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HomeMy WebLinkAboutAGENDA REPORT 1990 0905 CC REG ITEM 08EBERNARDO M. PEREZ Mayor SCOTT MONTGOMERY Mayor Pro Tern ELOISE BROWN Councilmember CLINT HARPER, Ph.D. Councilmember PAUL W. LAWRASON, Jr. Councilmember LILLIAN KELLERMAN City Clerk TO: FROM: MOORPARK ITEM-e-o-E-10 MOORPARK. aty C-9Ln of • • it . .. M E M O R A N D U M STEVEN KUENY City Manager CHERYLJ.KANE City Attorney PATRICK RICHARDS, A.I.C.P. Director of Community Development R. DENNIS DELZEIT City Engineer JOHN V. GILLESPIE Chief of Police RICHARD T. HARE City Treasurer The Honorable City Council Patrick J. Richards, Director of Community Development DATE: August 21, 1990 (CC meeting of 9/5/90) SUBJECT: CONSULTANT SERVICES - BIBO PROPOSAL BACKGROUND BIBO, Inc. development company has proposed to the City an affordable housing project on property south of Los Angeles Avenue and east of the existing Regal Townhomes. BIBO, Inc. is requesting a density bonus for this project to raise the dwelling unit per acre from 12 to 20. Proposed is a rental complex. Although the Affordable Housing Committee has met several times with BIBO, Inc.; there has been no consensus of density or provisions of affordable housing. At this time there is a need for consultant services to assist the City in determining the overall effectiveness in granting density bonuses over and above the mandated State requirement. The evaluation of various options to create an affordable program for this project can be more quickly evaluated by a professional who specializes in this area of financial development. Attached are the replies from two firms regarding this matter. The firm of Urban Futures, Inc. has a charge rate of $125.00 per hour Plus out of pocket. The Agoura Group charge rate is $100.00 per hour plus out of pocket expenses. After reviewing both proposals, it is staff's opinion that Urban Futures, Inc. has the best understanding of the City's needs 799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864 The Honorable City Council (CC meeting of 9/5/90) August 21, 1990 Page -2- RECOMMENDATION That the City Council select the fi provide service to the City and tha t Collect $5000 as a deposit from BIBO, Mayor to sign a contract for services Attachments: 1. Proposal by Urban Futures, Inc. 2. Proposal by Agoura Group pr21aug90 rm of Urban staff be Inc., and with Urban Futures, Inc. to directed to: 1) 2) authorize the Futures, Inc. Urban Futures Inc. July 30, 1990 ATTACHMENT Mr. Patrick Richards Director of Community Development City of Moorpark 799 Moorpark Avenue Moorpark, CA 93021 Dear Mr. Richards: We are pleased to present this letter proposal to provide professional services to the City of Moorpark. It is our understanding that the City wishes to engage a qualified firm to develop a program to allow developers conditional use permits in exchange for providing low - to-moderate income housing (pursuant to density bonus legislation enacted in 1979 under Government Code Section 65915- 65918), and to provide financial advisory services in the event the City determines to go forward with a debt financing. Urban Futures feels well - qualified to participate in this engagement. Incorporated in 1972, Urban Futures has existed in its present form since 1974. Located in Fullerton, California, Urban Futures is a multi - discipline consulting firm offering services in public finance, redevelopment planning and implementation, urban planning and bond administration We have served in the role of bond administrator since 1979 and compliance agent since 1982. Urban Futures currently is serving as administrator and /or compliance agent on over 90 single- and multifamily bond issues. Included in this total are bond issues for Los Angeles, Orange, San Bernardino, and Riverside Counties. Some of these bond programs also include density bonus agreements. Urban Futures, Inc. has served as financial advisor and /or bond administrator to over 55 counties, cities and redevelopment agencies. The cumulative value of issues for which we have served approaches close to $2,000,000,000. A list of representative bond issuers and client references is attached. In addition, major foreign banks have issued Letters of Credit to a significant number of California Redevelopment Agencies based on their confidence in our work product. This proposal will detail the firm's proposed scope of services. For the engagement, Urban Futures will assign Marshall Linn, Richard Oakley, Douglas Anderson and Karen Hawe, which will bring to the engagement over 40 years of "hands on" redevelopment, planning, and public finance experience. Urban Futures' proposed fee structure is outlined in the final section of this proposal. We welcome the opportunity to further serve the City of Moorpark. If