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HomeMy WebLinkAboutCounty of Orange - 2009-05-04 (5)"-S. r 7-4 \ , J,--6 AJ t:7 -- 1" Council/Agency Meeting Held: Deferred/Continued to: Ap roved dition II prov d ® Denied Citrk s ignat r Council Meeting Date: 5/4/2009 Department I Number: ED09-23 CITY OF HUNTINGTON BEACH REQUEST FOR CITY COUNCIL ACTION SUBMITTED TO: HONORABLE MAYOR AND CITY CO IL MEMBERS SUBMITTED BY: FRED A. WILSON, CITY ADMINIST R PREPARED BY: STANLEY SMALEWITZ, DIRECTOR ECONOMIC DEVELOPMENT: SUBJECT: APPROVE EMERALD COVE APARTMENTS SALE COMMITMENT Statement of Issue, Funding Source, Recommended Action, Alternative Action(s), Analysis, Environmental Status, Attachment(s) Statement of Issue: The City of Huntington Beach has entered into discussions with Jamboree Housing, a non-profit affordable housing developer, to purchase Emerald Cove Senior Apartments. If approved, the County of Orange will be issuing bonds to finance the sale and acquisition. Therefore, the City needs to approve a Cooperative Agreement with the County so the County can issue the bonds. The Cooperative Agreement does not bind the City to sell the property, if so decided upon at a later(date. Funding Source: No funds from the City or Redevelopment Agency are currently requested at this time. At a future City Council meeting, staff will submit for approval Housing agreements that will delineate the details of the assistance, if any, to be provided. All bond payments and security will be supported by the project. The City will have no pecuniary liability for the bonds. Recommended Action: Motion to: Approve Cooperative Agreement between the City of Huntington Beach and the County of Orange and authorize the Mayor to execute the agreement. Alternative Action(s): Do not approve the proposed Cooperative Agreement and direct staff not to move forward with the aforementioned agreement. REQUEST FOR CITY COUNCIL ACTION MEETING DATE: 5/4/2009 DEPARTMENT ID NUMBER: ED09-23 Analysis: The City and Redevelopment Agency is proposing selling Emerald Cove Apartments to Jamboree Housing, a non-profit housing developer/manager. Part of the financing package includes 4% tax credit bonds. Jamboree will be submitting an application to the California Debt Allocation Committee in either the May or July application rounds to be considered for bonds. The County of Orange will issue the bonds if Jamboree is awarded. Prior to issuing the bonds, the City will be requested to transfer the property to the Agency. The Agency will need to enter into a Housing Agreement, at a future City Council meeting by July 2009, to ensure a 60 year affordable covenant and other issues. If the sale to Jamboree Housing is approved; Jamboree will take over ownership and day-to- day operations of Emerald Cove. Conditions of the sale to Jamboree will include a 60 year affordable covenant, existing resident's rental structure to remain the same as it currently is with the City (and include yearly 3% rental increase cap for 5 years), rehabilitation of buildings, units and community room with an upgrade in services provided to the residents. Jamboree will be retaining the services of John Stewart Company; the City's current property management firm. Staff has also been meeting monthly with residents to ensure the transition is handled as smoothly as possible. Strategic Plan Goal: L: 3 Preserve the quality of our neighborhoods, maintain open space, and provide for the preservation of historic neighborhoods. Environmental Status: Not applicable. Attachment(s): -2- 4/23/2009 1:46 PM COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ORANGE AND THE CITY OF HUNTINGTON BEACH THIS COOPERATIVE AGREEMENT (the "Cooperative Agreement") is hereby made and entered into as of May 1, 2009 by and between the COUNTY OF ORANGE, a political subdivision and public body corporate and politic of the State of California (the "County"), and the CITY OF HUNTINGTON BEACH, a municipal corporation and public body corporate and politic of the State of California (the "City"). WITNESSETH: WHEREAS, the County has determined to engage in a multifamily rental housing finance program (the "Program") pursuant to Chapter 7 of Part 5 of Division 31 of the Health and. Safety Code of the State of California (the "Act") for the purpose of financing the acquisition, construction or rehabilitation of multifamily rental housing in the County, all as provided in the Act; and WHEREAS, the County proposes to finance the acquisition and rehabilitation of a senior multifamily rental housing project of approximately 164 units at 18191 Park Tree Circle in the City (the "Project"); and WHEREAS, the County