HomeMy WebLinkAbout09_044 CC Resolution' RESOLUTION NO. 09-44
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TEMECULA APPROVING THAT CERTAIN
AGREEMENT ENTITLED "PURCHASE AND SALE
AGREEMENT AND ESCROW INSTRUCTIONS"
BETWEEN THE CITY OF TEMECULA AND JHC
TEMECULA REFLECTIONS LLC, AN AFFILIATE OF
JAMBOREE HOUSING CORPORATION, FOR THE SALE
OF 11 UNITS AT THE TEMECULA LANE PROJECT FOR
AFFORDABLE HOUSING
THE CITY COUNCIL OF THE CITY OF TEMECULA DOES HEREBY RESOLVE
AS FOLLOWS:
Findings.
On January 9, 2009, the City Council adopted Resolution No. 09-03
accepting the conveyance of 11 units at the Temecula Lane Project in order to
effectuate the City's affordable housing goals of the General Plan and the requirements
of Temecula Municipal Code Section 17.08.030. The City is in escrow to acquire these
units.
' Resolution No. 09-03 also authorized and directed the City Manager to
initiate a process for the selection of a qualified affordable housing developer and to
negotiate a purchase and sale agreement with the affordable housing developer
selected providing for the conveyance of the Units for housing affordable to persons of
lower or very low income households as defined in the Health and Safety Code
Sections 50079.5 and 50105. The City Manager has completed this process.
The proposal from Jamboree Housing Corporation, and its JHC Temecula
Reflections LLC, provides the best mix of affordable housing experience, financial
ability, and purchase price to enable the City to best utilize the 11 units at the Temecula
Lane Project being conveyed to it in order to meet its affordable housing goals under
the City's General Plan and Temecula Municipal Code Section 17.08.030.
The purchase price to be paid by Jamboree Housing Corporation, and its
affiliate JHC Temecula Reflections LLC, pursuant to the Purchase and Sale Agreement
for the 11 units is not less that the fair market value of the units given the housing
market and restrictions imposed by the City on the use of said units for affordable
housing purposes by the Regulatory Agreement described in the Purchase and Sale
Agreement.
Approval of Purchase and Sale Agreement. The City Council of the
' City of Temecula hereby approves that certain agreement entitled "PURCHASE AND
SALE AGREEMENT AND ESCROW INSTRUCTIONS" by and between JHC
TEMECULA REFLECTIONS LLC, a California limited liability company, and the City Of
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Temecula" (the "Agreement" with such changes in the Agreement as may be mutually
agreed upon by JHC TEMECULA REFLECTIONS LLC and City Manager as are in
substantial conformance with the form of such Agreement on file in the Office of the City
Clerk. The Mayor is hereby authorized to execute the Agreement, 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.
City Manager's Authority. The City Manager (or his designee), is
hereby authorized, on behalf of the City, to take all actions necessary and convenient to
carry out and implement the Agreement, and to administer the City's obligations,
responsibilities and duties to be performed under the said Agreement., including but not
limited to, approval and execution on behalf of the City of the such implementing
agreements, regulatory agreement, grant deeds, acceptances, escrow instructions,
certificates, estoppel letters, and other similar agreements and documents as
contemplated by or described in the Agreement or as necessary and convenient to
implement the Agreement.
Certification. The City Clerk shall certify the adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED by the City Council of the City of
Temecula this 26th day of May, 2009.
'J
ATTEST:
(SEAL]
J
Maryann Edwa ds, Mayor
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J
i
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, MMC, City Clerk of the City of Temecula, do hereby certify that
the foregoing Resolution No. 09-44 was duly and regularly adopted by the City Council of
the City of Temecula at a meeting thereof held on the 26th day of May, 2009, by the
following vote:
AYES: 3 COUNCIL MEMBERS
NOES: 0 COUNCIL MEMBERS
ABSENT: 2 COUNCIL MEMBERS
ABSTAIN: 0 COUNCIL MEMBERS:
Naggar, Roberts, Edwards
None
Comerchero, Washington
None
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