you have any questions or need additional information regarding this proposal, please call me at your convenience. Sincerely, URBAN FUTURES, INC. Marshall F. Linn President 801 E. Chapman Ave., Suite 106, Fullerton_ CA 92631 714/738 -427' Tel. ^� op� '3,8 lit 7 — RECEIVED -- J U L 3 1 1990 City of Moorpark Reoevelopment;Finance /City Flannmg /Implementation INTRODUCTION Urban Futures has been incorporated in California since 1972, serving California municipalities, counties and private- sector clients in finance, redevelopment and planning. As a multi - disciplinary firm, Urban Futures is able to understand its clients' needs in managing and financing their growth and development. As a specialist in California cities and counties, Urban Futures brings to its assignments a keen understanding of the economic and political climate of the areas it serves. The firm is currently serving California cities as far south as Imperial County and as far north as Del Norte County. If Urban Futures is selected to perform the duties required by the City, the Bond Division will assume the responsibilities. This division provides comprehensive and innovative financial consulting services to public- and private- sector clients. Over the past five years, Urban Futures has served as financial advisor in more than one billion dollars' worth of municipal securities. In the administration field, the firm is serving as administrator and /or compliance agent for a portfolio of single- and multifamily housing issues totaling over two billion dollars in face value. Included in this portfolio are a wide variety of issues including small cities, major California counties, and housing finance agencies. Also included are multifamily issues subject to the regulations mandated by the Tax Reform Act of 1986, and issues using the new low - income tax credit. Additionally, some of the issues also include density bonus agreements with the cities. STATEMENT OF PROBLEM The City of Moorpark wishes to establish a density bonus program to provide a consistent approach for future developers who desire conditional use permits. A standard agreement needs to be developed that meets the City's affordable housing criteria yet allows enough flexibility to enable developers to make a profit. The agreement needs to be recorded with the title to each relevant parcel so that it is binding upon future owners of the property. It is important that the agreement be acceptable to the City Attorney, yet understandable to a lay person. The City desires to ensure that its affordable housing requirements are met; thus the form of agreement needs to include reporting requirements and penalties for noncompliance. Additionally, it is important that all projects being considered for density bonuses are economically viable; therefore each project's pro - formas must be carefully evaluated and analyzed by the City. The City needs to develop both general and project specific conditions of approval in qualifying projects for the density bonus program. It is the desire of the City to engage a firm who will develop, negotiate and administer a density bonus program including representing the City before meetings with project applicants. It is also the desire of the City, to engage a financial advisory firm to provide an independent analysis of any prospective debt financing. The final desire of the City is to set up �, -nonitoring system for all density bonus projects. SCOPE OF SERVICES Urban Futures, Inc. proposes to serve as the central contact regarding the City's density bonus program. This would involve the following: Developing a standard agreement for use by future developers interested in conditional use permits. 2. Review and analyze project specific pro - formas of all applicants for the program to insure economic viability. 3. Develop both general and project specific conditions of approval in qualifying projects for the program. 4. As the official representative of the City, conduct face to face meetings with project applicants. 5. Implement a monitoring system to ensure that the City's requirements are met by the property owners. In order to achieve these objectives we expect that it will be necessary to attend meetings with City staff and the City Council if necessary. Additionally, interviews will take place with developers currently under contract to determine their projects' current status, and their receptiveness to proposed future requirements. We expect that this project will take a cooperative effort between the City and interested developers. Financial Advisory Services The scope of services performed by the firm would be dependent on the needs of the City with respect to the transaction. The following list serves as a guide, outlining the services the firm customarily performs in transactions similar to the proposed issue. We realize that the City may have relationships with bond counsel, underwriters or trustees and may wish to use these services in this transaction; however, we would be available for consultation in these areas if needed. Develop program goals and objectives with other members of the Bond Team. Develop realistic schedules in which to achieve these goals. 