intends to finance the Project in a manner consistent with the Program by the issuance of revenue bonds as authorized by the Act; and WHEREAS, the City has approved the use of the Program for the Project and has determined to cooperate with the County pursuant to the Act in the exercise of its powers under the Act for the purposes of implementing the Program in furtherance of the Project and other multifamily projects to be financed in the future; DOCSOC/ 1331948v4/022197-033 8 NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the parties hereto agree as follows: SECTION 1. The words and phrases of this Cooperative Agreement shall, for all purposes hereof unless otherwise defined herein, have the meanings assigned to such words and phrases in the Act. SECTION 2. The County agrees to use its best efforts to undertake the Program and to issue bonds in furtherance of the Project and other multifamily projects to be acquired and/or constructed in the City pursuant to the Act if deemed advisable to do so by the County. In the event that the County determines that it is not advisable to issue bonds for a project, it will inform the City as to its reasons for electing not to issue the bonds. SECTION 3. The City represents and warrants to the County that: (i) the City has adopted a General Plan for the City in conformance with the provisions of the Planning and Zoning Law of the State of California (Government Code Sections 65000 et seq.), (ii) the General Plan includes a Land Use Element and a Housing Element as required by Government Code Section 65302, and (iii) the Project complies with the goals, objectives and policies of the Land Use Element and Housing Element of the City of Huntington Beach. SECTION 4. The City agrees to cooperate with the County in the exercise of its powers for the purpose of financing multifamily rental housing projects pursuant to the Act, by agreeing that, subject to the provisions of Section 5 hereof, the County may exercise any and all of the City's powers for the purpose of making or acquiring loans under the Program, all as more specifically set forth in the Act, with respect to the financing of the Project and other multifamily projects within the City. The City's acknowledgment as to the future multifamily projects to be financed shall be evidenced by a letter from the City Administrator, or his designee, listing the project or projects to be financed by the County under the Program. 2 DOCSOC/ 1331948v4/022197-0338 SECTION 5. The City reserves to itself the right to undertake its own program of financing multifamily rental housing projects, provided that under no circumstances will the City conduct or participate in a multifamily rental housing finance program from which bond proceeds would be used to provide financing for any project for which the County has provided financing under the Program. SECTION 6. Subject to the City's reasonable discretion, the City agrees to undertake such further proceedings or actions as may be necessary in order to carry out the terms and the intent of this Cooperative Agreement. SECTION 7. Nothing in this Cooperative Agreement shall prevent the County from entering into one or more agreements with other political subdivisions or municipal corporations within the County, if deemed necessary and advisable to do so by the County. SECTION 8. This Cooperative Agreement may be amended by one or more supplemental agreements executed by the County and the City at any time, except that no such amendment or supplement shall be made which shall adversely affect the rights of the owners of any bonds issued by the County under the Program. SECTION 9. It is the intention of the parties that this Cooperative Agreement shall remain in full force and effect as long as any bonds issued in connection with this Cooperative Agreement are outstanding. SECTION 10. This Cooperative Agreement may be executed in counterparts, each of which shall be deemed to be an original, and such counterparts shall constitute one and the same instrument. DOCSOC/ 1331948v4/022197-033 8 IN WITNESS WHEREOF, the County and the City have caused this Cooperative Agreement to be executed and attested by their duly authorized officers, all as of the date first above written. APPROVED AS TO FORM: Angelica Castillo Daftary Deputy County Counsel COUNTERPART 4 DOCSOC/1331948v5/022197-0338 IN WITNESS WHEREOF, the County and the City have caused this Cooperative Agreement to be executed and attested by their duly authorized officers, and have caused their official seals to be affixed, all as of the date first above written. COUNTY OF ORANGE Thomas L. Beckett Public Finance Manager (SEAL) COUNTERPART ATTEST: Clerk of the Board of Supervisors CITY OF HUNTINGTON BEACH, a muiucipal corporation of the State of California T 4,._..,.. INITIATED AND APPROVED: Director of Economic De elopment APPROVED AS TO FORM: City Attorney tv� 4 DOCSOC/ 1331948v41022197-0338 County of Orange C a l i f o r n i a Thomas G. Mauk County Executive Officer County Executive Office 333 W. Santa Ana Blvd. Third Floor Santa Ana, California 92701-4062 Tel: (714) 834-6200 Fax: (714) 834-3018 Web: www.ocgov.com July 2, 2009 Ms. Joan L. Flynn, City Clerk City of Huntington Beach 2000 Main Street Huntington Beach, CA 92648 Re: Cooperative Agreement between City of Huntington Beach and County of Orange for Emerald Cove Senior Apartments Dear Ms. Flynn: Enclosed are the subject executed Cooperative Agreement for potential issuance of apartment development revenue bonds for the Emerald Cove Senior Apartments and the Board of Supervisors Resolution approving this Agreement. I again apologize for the length. of time it took me to return your executed Agreement and thank you for your patience! If you have any questions or concerns regarding the enclosed documents, please feel free to call me at (714) 834-3047. Sincerely, �ye Jr7& FWatanabe Administrative Manager Enclosures ORANGE COUNTY BOARD OF SUPERVISORS MINUTE ORDER May 12, 2009 Submitting Agency/Department: County Executive Office Public Hearing to consider adopting resolution approving Apartment Development Revenue Bonds, Issue A of 2009 and submittal of application to California Debt Limit Allocation Committee for private activity mortgage revenue bond allocation in an aggregate principal amount not to exceed $8,000,000 for acquisition and rehabilitation of Emerald Cove Apartments; approve Cooperative agreement with Huntington Beach; authorize Chief Financial Officer or designee to execute agreement; appoint Stradling Yocca Carlson & Rauth as Bond Counsel; approve other related matters; and make related findings - District 2 The following is action taken by the Board of Supervisors: APPROVED AS RECOMMENDED ® OTHER ❑ Unanimous ❑ (1) NGUYEN: Y (2) MOORLACH: Y (3) CAMPBELL: X (4) NORBY: Y (5) BATES: Y Vote Key: Y=Yes; N=No; A=Abstain; X=Excused; B.O. =Board Order Documents accompanying this matter: ® Resolution(s) 09-056 ❑ Ordinances(s) ❑ Contract(s) Item No. 35 Special Notes: Copies sent to: CEO CEO/Public Finance Faye ,Watanabe - I certify that the foregoing is a true and correct copy of the Minute Order adopted by the Board of Supervisors, Orange County, State of California. DARLENE J. BLOOM, Clerk of the Board By: 1 RESOLUTION OF THE BOARD OF SUPERVISORS OF ORANGE COUNTY, CALIFORNIA May 12, 2009 WHEREAS, pursuant to the provisions of Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act") the County of Orange, California (the "County") has determined to engage in a multifamily rental housing bond finance program (the "Program") and the County has the authority to finance the acquisition and rehabilitation of a multifamily rental housing project of a 164 unit apartment complex for seniors known as "Emerald Cove Apartments" (the "Project") located at 18191 Park Tree Circle in the City of Huntington Beach, California (the "City"), which Project will be occupied by senior persons of low income; and WHEREAS, the County intends to finance the acquisition and rehabilitation of the Project to be owned by a limited partnership of which Jamboree Housing Corporation, a California nonprofit public benefit corporation, or a wholly -owned affiliate of Jamboree Housing Corporation, will be a general partner (the "Developer"), with the proceeds of the sale of multifamily housing revenue bonds the interest on which is excluded from gross income for federal income tax purposes (the "Bonds"); and WHEREAS, as a part of financing the Project, the County desires to reimburse the Developer, but only from Bond proceeds, for expenditures (the "Reimbursement Expenditures") made in connection with the Project within the period from the date 60 days prior to the adoption of this Resolution to the date of issuance of the Bonds; and WHEREAS, Section 1.103-8(a)(5) and Section 1.150-2 of the Treasury Regulations require the County to declare its reasonable official intent to reimburse prior expenditures for the Project with proceeds of a subsequent tax-exempt borrowing; and WHEREAS, the County wishes to declare its intention to authorize the issuance of Bonds for the purpose of financing costs of the Project (including reimbursement of the Reimbursement Expenditures, when so requested by the Developer upon such terms and condition as may then be agreed upon by the County, the Developer and