2017-891-Order No. 2017-053 Recorded 12/21/2017 Recorded in Deschutes County
r. JEW D Nancy Blankenship, County Clerk CJ2017-891
Commissioners'Journal
12/21/2017 11:08:52 AM
LE AC-COUNSEL of ' � "v
.'Gni !LIJLIIUIHI1 iIII
11111
For Recording Stamp Only
BEFORE THE BOARD OF COUNTY COMMISSIONERS
OF DESCHUTES COUNTY, OREGON
An Order in the Matter of Approving the
Issuance of Revenue Bonds by the Central
Oregon Regional Housing Authority, dba * ORDER NO. 2017-053
Housing Works, and Approving the Projects
to be Financed with such Bonds in Deschutes
County in a Principal Amount Not to Exceed
$9,000,000.
WHEREAS, the Board of County Commissioners of Deschutes County, Oregon (the
"Commissioners") has received a request from the Central Oregon Regional Housing Authority, dba
Housing Works (the "Authority"), to approve of the issuance by the Authority of tax-exempt revenue
bonds (the"Bonds"),the proceeds of which, in an aggregate principal amount not to exceed $9,000,000,
will be used to finance certain Projects (as defined below) located in Deschutes County, Oregon (the
"County"); and
WHEREAS, the proceeds of the Bonds will be used to finance or reimburse the costs of,
acquiring, constructing and equipping two residential apartment developments as follows: (i) a 48-unit
multi-family apartment project to be known as the Village Meadows Apartments, located at Lot 31 NW
Corner of Brooks Camp Road and West McKinney Butte Road and Lot 32 parcel east of the intersection
of Brooks Camp Road and Hill Avenue, located in Sisters, Oregon, and (ii) a 42-unit multi-family
apartment project to be known as the La Pine Townhomes Project, located at SE corner of LDL and
Memorial Lane intersection, located in La Pine, Oregon (collectively the "Projects"); and
WHEREAS, the Projects financed by the proceeds of the Bonds will be owned by Village
Meadows Housing LLC, an Oregon limited liability company of which the Authority is the managing
member, and will be operated or managed by Epic Property Management, LLC, an Oregon limited
liability company of which the Authority is the sole member; and
Page 1 of 3 - ORDER NO. 2017-053
WHEREAS, the Commissioners have been advised that under provisions of ORS Chp. 456 and
other applicable provisions of law the principal of and interest on the Bonds will not constitute a debt or
obligation of Deschutes County,nor will the Bonds be payable from a tax of any nature levied upon any
property within Deschutes County nor any other municipality or political subdivision of the State of
Oregon. By approving the Projects and the issuance of the Bonds, the Commissioners and Deschutes
County are not incurring and will not incur any liability for the repayment of the Bonds. The Bonds will
be payable only from the revenues and resources provided by the Authority; and
WHEREAS, on December 20, 2017, the Authority conducted a public hearing, adequate notice
of this hearing having been published pursuant to Section 147(f) of the Internal Revenue Code of 1986
(the "Code"), to provide a reasonable opportunity for members of the public to express their views
regarding the issuance of the Bonds and the use and purpose of the proceeds of the Bonds; and
WHEREAS, a copy of the Public Hearing Report to the Commissioners, completed by the
Authority at the time of the public hearing, has been submitted to the Commissioners; and
WHEREAS, Section 147(f) of the Code requires that the Bonds be approved by the applicable
elected representatives of(i) the governmental unit issuing such Bonds, and (ii) the governmental unit
having jurisdiction over the area in which the Projects are located; and
WHEREAS, the Commissioners, as the applicable elected representatives of the governmental
unit having jurisdiction over the Authority (through its power to appoint certain members of the Board
of Commissioners of the Authority)and jurisdiction over the area in which the Projects are located,finds
that it is in the best interest of the County to approve of the issuance of the Bonds by the Authority for
the purpose of financing the Project pursuant to the requirements of Section 147(f) of the Code; now
therefore,
THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON,
hereby ORDERS as follows:
Section 1. As the applicable elected representatives of the governmental unit having jurisdiction
over the Authority and over the area in which the Projects are located,and having concluded that a public
hearing was validly held to provide a reasonable opportunity for members of the public to express their
views regarding the issuance of the Bonds and the uses and purposes of the proceeds of the Bonds, the
Commissioners approve of the Projects and the issuance of the Bonds by the Authority.
Section 2. By approving the Projects and the issuance of the Bonds, Deschutes County and the
Commissioners are not incurring and will not incur any liability for the repayment of the Bonds.
Page 2 of 3 - ORDER NO. 2017-053
Section 3. This Order is effective upon signing.
Dated this 20th day of December, 2017.
THE BOARD OF COUNTY COMMISSIONERS
OF DESCHUTES COUNTY, OREGON
Llibith(7Z
TAMMY BANEY, Chair
ANTHONY DEBONE, Vice-Chair
ATTE/ •
ecor•ing Secret. y .41
PHILIP / ENDERSON, Commissioner
Page 3 of 3 - ORDER NO. 2017-053
Deschutes County Board of Commissioners
1300 NW Wall St., Suite 200, Bend, OR 97701-1960
(541) 388-6570- Fax (541) 385-3202 -www.deschutes.org
AGENDA REQUEST & STAFF REPORT
For Board Business Meeting of December 20, 2017 (Joint Meeting with SRSD)
DATE: December 11, 2017
FROM: Dave Doyle Legal Counsel 388-6625
TITLE OF AGENDA ITEM:
Board approval and signature of Order No. 2017-053 Approving the Issuance of Revenue Bonds by the
Central Oregon Regional Housing Authority,dba Housing Works.
PUBLIC HEARING ON THIS DATE? No.
BACKGROUND AND POLICY IMPLICATIONS:
Housing Works wants to secure bond revenue to finance the costs of acquiring, constructing and
equipping two residential apartment developments as follows: (i)a 48-unit multi-family apartment
project to be known as the Village Meadows Apartments,located at Lot 31 NW Corner of Brooks
Camp Road and West McKinney Butte Road and Lot 32 parcel east of the intersection of Brooks Camp
Road and Hill Avenue,located in Sisters,Oregon, and(ii)a 42-unit multi-family apartment project to
be known as the La Pine Townhomes Project, located at SE corner of LDL and Memorial Lane
intersection,located in La Pine,Oregon(collectively the"Projects"), owned by Village Meadows
Housing LLC,whose sole member is the Authority. The total amount of Bonds to be issued to finance
the Projects will not exceed$9,000,000.
The bond transaction will be handled by the Orrick law firm in Portland. IRC 147(f)mandates that the
Housing Authority conduct a noticed public hearing. That hearing will take place at 8:00am, on
December 20th. Thereafter,the Housing Authority will forward the hearing report to the Board of
County Commissioners. The County Commissioners may then consider Order No. 2017-053. This
process is consist with the requirements of ORS Chp. 456 which expressly provide that"the bonds . . of
an authority shall not be a debt of the . . county. . . nor, in any event, shall such bonds . .be payable out
of any funds or properties other than those of the authority."
FISCAL IMPLICATIONS:
None to Deschutes County.
RECOMMENDATION&ACTION REQUESTED:
Board approval of Order No. 2017-053.
ATTENDANCE: Tom Anderson, Admin
Dave Doyle, Legal Counsel
DISTRIBUTION OF DOCUMENTS:
BOCC
Legal
Housing Works