3. Prepare a strategy to recruit lenders Find surety guarantors if needed. 4. File the requisite forms in order to obtain an allocation to issue bonds from the California Debt Limit Allocation Corlunittee (CDLAC). --- RECEIVED — I'll 3 1 11.1,91) r;.tv of Mccmark 5. Assist in the selection of managing underwriters. 6. Assist in the selection of bond counsel 7. Assist in the selection of the trustee, and loan originator / servicer. 8. Prepare all necessary documents as requested by the City. 9. Research all other appropriate financing tools available and make recommendations to the City as to their applicability. 10. Consult with appropriate managing underwriters and legal counsel in developing the necessary financing documents under which financing will be secured. 11. Assist the managing underwriter and /or other appropriate representative in developing the Preliminary Official Statement and /or other needed documents necessary for mortgage fund procurement. 12. Assist the City in developing and coordinate with bond counsel and managing underwriters the presentation to Moody's Investors Service and /or Standard and Poors Corporation or other rating services if a public bond issue is deemed necessary. 13. Prepare all necessary financial repoi is with underwriters to accomplish the structuring of the financing. 14. Represent the City in the negotiations with managing underwriters or other financiers regarding rates, fees and commissions. 15. Represent the City in the negotiations for other required services (printing, accounting, etc.). 16. Prepare annual financial and IRS reports. 17. Work closely with the trustee in an adc isory capacity to administer the investment program. 18. Assist in the selection of the economic feasibility consultant and in the preparation of the economic feasibility report if necessary. 19. Draft Inducement Resolutions and prep,_tre TF_FRA hearing notices and staff reports. 20. Other work items as desired by City staff. 21. In the event Urban Futures is selected to serve as Administrator as well as financial advisor on a multifamily issues, Urban Futures, Inc. would monitor to 20�lc low and moderate income rental requirements during the term of the loan, and file the appropriate reports with both the City and trustee according to the terms of the administration agreement. URBAN FUTURES, INC. REPRESENTATIVE BOND ISSUERS Azusa Barstow Blythe Calexico Calexico Redevelopment Agency Cathedral City Colton Concord Covina Redevelopment Agency Covina - Rancho Cucamonga - Calexico- Downey Housing Finance Agency Duarte Redevelopment Agency El Monte - Downey -San Jacinto Housing Finance Agency Escondido -Chula Vista Housing Finance Agency Firebaugh Hawaiian Gardens Huntington Beach Indio Lancaster Lancaster Redevelopment Agency Lama Linda Los Angeles County Manteca Montebello - Oxnard Housing Finance Agency Moorpark Moreno Valley Norco Oceanside Orange Redevelopment Agency Orange County Oxnard Palmdale Paramount Pasadena Housing Authority Phoenix Pittsburg Pomona Port Hueneme - Covina Housing Finance Agency Rancho Cucamonga Rialto Riverside County Sacramento County San Bernardino County San Buenaventura- Covina Housing Finance Agency San Diego County San Diego County Ilousing Authority San Jacinto San Leandro San Marcos Vallejo Walnut Improvenicnt Agency Westminster Redevelopment Agency UFI CLIENT REFERENCES Ron Cano City Manager City of El Segundo 350 Main Street El Segundo, CA 90245 (213) 322 -4670 Mike Marquez Deputy Director, Redevelopment City of Covina 125 E. College Street Covina, CA 91723 (8 18) 331 -0111 Robert R. Mitchell City Manager City of Loma Linda 25541 Barton Road Loma Linda, CA 92354 (714) 799 -2810 Ed Todd City Manager City of Dinuba 405 E. El Monte Street Dinuba, CA 93618 (209) 591 -4004 Allen Goodman City Manager City of Lemoore 119 Fox Street Lemoore, CA 93245 (209) 924 -5398 Dennis Davenport Deputy City Manager City of Lancaster 44933 N. Fern Avenue Lancaster, CA 93534 (805) 945 -7811 Don Anderson Deputy City Administrator City of Westminster 8200 Westminster Boulevard Westminster, CA 92683 714) 898 -3311 David Jinkens City Manager City of Manteca 1001 W. Center Street Manteca, CA 95336 ( 209) 239-9511 .lames Daniels Director of Community Development City of Norco 3954 Old Hamner Norco, CA 91760 (7 14) 735 -3900 131i1 Drennen City Manager City of Lindsay 251 E. Honolulu Street Lindsay, CA 93247 (209)562 -5927 BOND ADMINISTRATION REFERENCES County of Los Angeles Community Development Commission Mr. Charles B. Taylor Manager, Housing Finance 2525 Corporate Center Place Monterey Park, California 91754 (213) 725 -7332 County of San Bernardino Department of Housing and Community Development Ms. Thelma Moore Deputy Director 474 West Fifth Street San Bernardino, California 92415 -0040 (714) 387 -5401 City of Covina Mr. Mike Marquez Deputy Director Covina Redevelopment Agency 125 E. College Street Covina, California 91723 (818) 331 -0111 County of Riverside Mr. Ken Hagerman Deputy Director - Finance County Administration Center 12th Floor 4080 Lemon Street Riverside, California 92501 (714) 275 -1110 Bancroft, Garcia & Lavell Mr. Lauro Garcia 1801 Century Park East Suite 1830 Los Angeles, California 90067 (213) 556 -8890 PROPOSED FEE SCHEDULE Density Bonus Program: Urban Futures, Inc., proposes to complete the scope of services detailed in this proposal at a rate of $125.00 per hour. Additionally, any out -of- pocket expenses such as Federal Express, duplication and printing incurred by UFI, will be reimbursable. Billing will occur on a monthly basis until the objectives detailed in this proposal have been achieved. PROPOSED FINANCIAL ADVISORY FEE The cost for the services requested by the City for Financial Advisor shall be based on the following fee schedule and other considerations: 1 $14,500 up to and including $ 1,000,000 2 $16,500 up to and including $ 2,000,000 3) $18,500 up to and including $ 3,000,000 4 $21,500 up to and including $ 4,000,000 5 $24,500 up to and including $ 5,000,000 6) $26,500 up to and including $ 6,000,000 7) $28,500 up to and including $ 7,000,000 8 $30,500 up to and including $ 8,000,000 9 $32,500 up to and including $ 9,000,000 10) $34,500 up to and including $1.0,000,000 11) $35,500 up to and including $11,000,000 12) $36,500 up to and including $12,000,000 13 $37,500 up to and including $13,000,000 14 $38,500 up to and including $14,000,000 15) $39,500 up to and including $15,000,000 16) $40,500 up to and including $16,000,000 17 $41,500 up to and including $17,000,000 18 $42,500 up to and including $18,000,000 19 $43,500 up to and including $19,000,000 20) $44,500 up to and including $20,000,000 21 $45,500 up to and including $21,000,000 22 $46,500 up to and including $22,000,000 23) $47,500 up to and including $23,000,000 24) $48,500 up to and including $24,000,000 25) $49,500 up to and including $25,000,000 26) $50,500 up to and including $26,000,000 27) $51,500 up to and including $27,000,000 28) $52,500 up to and including $28,000,000 29) $53,500 up to and including $29,000,000 30) $54,500 up to and including $30,000 „000 For any single issue in excess of $30,000,000 the financial advisor fee will be negotiated with the City on an issue by issue bass, leeimbursable out -of- pocket expenses include Federal l-,xpress, messenger service and other similar charges billed at cost. In the event the firm is selected to serve as Administrator as well as financial advisor on the transaction, the annual fee for that service would be .045% of the principal amount of the bonds per year, billed annually in advance. The first year's fee would be paid from bond proceeds with subsequent year's fees billed directly to the developer. Said fees shall be payable from the proceeds of the bond sale at closing and from no other source of City funds, regardless of the reason that such bonds are not sold. If the bonds fail to sell for any reason, no compensation shall be payable to the Financial Advisor by the City or any other person. Financial Advisor is employed hereunder to render a professional service within the scope of its training and experience as a Financial Advisor and any payments made to it ate compensation solely for such service and advise. Financial Advisor is not responsible for and shall not be held liable for any other expense or expenditure of any kind, including the following: (a) Any and all legal, engineering, messenger, priority mail, rating or printing expenses of any kind whatsoever, including travel outside of Southern California at City's request and similar items. (b) Any and all expenses in connection with hearings and for informational meetings related to issuance of the bonds. Nothing herein contained shall prevent Financial Advisor from carrying on its usual business activities, including the performance of other additional services, nor from performing similar services for other agencies, cities, districts or public entities. Other Considerations: L The Financial Advisor is employed hereunder to render professional services as a municipal or Agency financing advisor any any payments made to it are compensation solely for such service and advise. The Financial Advisor is not responsible for and shall not be held liable for any other expense or expenditure in connection with the financing program. The City, Agency or the legal entity or entities issuing bonds, notes or obligations shall bear the cost of printing, mailing and distributing any official statement, any notice of sale, any printing of documents and securities, publication, bond counsel fees and rating fees. 2. The City agrees that its officials and employees will be requested and directed to cooperate with and assist representatives of the Financial Advisor to the end that the Financial Advisor may secure all information and data required to perform the services herein provided. 