the purchaser of the Bonds) in an aggregate principal amount not to exceed $8,000,000; and Resolution No. 09-056 Item No. 35 Page 1 of 4 Emerald Cove Apartments Public Hearings & Bond Application r WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the Government Code of the State of California (the "Government Code") governs the allocation of the state ceiling among governmental units in the State of California having the authority to issue multifamily housing revenue bonds; and WHEREAS, Section 8869.85 of the Government Code requires a local agency to file an application with the California Debt Limit Allocation Committee ("CDLAC") prior to the issuance of multifamily housing revenue bonds; and WHEREAS, notice of a public hearing regarding the issuance of the Bonds by the County has been duly published in accordance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"); and WHEREAS, the members of the Board are the applicable elected representatives to conduct a public hearing regarding the issuance of the Bonds for the Project; and WHEREAS, the Board has conducted a public hearing regarding the issuance of the Bonds; and WHEREAS, the County desires to select Bond Counsel for the Bonds; and WHEREAS, in order to facilitate the issuance of the Bonds, the City and the County intend to enter into a Cooperative Agreement (the "Cooperative Agreement"), pursuant to which the City shall consent to the operation of the Program by the County within the geographic boundaries of the City in accordance with the provisions of the Act and the Cooperative Agreement; NOW, THEREFORE, BE IT RESOLVED that the Board does hereby FIND, DETERMINE, RESOLVE AND ORDER as follows: 1. Each of the foregoing recitals is true and correct. 2. The Board finds and determines that the issuance of the Bonds is in the public interest, all in furtherance of the purposes of the Act and the public safety, health and welfare of the citizens of the State of California and the County. 3. In accordance with the procedures set forth in Section 147(f) of the Code, the Board hereby approves the issuance by the County of the Bonds in an aggregate Resolution No. 09-056 Item No. 35 Page 2 of 4 Emerald Cove Apartments Public Hearings & Bond Application principal amount not to exceed $8,000,000 for purposes of financing the Project and subject to future approval of the terms and documents of the financing. It is the purpose and intent of the Board that this resolution constitute approval, in accordance with Section 147(f) of the Code, of the issuance of the Bonds by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Program is to be conducted. 4. The County Executive Officer, Chief Financial Officer or the Public Finance Manager or any designee thereof (each an "Authorized Officer") are each hereby authorized and directed to apply to CDLAC for a portion of the State of California's private activity bond allocation for application by the County to the issuance of the Bonds for the Project in an aggregate amount not to exceed $8,000,000, to collect from the Developer and hold on deposit pursuant to CDLAC requirements one-half of one percent of the requested allocation, or such other amount as is required by CDLAC, to certify to CDLAC that such amount has been placed on deposit in an account in a financial institution, and to pay from amounts collected from the Developer any fees required by CDLAC. Because the amount of private activity bond allocation is limited, an Authorized Officer is also authorized to resubmit the application to CDLAC one or more times in the event the application is denied by CDLAC or withdrawn by the applicant. 5. The Cooperative Agreement is hereby approved in substantially the form on file with the Clerk of the Board of Supervisors (the "Clerk"). Any Authorized Officer is hereby authorized and directed, for and in the name of the County, to execute and deliver the Cooperative Agreement in the form hereby approved, with such additions thereto and changes therein as the Authorized Officer executing the same deems necessary or advisable, with the advice of County Counsel, to effectuate the purposes thereof and herein approved in accordance with this resolution. Approval of such additions and changes shall be conclusively Resolution No. 09-056 Item No. 35 Page 3 of 4 Emerald Cove Apartments Public Hearings & Bond Application evidenced by the execution and delivery of the Cooperative Agreement by such Authorized Officer executing the same. 6. Stradling Yocca Carlson & Rauth, a Professional Corporation, is hereby appointed as Bond Counsel for the Bonds. 