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  Consent-General Government   #   11.    
Board of Supervisors Financial Services  
Meeting Date: 01/12/2021  
Brief Title:    Continue Temporary Waiver of Primero Grove Regulatory Agreement
From: Chad Rinde, Chief Financial Officer, Department of Financial Services
Staff Contact: Chad Rinde, Chief Financial Officer, Department of Financial Services, x8050

Subject
Authorize extension of the temporary waiver of the Primero Grove Regulatory Agreement by the Chief Financial Officer to August 31, 2021. (No general fund impact) (Rinde)
Recommended Action
Authorize extension of the temporary waiver of the Primero Grove Regulatory Agreement by Chief Financial Officer to August 31, 2021.
Strategic Plan Goal(s)
Safe Communities
Reason for Recommended Action/Background
The County of Yolo in 1998 issued $11,715,000 in Housing Revenue Bonds for the purpose of loaning to Beckett Hall Inc. to finance the acquisition and construction of a 181 unit multi-family housing development on the Campus of the University of California Davis known as the Primero Grove Student Apartments. The County is a conduit issuer and the bonds are wholly paid by the revenues generated by the Primero Grove Housing development. 

The County at the time of conduit issuance entered into a Regulatory Agreement with Beckett Hall Inc. that restricted 20% of the housing units (36 units) to be retained for low-income housing for which annual compliance measurements and reporting would be required. 

EAH Housing, the parent company to Beckett Hall, Inc., asked the County to allow for a temporary waiver to the Regulatory Agreement to remove the restriction on the low-income units. The waiver request was approved by the Board on September 1, 2020 to support the UC Davis Student Housing and Dining services to adapt to the circumstances of COVID-19 (for the Fall Quarter of 2020-21) and only place or assign students in the units in Primero Grove for isolation or quarantine purposes and not allow use for students for regular housing (non-isolation purposes). EAH Housing has requested that the waiver be extended through August 31, 2021 (Attachment A). 

County staff have consulted with County Counsel and Bond Counsel and determined that this waiver is legally allowable as well as the request is reasonable to support the University's ability to adapt to COVID-19. Thus, the request of the Board is to authorize the County Chief Financial Officer to execute an extension to the temporary waiver of the Primero Grove Regulatory Agreement.

Should an additional request for a longer time period materialize, staff would come back to the Board for reauthorization.
Collaborations (including Board advisory groups and external partner agencies)
The Department of Financial Services collaborated with County Counsel, County Administrator, Bond Counsel, and EAH Housing on this request. 
Competitive Bid Process
Not applicable. 

Fiscal Information
No Fiscal Impact
Fiscal Impact of this Expenditure
Total cost of recommended action
Amount budgeted for expenditure
Additional expenditure authority needed $0
On-going commitment (annual cost)
Source of Funds for this Expenditure
General Fund $0
Attachments
Att. A. EAH Waiver Extension Request

Form Review
Inbox Reviewed By Date
Chad Rinde Chad Rinde 01/02/2021 02:14 PM
Financial Services (Originator) Chad Rinde 01/02/2021 02:14 PM
County Counsel Hope Welton 01/03/2021 08:05 PM
Form Started By: Chad Rinde Started On: 12/16/2020 08:08 AM
Final Approval Date: 01/04/2021
Level double AA conformance,
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