3. The term of this Agreement shall be on -going from the date hereof, but may be cancelled without any cause by either party by giving the other party thirty (30) days written notice of such cancellation. 4. In addition to the Financial Advisor's participation related to specific financings, the City may wish to engage the Financial Advisor on specific assignments of a more general nature. In these instances, the staff of Urban Futures, Inc. will be available on an hourly fee basis. Urban Future, Inc hourly compensation rate is "is follows: Principals $125.10 Senior Staff $100.00 Associate Staff $ 90.00 Assistant Level S )0 0) Al E- n,UAULL- ��a ATTACHMENT 2 July 10, 1990 Mr. Patrick Richards Director of Community Development City of Moorpark 799 Moorpark Avenue Moorpark, CA 93021 Dear Patrick: It was good to talk with you the other day. To reiterate, The Agora Group (TAG) would be very interested in assisting you with the project analysis and negotiations you mentioned. TAG provides a full range of affordable housing financial consultant services. The principals of TAG, Jennifer Bigelow and myself, have extensive experience providing technical assistance to public agencies and non- profit organizations in the financing and development of affordable housing. We have a detailed working knowledge of the array of programs and innovative techniques currently being utilized in California and nationally to provide below- market rate rental and ownership housing. Our experience in affordable housing ranges from regional needs assessments arid Policy design through establishing project management systems and organizational capacity building. However, our focus has been the creative use and leveraging of scarce public and private financial resources in order to develop qocxi quality housing which is affordable to low and moderate income families and individuals. Below is a list of the range ( >(!rvi ��es which we normally provide: * site selection, evaluation arid negotiations * development team sele(,tie�n * programmatic strategics arid packaging * financial structuring and analysis * detailed pro formal and feasibility analyses * seed money and pre - development financing * Prop 77, Prop 84, 1)1701u 107 and Tax Credit analysis and packaging * program and financial apf,lications to HCD, CHFA, MBAC, FHLB and other agenci,—, and institutions * bridge financing * interim and convent.i�),, it financing -- RECEIVED -- .11? I 13 1330 * structuring limited partnerships and syndications * review of legal and partnership documents * investor identification and negotiations * raising equity * coordination with brokers * marketing materials * program, financial and syndication closings * establishing management systems * Board and resident training * ongoing project monitoring Of course, in your case, as we understand it, our scope of services would be more restricted. We would specifically focus on financial feasibility analysis, public fund leveraging, and negotiations with the developer. For these more defined services, we believe that we would be ablp.to provide the basic analysis and the initial meetings and negotiation sessions within a $5,000 budget. We would bill monthly at our small public agency rate of $100 per hour plus approved travel expenses. (We do not bill for travel time.) However, our experience in cases of this kind is that unless agreement can be reached relatively rapidly, the time for both. analysis and negotiations becomes much more extended. At this point we would not be able t-o make a detailed estimate of the additional time and expenses since they are contingent upon any results with the developer. Hc)wever, we would suggest that for budgetary purposes, even though these funds may not be necessary, you plan for an additional $5,000 to $10,000 to cover additional negotiations irid analysis. I hope this helps explain our 'onsultant arrangements. TAG would very much like to find a way to work with you. Additional material on oursely -::t, our firm and our capabilities is enclosed. Please call me t' you h-ive any questions. Sincerely, Edward M. Kirshner cc: Jennifer Bigelow