7. The Authorized Officers of the County are hereby authorized and directed, jointly and severally, to take any actions and execute and deliver any and all documents which any of them deem necessary or advisable, with the advice of County Counsel, in order to effectuate the purposes of this Resolution, and such actions previously taken by such Authorized Officers are hereby ratified and confirmed; provided that the terms and conditions under which the Bonds are to be issued and sold must be approved by the Board in the manner provided by law prior to the sale of the Bonds. 8. This Resolution shall take effect immediately upon its adoption. Resolution No. 09-056 Item No. 35 Page 4 of 4 Emerald Cove Apartments Public Hearings & Bond Application The foregoing was passed and adopted by the following vote of the Orange County Board of Supervisors, on May 12, 2009, to wit: AYES: Supervisors: JOHN M. W. MOORLACH, CHRIS NORBY, JANET NGUYEN PATRICIA BATES NOES: Supervisor(s): EXCUSED: Supervisor(s): BILL CAMPBELL ABSTAINED: Supervisor(s): A&�", CHAIRM STATE OF CALIFORNIA COUNTY OF ORANGE I, DARLENE J. BLOOM, Clerk of the Board of Orange County, California, hereby certify that a copy of this document has been delivered to the Chairman of the Board and that the above and foregoing Resolution was duly and regularly adopted by the Orange County Board of Supervisors. IN WITNESS WHEREOF, I have hereto set my hand and seal. Resolution No: 09-056 Agenda Date: 05/12/2009 Item No: 35 J DA E J. BLOOM Clerk of the Board County of Orange, State of California isI certify that the foregoing is a true and correct copy of the Resolution adopted by the Board of Supervisors , Orange County, State of California D r E%J. BLOOM, Clerk of the Board of Supervisors By: °' Depu'ty �,.ATTAC�H�,M�E NIT�,''#2 RESOLUTION OF THE BOARD OF SUPERVISORS OF ®RAFT ORANGE COUNTY, CALIFORNIA May 12, 2009 WHEREAS, pursuant to the provisions of Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act") the County of Orange, California (the "County") has determined to engage in a multifamily rental housing bond finance program (the "Program") and the County has the authority to finance the acquisition and rehabilitation of a multifamily rental housing project of a 164 unit apartment complex for seniors known as "Emerald Cove Apartments" (the "Project") located at 18191 Park Tree Circle in the City of Huntington Beach, California (the "City"), which Project will be occupied by senior persons of low income; and WHEREAS, the County intends to finance the acquisition and rehabilitation of the Project to be owned by a limited partnership of which Jamboree Housing Corporation, a California nonprofit public benefit corporation, or a wholly -owned affiliate of Jamboree Housing Corporation, will be a general partner (the "Developer"), with the proceeds of the sale of multifamily housing revenue bonds the interest on which is excluded from gross income for federal income tax purposes (the "Bonds"); and WHEREAS, as a part of financing the Project, the County desires to reimburse the Developer, but only from Bond proceeds, for expenditures (the "Reimbursement Expenditures") made in connection with the Project within the period from the date 60 days prior to the adoption of this Resolution to the date of issuance of the Bonds; and WHEREAS, Section 1.103-8(a)(5) and Section 1.150-2 of the Treasury Regulations require the County to declare its reasonable official intent to reimburse prior expenditures for the Project with proceeds of a subsequent tax-exempt borrowing; and WHEREAS, the County wishes to declare its intention to authorize the issuance of Bonds for the purpose of financing costs of the Project (including reimbursement of the Reimbursement Expenditures, when so requested by the Developer upon such terms and condition as may then be agreed upon by the County, the Developer and the purchaser of the Bonds) in an aggregate principal amount not to exceed $8,000,000; and WHEREAS, Chapter 11.8 of Division 1 of Title 2 of the Government Code of the State of California (the "Government Code") governs the allocation of the state ceiling among governmental units in the State of California having the authority to issue multifamily housing revenue bonds; and WHEREAS, Section 8869.85 of the Government Code requires a local agency to file an application with the California Debt Limit Allocation Committee ("CDLAC") prior to the issuance of multifamily housing revenue bonds; and WHEREAS, notice of a public hearing regarding the issuance of the Bonds by the County has been duly published in accordance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"); and WHEREAS, the members of the Board are the applicable elected representatives to