4 of the Agreement.
Section 3. The issuance and delivery of the Bonds shall be subject to the approval of and
execution by the Authority of all financing documents relating thereto to which the Authority is a
party and subject to the sale of the Bonds by the Authority.
Section 4. The payment of the principal, prepayment premium, if any, and purchase price of
and interest on the Bonds shall be solely the responsibility of Borrower. The Bonds shall not
constitute a debt or obligation of the County.
Section 5. The officers of the County are hereby authorized and directed, jointly and
severally, to do any and all things and to execute and deliver any and all documents which they
deem necessary or advisable in order to carry out, give effect to and comply with the terms and
intent of this resolution and the financing transaction approved hereby.
Section 6. This Resolution shall take effect from and after the date of its passage and
adoption.
PASSED AND ADOPTED on this 13th day of April, 2010, upon motion of Supervisor Parker,
seconded by Supervisor Calcagno, by the following vote, to-wit:
AYES: Supervisors Armenta, Calcagno, Salinas, Parker, Potter
NOES: None
ABSENT: None
I, Gail T. Borkowski, Clerk of the Board of Supervisors of the County of Monterey, State of California, hereby
certify that the foregoing is a true copy of an original order of said Board of Supervisors duly made and entered in
the minutes thereof of Minute Book 75 for the meeting on April 13, 2010.
Dated: April 15, 2010 Gail T. Borkowski, Clerk of the Board of Supervisors
County of Monterey, State of California
By
Deputy
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SIGNED BOARD REPORTX��"y��MONTEREY COUNTY BOARD OF SUPERVISORS
MEETING: April 13, 2010 AGENDA NO.: S-
SUBJECT 1) Conduct a public hearing under the requirements of the Tax Equity and
Financial Responsibility Act TEFRA) and the Internal Revenue Code of 1986,
as amended for the Cynara Court Affordable Housing Project located at 10860-
10868 Merritt Street and 10201-10203 Merritt Street in Castroville being
developed by Mid-Peninsula Housing Coalition and
2) Adopt a resolution approving the issuance of up to $11,700,000 in Private
Activity Bonds by the California Municipal Finance Authority CMFA) for the
benefit of Mid-Peninsula Castroville Associates, L.P. to provide for the
financing of the Project.
DEPARTMENT: RMA Redevelopment and Housing Office
RECOMMENDATION:
It is recommended the Board of Supervisors:
1) Conduct a public hearing under the requirements of the Tax Equity and Financial
Responsibility Act TEFRA) and the Internal Revenue Code of 1986, as amended for the
Cynara Court Affordable Housing Project located at 10860-10868 Merritt Street and
10201-10203 Merritt Street in Castroville being developed by Mid-Peninsula Housing
Coalition; and
2) Adopt a resolution approving the issuance of up to $11,700,000 in Private Activity Bonds
by the California Municipal Finance Authority CMFA) for the benefit of Mid-Peninsula
Castroville Associates, L.P. to provide for the financing of the Project.
SUMMARY:
Mid-Peninsula Castroville Associates, LP is working with the California Municipal Finance
Authority CFMA) to issue up to $11,700,000 Eleven Million Seven Hundred Thousand
Dollars) in tax-exempt revenue bonds to help finance the construction of 58 affordable apartment
units. The recommended actions are required before the CMFA can proceed with an application
to the California Debt Limit Allocation Committee CDLAC).
DISCUSSION:
Mid-Peninsula Housing Coalition intends to construct two multi-family rental housing
developments totaling 58 units to be located at 10860 through 10868 Merritt Street and at 10201
through 10203 Merritt Street in Castroville, County of Monterey, California. The owner of the
Project is Mid-Peninsula Castroville Associates, L.P.
In order for CMFA to request an allocation of tax-exempt bonds from CDLAC and for the bonds
to ultimately qualify for tax-exempt status under the Internal Revenue Code, the local
government agency having jurisdiction over the area in which the project is located must hold a
properly noticed public hearing pursuant to TEFRA 26 U.S.C 147 f)) and adopt a resolution
approving sale of the private activity bonds.
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SIGNED BOARD REPORTX��"y��The County of Monterey is a member of the CMFA. The Joint Exercise of Powers Agreement
provides that CMFA is a public entity, separate and apart from each member executing such
agreement. The debts, liabilities and obligations of CMFA do not constitute debts, liabilities or
obligations of the members executing such agreement.
The Bonds to be issued by CMFA for the Project will be the sole responsibility of the Borrower,
and the County will have no financial, legal, moral obligation, liability or responsibility for the
Project or the repayment of the Bonds for the financing of the Project. All financing documents
with respect to the issuance of the Bonds will contain clear disclaimers that the Bonds are not
obligations of the County or the State of California, but are to be paid for solely from funds
provided by the Borrower.
OTHER AGENCY INVOLVEMENT:
County Counsel and the County Administrative Office have reviewed this request and concur
with the recommendations.
FINANCING:
The staff cost of processing this request has been financed by Fund 009, Budget Unit 8208
Inclusionary Housing). If the bonds are issued, a portion of the issuance fees estimated to total
$7,812 will be deposited in Fund 009.
Prepared by:
Jane Royer Barr, Program Manger
Redevelopment and Housing Office
Approved by:
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