enclosures EMK /aso References for Edward M. Kirshner ------------------------------- Fran Wagstaff, Executive Director Mid - Peninsula Coalition Housing Fund, Pak alto (415) 327 -9280 Joel Rubenzahl, Executive Director Community Economics, Inc., Oakland (415) 832 -8300 Fei Tsen, Principal Tsen & Associates, Oakland (415) 891 -9025 Don Terner, President BRIDGE Housing Development Corporation, San Francisco (former Director, Cal. Depart. of Housing 8 Community Development) (415) 989 -111] Eve Bach, Assistant City Manager Department of Planning and Community Development City of Berkeley (415) 644 -6073 Howard Gong, Director LISC California Equity Fund, San Francisco (415) 397 -7322 Anita Landecker, Executive Director California LISC, Los Angeles (213) 624 -2995 Roger Clay, Principal Goldfarb and Lipman, Attorneys, San franc :wc ) (former Chief Counsel, Cal. Housing Pinang, \gen _v) (415) 788 -6336 Vicki Elmer, Assistant City Manager City of Berkeley (415) 644 -6580 Rodney Fernandez, Executive Director Cabrillo Development Corporation, SatiooN 'lif(Iniia (805) 659 -3791 Jane Graf, Housing Director Catholic Charities of San Francisco (415) 551; -7194 Tom Cooke, Principal Sedway /Cooke 8 Assoeiat,?s, C'rban Plann, r an 1 ruui,: (4 15) 495 -2400 Deborah (iooden, I)irretor of f }oiwne City of Seattle (206) 6S,1 0147 Mel Can7ct'. ice 1resident for t unun nr Wells Fargo lianl_.: an Francisco (415) 477 -029 Jerry Dodson, President Pamassus Mutual Fund. San Francisco (415) 564 (,,1' Chester llatUnan, Resident Fellow Institute fot Policy Studies, %%'ashington_ 1 ) (202) 234 9452 Peter Barnes. Presidew working Assets Feuding �enicc, Gtn Fr uu,r (415) 9ti9 ;, )0 JENNIFER BIGELOW 330 Sherman Rd, Studio Santa Barbara, CA 93103 (805) 966 -6027 OWNER AND PRINCIPAL Jennifer Bigelow & Associates 1985 -1989 Founder and owner of a development and consulting business which special- ized in affordable housing development as well as provision of comprehen- sive consulting services in the areas of program planning and resource de- velopment. Major clients have included the University of California at Santa Barbara, Coastal Housing Partnership and the Housing Foundation of Santa Barbara. Put together a consortium of major public and private em- ployers in the County of Santa Barbara, called the Coastal Housing Partner- ship, to sponsor affordable housing programs for local employees. Created an innovative secondary financing homeownership program with a major 10-nl lender for the Partnership. Surveyed the housing needs of 10,000 local employees. Acted as the program officer for a housing foundation. Evaluated grant proposals, made funding recommendations and carried out strategic planning with the Board of Directors. Successfully joint ventured to win a design competition and sponsor the development of a 35 unit project for low- income handicapped residents in the City of Santa Maria. EXECUTIVE DIRECTOR Santa Barbara Community Housing Corporation 1978 -1985 Founder and Executive Director of a non - profit housing corporation which successfully developed over 225 units representing $15 million in condo- minium, rental and cooperatively owned housing projects for low and mod- erate income residents of Santa Barbara County, California. Responsibili- ties included: strategic planning and program development; coordination of project development; provision of technical assistance; agency administra- tion; staff training and supervision; Board of Directors coordination; re- source development; public relations and agency representation before local, state and federal agencies. PLANNING DIRECTOR Community Action Commission of Santa Barbara County 1976 -1978 Responsibilities included administration of agency Planning Department; staff supervision and training; design, initiation and implementation of new programs to meet low- income community needs; new projects coordination; proposal writing and fund- raising; program evaluation; agency representa- tion on various County and City committees; administration of the Commu- nity Housing Corporation and coordination of its first major development effort, an 84 unit low- income senior ci .,en housing cooperative project. HOUSING SPECIALIST Community Action Commission of Santa Barbara County 1974 -1976 Responsibilities included the development of a housing strategy and pro- grams to meet the shelter needs of Santa Barbara County low- income resi- dents; creation of a separate delegate agency, the Community Housing Cor- poration, to develop housing; technical assistance and advocacy work with local government and community groups. ADMINISTRATOR AND PARTNER Santa Barbara Planning Task Force 1974 Created a partnership and contracted to perform a ten month planning and research study to determine the economic, environmental