conduct a public hearing regarding the issuance of the Bonds for the Project; and DOCSOC/ 1331913v4/022197-0000 WHEREAS, the Board has conducted a public hearing regarding the issuance of the Bonds; and WHEREAS, the County desires to select Bond Counsel for the Bonds; and WHEREAS, in order to facilitate the issuance of the Bonds, the City and the County intend to enter into a Cooperative Agreement (the "Cooperative Agreement"), pursuant to which the City shall consent to the operation of the Program by the County within the geographic boundaries of the City in accordance with the provisions of the Act and the Cooperative Agreement; NOW, THEREFORE, BE IT RESOLVED that the Board does hereby FIND, DETERMINE, RESOLVE AND ORDER as follows: 1. Each of the foregoing recitals is true and correct. 2. The Board finds and determines that the issuance of the Bonds is in the public interest, all in furtherance of the purposes of the Act and the public safety, health and welfare of the citizens of the State of California and the County. 3. In accordance with the procedures set forth in Section 147(f) of the Code, the Board hereby approves the issuance by the County of the Bonds in an aggregate principal amount not to exceed $8,000,000 for purposes of financing the Project. It is the purpose and intent of the Board that this resolution constitute approval, in accordance with Section 147(f) of the Code, of the issuance of the Bonds by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Program is to be conducted. 4. The County Executive Officer or the Public Finance Manager is hereby authorized and directed to apply to CDLAC for a portion of the State of California's private activity bond allocation for application by the County to the issuance of the Bonds for the Project in an aggregate amount not to exceed $8,000,000, to collect from the Developer and hold on deposit pursuant to CDLAC requirements one-half of one percent of the requested allocation, or such other amount as is required by CDLAC, to certify to CDLAC that such amount has been placed on deposit in an account in a financial institution, and to pay from amounts collected from the Developer any fees required by CDLAC. Because the amount of private activity bond allocation is limited, such officers are also authorized to resubmit the application to CDLAC one or more times in the event the application is denied by CDLAC or withdrawn by the applicant. 5. The Cooperative Agreement is hereby approved in substantially the form on file with the Clerk of the Board of Supervisors (the "Clerk"). The County Executive Officer and the Public Finance Manager are each hereby authorized and directed, for and in the name of the County, to execute and deliver the Cooperative Agreement in the form hereby approved, with such additions thereto and changes therein as the officer executing the same deems necessary or advisable, with the advice of County Counsel, to effectuate the purposes thereof and herein approved in accordance with this resolution. Approval of such additions and changes shall be conclusively evidenced by the execution and delivery of the Cooperative Agreement by such officer executing the same. 6. Stradling Yocca Carlson & Rauth, a Professional Corporation, is hereby appointed as Bond Counsel for the Bonds. 2 DOCSOC/1331913v4/022197-0000 7. The officers of the County, including the County Executive Officer and the Public Finance Manager, are hereby authorized and directed, jointly and severally, to take any actions and execute and deliver any and all documents which any of them deem necessary or advisable, with the advice of County Counsel, in order to effectuate the purposes of this Resolution, and such actions previously taken by such officers are hereby ratified and confirmed; provided that the terms and conditions under which the Bonds are to be issued and sold must be approved by the Board in the manner provided by law prior to the sale of the Bonds. 8. This Resolution shall take effect immediately upon its adoption. D OC S O C/ 13 31913 v4/022197-0000 A T-A c T, I HME,,,,NTl NOTICE OF PUBLIC HEARING PUBLIC NOTICE COUNTY OF ORANGE, CALIFORNIA NOTICE OF PUBLIC FEARING REGARDING ISSUANCE BY THE COUNTY OF ORANGE OF APARTMENT DEVELOPMENT REVENUE BONDS NOTICE IS HEREBY GIVEN that, at its regular meeting to be held at 9:30 a.m. on May 12, 2009, in the Board Hearing Room at 10 Civic Center Plaza, Santa Ana, California 92701, the Board of Supervisors (the "Board") of the County of Orange, California (the "County") will conduct a public hearing, for purposes of compliance with Section 147(f) of the Internal Revenue Code of 1986, as amended, at which it will