Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Finance topic
No spam. Unsubscribe anytime.
Board approves MOU authorizing up to $100,000 temporary support for Oak Hill JPA
Summary
Board approved an MOU authorizing the Marin County Office of Education to provide temporary financial assistance (not to exceed $100,000) to the Marin County Public Finance Authority to cover short-term operating expenses for the Oak Hill workforce housing JPA. Presenters described recent state funding wins totaling about $18 million and the umbrella-guarantor plan to secure lower bond rates.
The Marin County Board of Education approved a memorandum of understanding authorizing the Marin County Office of Education to provide temporary financial support, not to exceed $100,000, to the Marin County Public Finance Authority (the JPA overseeing the Oak Hill workforce housing project).
An agency official introduced the MOU and said the proposed assistance would cover operating expenses, insurance for the governing board and minimum payments to financial advisers while the JPA closes financing. "Tonight, to further sustain that progress, we are bringing forward to you an MOU, which would authorize MCOE to provide temporary financial assistance to the authority in the amount of $100,000 as indicated in the proposed MOU," the presenter said.
Matthew Heimel, identified in the record as the executive director of the Marin County Public Finance Authority, described recent funding and the financing plan: the project has secured $7,500,000 from Senator Maguire and an additional $300,000 grant, and staff said the total state funding being pursued or secured is "about $18,000,000." Heimel explained the JPA is pursuing an "umbrella guarantor" model with the county to gain a favorable bond rating and lower interest costs; he said the $100,000 would be repaid once the financing closes.
Trustees asked detailed questions about developer fees, vacancy-rate assumptions (staff said they increased an assumed vacancy rate from 4% to 5%), and the option for districts to transfer units to the county to reduce risk; staff pointed board members to JPA materials posted on the project website for numerical backup. One trustee summarized concerns about developer fees and potential risks to district finances; staff responded that agreements include options (for example, transfer of up to 36 units to the county) intended to limit school-district exposure.
The board took a vote and recorded ayes; the MOU was approved in open session.
