HomeMy WebLinkAbout03-078 CC ResolutionRESOLUTION NO. 03-78
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING FIRST AMENDMENT TO THE
DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN
THE CITY AND 28500 PUJOL STREET, A CALIFORNIA LIMITED
PARTNERSHIP
THE CITY COUNCIL OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS
FOLLOWS:
Section 1. The City Council hereby finds, determines and declares that:
A. City and 28500 Pujol Street, a California Limited Partnership ("Developer")
have entered into a Disposition and Development Agreement dated as of January 14, 2003 (the
"DDA") which provided for, among other things, the City's contribution to Developer of certain real
property described therein (the "Property") and the City's making a "predevelopment loan" to
Developer to be secured by the Property (the "City Loan") for the purpose of facilitating the
development of an affordable 66-unit senior housing project on the east side of Pujol. The project
will be two-story garden-style apartments and project amenities, which will include a community
room and swimming pool. Capitalized terms used herein but not defined shall have the meaning set
forth in the DDA.
B. The City Loan is secured by a Deed of Trust, Security Agreement and
Fixtures Filing (with Assignment of Rents) dated January 14, 2003 executed by Developer, as
trustier, in favor of Agency, as beneficiary, and recorded on July 14, 2003, in the Official Records of
the County of Riverside, California as Document No. 2003-520165 (the "Deed of Trust").
C. City and Developer desire to cladfy and modify some of the terms of the DDA
and the Agency Loan.
D. The approval of this First Amendment by the Agency constitutes an action by
the City to implement an adopted Housing Assistance Plan by acquiring interests in housing units to
assure they are affordable to persons of Iow and moderate income. Therefore, the Project is
exempt from the provisions of the California Environmental Quality Act pursuant to Section 15326 of
the CEQA Guidelines (Title 14 of the California Code of Regulations).
Section 2. The City Council hereby approves that certain agreement entitled "First
Amendment to DDA and Promissory Note" between the Agency and 28500 Pujol Street, a Califomia
Limited Partnership, with such changes in each document as may be mutually agreed upon by the
Developer and the City Manager as are in substantial conformance with the form of such Agreement
which on file in the Office of the City Clerk. The Mayor is hereby authorized to execute the
Agreement, including related exhibits and attachments on behalf of the City. A copy of the final
Agreement when executed by the Mayor shall be placed on file in the Office of the City Clerk.
Section 3. The City Manager (or his designee), is hereby authorized, on behalf of the
Agency, to take all actions necessary and appropriate to carry out and implement the Agreement
and to administer the Agency's obligations, responsibilities and duties to be performed under the
Agreement and related documents, including but not limited to the Promissory Note, Deed of Trust,
Regulatory Agreement, acceptances, escrow instructions, certificates of completion and such other
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implementing agreements and documents as contemplated or described in the Agreement.
Section 4. The City Clerk shall certify the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Temecula at a
regular meeting held on the 24th day of June, 2003.
ATTEST:
[SE~L]
~________~_~ ~'fl~ey E. Stone, Mayor
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan Jones, CMC, Secretary of the Redevelopment Agency of the City of Temecula, do
hereby certify that Resolution No. 03-78 was duly and regularly adopted by the Board of Directors of
the Redevelopment Agency of the City of Temecula at a regular meeting thereof, held on the 24th
day of June, 2003, by the following vote, to wit:
AYES:
4 COUNCILMEMBERS: Comerchero, Naggar, Pratt, Stone
NOES:
0 COUNClLMEMBERS: None
ABSENT: 1 COUNCILMEMBERS: Roberts
ABSTAIN: 0 COUNCILMEMBERS: None
ity Clerk
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