and social impacts of various levels of population growth for the City of Santa Barbara, Cali- fornia. The study was successfully completed and won an AIP Planning Award. PROFESSIONAL SKILLS: o Affordable housing development o Innovative private /public sector housing finance o Policy and new program development o Project evaluation and technical assistance o Agency creation and administration o Resource development EDUCATION: University of California, Santa Barbara, B.A. Social Sciences, with Honors, 1971 California Standard Secondary Teaching Credentials, 1973 Post Graduate: Intern in National Internship in Community Economic De- velopment, Development Training Institute, Baltimore, Maryland, 1984. References, and a list of publications and professional activities are avail- able upon request. REFERENCES Dr. Richard Appelbaum Chairman, Sociology Dept. University of California, Santa Barbara, CA. 93106 (805) 961 -2043 Robert Klausner President Housing Foundation of Santa Barbara 735 State Street Santa Barbara, CA. 93101 (805) 962 -1488 Ed Kirshner Affirmative Investments 605 Market Street, Suite 11 I 1 San Francisco, CA. (415) 442 -0250 Don Terner President BRIDGE 82 2nd Street San Francisco, CA. (415) 989 -1111 Marie Waldrop Vice President Coastal Housing Partnership 7634 Hollister Ave., #352 Goleta, CA. 93117 (805) 968 -3386 EDWARD MARTIN KIRSHNER 1537 Shrader Street San Francisco, California 94117 (415) 661 -4766 EMPLOYMENT Vice President, Director of Acquisitions Affirmative Investments, Inc. Boston and San Francisco March 1983 - June 1989 ------------------------------ Financial and investment advisory services to individuals, corporations, foundations, religious institutions, unions, public agencies, and other investment advisors. Locate, evaluate, and negotiate investments in lower - income housing, community development projects, historic buildings, employee -owned businesses, reviewable energy, and other socially positive ventures. Work included analysis and evaluation of development pro form, business packages, syndications, portfolios, tax strategies, and social criteria. Helped raise and place over $15 million of equity capital for projects including shout a thousand units of affordable housing. Director of Housing and Redevelopment City of Berkeley, California August 1986 - September 1987 Responsible for the creation of the new Housing and Redevelopment Division with a staff of 15. Divisional responsibilities included program development and implementation, proiect financing and packaging, property acquisition and management, housing construction and rehabilitation, loan origination and underwriting, architectural design and supervision, construction documents and management, contract preparation and administration, as well as redevelopment planning, implementation and administrative functions. Directly involved in projects providing over three hundred Wits Of housing for lower- income people. Principal, EMKA and The Agora Group Santa Monica and San Francisco, California January 1983 - Present Financial and planning consultant to private and noii -profit developers, and public agencies. Provide economic, financial, fiscal, development, real estate utd tax impact analysis including pro forma studies using advanced computer programs. Associate Director for Housing Operations and (,O1 ;traction Century Freeway Replenishment ]lousing Pro (,ram 'lewood. California California State Department of Ilnusing and t'�„t7171 ;pity I)evelopment June 1982 - January 1983 -- - Responsible for staff, of at State administerc(f (rousing development program. Initiated the planned construction of 3,700 units. The first projects, comprised of several hundred units, have been completed. Restructured and expanded the division: contrihLite;i expertise on innovative flrnancir:,: developed procedures for construction financing: established tlr�� ;�rclritec al. : )esien and Review Section. Housing Finance Consultant. Washinrttun. I �.� October 1981 - May 198 Feasibility analyses and financial packaging for ,eves ail development projects representing over a thousand units of new and rehabilitated housing in New `�"nrl Fcxls and California. EMPLOYMENT (Continued) Director of Housing Programs and Deputy Director of the Real Estate Division National Consumers' Cooperative Batik, Washington. D C. August 1980 - October 1981 ------------------------------ Responsible for staff of 15 at federally chartered. privately owned, nationwide development bank. Divisional responsibilities included: loan origination, under - writing, loan and development packaging, construction finance, architectural review and supervision, property management, and technical assistance. Served on real estate and commercial loan committees; helped restructure and expand the Real