HomeMy WebLinkAbout03-03 RDA Resolution RESOLUTION NO. RDA 03-03
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA
APPROVING FIRST AMENDMENT TO THE DISPOSITION AND
DEVELOPMENT AGREEMENT BETWEEN THE AGENCY AND
AFFIRMED HOUSING PARTNERS-TEMECULA, LLC (6TM
STREET HOUSING PROJECT)
THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE CITY
OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The Board of Directors of the Redevelopment Agency of the City of
Temecula hereby finds, determines and declares that:
A. Agency and Affirmed Housing Partners--Temecula, LLC, ("Developer")
have entered into a Disposition and Development Agreement dated as of February 26, 2002
(the "DDA") which provided for, among other things, the Agency's contribution to Developer of
certain real property described therein (the "Property") and the Agency's making a
"predevelopment loan" to Developer to be secured by the Property (the "Agency Loan") for the
purpose of facilitating the development of a home-ownership project constructing 14 new single
family houses and three rehabilitated single family houses for persons and families of Iow or
moderate income. Capitalized terms used herein but not defined shall have the meaning set
forth in the DDA.
B. The Agency Loan is secured by a Deed of Trust, Security Agreement and
Fixtures Filing (with Assignment of Rents) dated February 26, 2002 executed by Developer, as
trustier, in favor of Agency, as beneficiary, and recorded on April 18, 2002, in the Official
Records of the County of Riverside, California as Document No. 2002-201994 (the "Deed of
Trust").
C. Agency and Developer desire to clarify 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 Agency 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 Board of Directors of the Redevelopment Agency of the City of
Temecula hereby approves that certain agreement entitled "First Amendment to DDA and
Promissory Note" between the Agency and Affirmed Housing Partners~-Temecula, LLC, with
such changes in each document as may be mutually agreed upon by the Developer and the
Agency Executive Director as are in substantial conformance with the form of such Agreement
which on file in the Office of the Agency Secretary. The Chairperson of the Agency is hereby
authorized to execute the Agreement, including related exhibits and attachments on behalf of
the Agency. A copy of the final Agreement when executed by the Agency Chairperson shall be
placed on file in the Office of the Secretary of the Agency.
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Section 3. The Executive Director of the Agency (or his designee), is hereby
authorized, on behalf of the Agency, to take all actions necessary and appropriate to carry out
end 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 implementing agreements and documents as
contempleted or described in the Agreement.
Section 4. The Secretary of the Agency shell certify the edoption of this Resolution.
PASSED, APPROVED AND ADOPTED by the Board of Directors of the Redevel-
opment Agency of the City of Temecula at a reguler meeting held on the 11th day of February,
2003.
Ron FF65erts', Chairperson
AT~.EST:
uc /
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. RDA 03-03 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 11th day of February, 2003, by the following vote, to wit:
AYES: 4 BOARDMEMBERS: Comerchero, Naggar, Pratt, Stone
NOES: 0 BOARDMEMBERS: None
ABSENT: I BOARDMEMBERS: Roberts
ABSTAIN: 0 BOARDMEMBERS: None
SusanW./ onesT UC
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