COUNTY OF SAN MATEO

ENVIRONMENTAL SERVICES AGENCY

Date:

October 2, 2001

Set Time:

9:25 a.m.

Hearing Date:

October 23, 2001

To:

Honorable Board of Supervisors

From:

Marcia Raines, Director of Environmental Services

Subject:

Consideration of a Resolution Approving Issuance of Revenue Bonds for the Colma BART Station Apartments.

RECOMMENDATION

Adopt a resolution to approve issuance of multi-family housing revenue bonds by the ABAG Finance Authority for Nonprofit Corporations to finance construction of the Colma BART Station Apartments.

PROPOSAL

Staff requests that your Board adopt a resolution approving issuance of revenue bonds to finance the construction of the Colma BART Station Apartments on land owned by the San Mateo County Transit District (SamTrans) in unincorporated Colma.

BACKGROUND

JSM Enterprises proposes to build a 144-unit apartment complex on SamTrans property which lies between the Colma BART Station and El Camino Real from Michael D. Nevin Way ("B" Street) on the north to Albert M. Teglia Boulevard ("D" Street) on the south. The project is consistent with the Colma BART Station Specific Plan and Planned Colma District Zoning District Regulations which were adopted in 1994. Twenty percent (30 units) of the total units (144) will be set aside for Very Low and Low Income households.

DISCUSSION

JSM Enterprises has requested that the ABAG Finance Authority for Nonprofit Corporations issue multi-family housing revenue bonds, not to exceed $27.5 million, for the purpose of financing the construction of the Colma BART Station Apartments. In order for the Authority to issue the bonds, Section 147(f) of the Internal Revenue Code of 1986 requires that your Board hold a public hearing to adopt a resolution approving the issuance.

FISCAL IMPACT

No net County cost.

ATTACHMENT

A.

Resolution