hear and consider information concerning the possible issuance by the County of apartment development revenue bonds (the "Bonds"). The Bonds will not constitute a debt or obligation of the County, the State of California, or any other public body, or to be in any way payable from taxes or other public funds. The proceeds from the sale of the Bonds, if issued, are intended to finance the acquisition and rehabilitation of a 164-unit multifamily rental housing project for seniors to be known as "Emerald Cove Apartments" (the "Project"). The Project is located at 18191 Park Tree Circle in the City of Huntington Beach, California. If the Bonds are issued, the County will require that (a) twenty percent (20%) of the units be reserved for occupancy by senior persons whose household incomes do not exceed 50% of the median household income for the County, as adjusted for household size, as determined by the United States Department of Housing and Urban Development ("HUD") or (b) ten percent (10%) of the units be reserved for occupancy by senior persons whose household incomes do not exceed 50% of the median household income for the County, as adjusted for household size, as determined by HUD, and thirty percent (30%) of the units be reserved for occupancy by persons whose household incomes do not exceed 60% of the median household income for the County, as adjusted for household size, as determined by HUD. The Project is to be owned and/or operated by a limited partnership of which Jamboree Housing Corporation, a California nonprofit public benefit corporation, or a wholly -owned affiliate of Jamboree Housing Corporation, will be a general partner. The Bonds (if any are issued) will be issued in an aggregate principal amount not to exceed $8,000,000. Interested persons wishing to express their views on the issuance of the Bonds or on the Project to be financed will be given an opportunity to appear at the public hearing or may, prior to the time of the hearing, submit comments in writing to Faye Watanabe, County Executive Office, 10 Civic Center Plaza, 3rd Floor, Santa Ana, California 92701. Any inquiries may be directed to Faye Watanabe at (714) 834-3047. Dated: April _, 2009 /s/ Darlene J. Bloom Darlene J. Bloom, Clerk of the Board of Supervisors, Orange County, California Publish: By April 27, 2009 RCA ROUTINGSHEET INITIATING DEPARTMENT: Economic Development SUBJECT: Approval of County of Orange Cooperative Agreement - Emerald Cove Bonds COUNCIL MEETING DATE: May 4, 2009 RCA ATTACHMENTS STATUS`° Ordinance (w/exhibits & legislative draft if applicable) Attached ❑ Not Applicable Resolution (w/exhibits & legislative draft if applicable) Attached ❑ Not Applicable Tract Map, Location Map and/or other Exhibits Attached ❑ Not Applicable Contract/Agreement (w/exhibits if applicable) Attached (Signed in full by the City Attorney) Not Applicable ❑ . Subleases, Third Party Agreements, etc. Attached ❑ (Approved as to form by City Attorney) Not Applicable Certificates of Insurance (Approved by.the City Attorney) Attached ❑ Not Applicable Fiscal Impact Statement (Unbudgeted, over $5,000) Attached ❑ Not Applicable Bonds (If applicable) Attached ❑ Not Applicable Staff Report (If applicable) Attached ❑ Not Applicable. Commission, Board or Committee Report (If applicable) Attached ❑ Not Applicable Findings/Conditions for Approval and/or Denial Attached ❑ Not Applicable The Draft Cooperative Agreement is attached pending approval and signature of the City Attorney's office. Economic Development will replace the draft with a final, signed version. Also attached is County Board Resolution. and Public Notice regarding issuance of Apartment Bonds. REVIEWED RETURNED' FORWARDED Administrative Staff ( ) ) Deputy City Administrator (Initial) ( ) ( ) City Administrator (Initial) ( ) City Clerk ( ) RCA Author: Stone City ®f Huntington Beach 2000 Main Street • Huntington Beach, CA 92648 OFFICE OF THE CITY CLERK JOAN L. FLYNN CITY CLERK May 6, 2009 Faye Watanabe County of Orange County Executive Office 10 Civic Center Plaza Santa Ana, CA 92701 Ms. Watanabe: Enclosed please find three originals of the Cooperative Agreement between the County of Orange and the City of Huntington Beach related to acquisition and rehabilitation of certain property located at 18191 Park Tree Circle, Huntington Beach (Emerald Cove Senior Apartments). Upon execution, please return a complete copy to: Joan L. Flynn City Clerk 2000 Main Street Huntington Beach CA 92648 Your attention to this matter is greatly appreciated. Sincerely, Joan L. Flynn City Clerk JF:pe Enclosure: Agreements Sister PA0A0vAWr89,r%tSn • Waitakere, New Zealand ( Telephone: 714-536-5227 )