Estate Division; established and headed the Low - Income Housing Programs Section; directly involved in projects valued at almost $100 million. Founder and Executive Director Community Economics, Inc., Oakland, California November 1972 - July 1980 ------------------------------ Responsible for staff of 8 at private non - profit consulting firm which helped to package and develop nearly 1,500 units of low and moderate income cooperative housing primarily in California. Additional work included financial packaging and feasibility studies for commercial ventures, economic development proposals, fiscal impact studies, and public pension fund investment analyses. Sedway /Cooke, Urban and Environmental Planner;, pan Francisco, California January 1971 - September 1971 and April 1972 - - cbruaty 1973 Urban Planner National Housing and Economic Development La« Project, Berkeley, California May 1972 - September 1972 (part time) Housing and Economic Development Planner Center for Community Economic Development anc the Cambridge Policy Studies Institute, Cambridge, Massachusetts October 1971 - March 1972 Urban and Economic Planning Consultant Arthur D. Little, Urban Planning Section, San Fran. ^.Ir;CO, California June 1968 - September 1969 (part time) Planning Assistant The Rouse Company, Planning and Design DepartriLnt. Baltimore, Maryland October 1966 - April 1968 Architectural Planner Coordinator of programming, planning and desi j�n f „ Village _:'enters at Columbia New Town; planner and urban designer for various neighborhood and rE Ponal shopping centers, as well as residential and industrial park developments. Architectural and Design Firms 1957 - 1966 (part and full time) San Francisco and Berkeley, California Newark, New Jersey New York City ACADEMIC EMPLOYMENT University of California at Davis Department of Applied Behavioral Sciences Spring Quarter 1989 Lecturer in housing policy University of California at Los Angeles Graduate School of Architecture and Urban Planninc, Spring Quarter 1984 and Winter Quarter 1984 -85 Lecturer in economic development and development financc Antioch College West, San Francisco, California Graduate Urban Studies Program Winter Quarters 1977 -78 and 1979 -80 Instructor in housing and economic development University of California at Santa Barbara Department of Sociology Spring Quarters 1977, 1978 and 1979 Lecturer in urban planning and urban economics Lone Mountain College, San Francisco, Califonii Graduate Urban Studies Program Winter Quarter 1977 -78 Instnlctor in housing and economic developn1(,17 University of California at Berkeley Department of City and Regional Planning Fall Quarter 1977 Lecturer in housing and economic development EDUCATION University of California at Berkeley Department of City and Regional Planning September 1979 - June 1980 Ph.D. Program - emphasis in finance University of California at Berkeley Department of City and Regional P1at111ilic April 1968 - June 1970 ` Mellon Fellowship for 1968 - 1970 Emphasis in housing, real estate and development Master of City Planning received June 1971 University of California at Berkelev Department of Architecture September 1962 - March 1963 and February 1't6_i JUn� 196t� Bachelor of Arcllitecture �vitll llonors and the ICdal Cornell 1_-7,niversity. It11;ICt ,A'c�� School of Arcllitecture Septelllb,2I� P)5S - CCir�l)i'I �2�t" loll: fit; ?I Rep'enLS ; CIVIC AND ORGANIZATIONAL. Marin Community Foundation, Housing & Community Development Advisory Committee Member (1987 -88) United Way, Northern Alameda County Housing Advisory Committee Member (1986 -87) Santa Monica City Planning Commissioner (1984 - 1986), Vice -Chair (1986) Oakland Citizen' Committee for Urban Renewal (OCCUR), Board Member (1979 -80) Community Infonnation Service, Washington, D.C., Board Member (1978 -80) Community Investment Fund, Boston. Massachusetts, Board Member (1977 -80) California Governor's Small Farm Financial Viability Task Force Member (1977) Consumers' Cooperative of Berkeley, Board Alternate (1977) Consumers' Cooperative Housing Committee, Chair ( 1976 -77) Mutual Ownership Development Foundation, Technical Advisory Board (1976 -77) National Land for People, Founding Board Member 1976 -80) American Planning Association Bay Area Socially Responsible Investment Professionals Association California Coalition for Rural Housing Consumers' Cooperative Alliance National Association of Housing Cooperatives National Low - Income Housing Coalition Northern California Association for Non -profit Housing Planners' Network Social Investment Forum REGISTRATIONS Direct Participations Programs Principal and Represk +ntative, NASD (while at AI Securities, Inc.) National and California Registered Investment Advis(, (while at Affirmative Investments, Inc.) references on request