HomeMy WebLinkAbout03-017 CC ResolutionRESOLUTION NO. 03-17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING FIRST AMENDMENT TO THE
DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN
THE CITY AND AFFIRMED HOUSING PARTNERS-TEMECULA,
LLC (6TM STREET HOUSING PROJECT)
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 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 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 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 City 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. City 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 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 Affirmed Housing Partners-
-Temecula, LLC, 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
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Promissory Note, Deed of Trust, Regulatory Agreement, acceptances, escrow instructions,
certificates of completion and such other 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 11th day of February, 2003.
ATTEST:
____[~J Je rf~y E. Stone, Mayor
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CiTY OF TEMECULA )
I, Susan W. Jones, CMC, City Clerk of the City of Temecula, do hereby certify that
Resolution No. 03-17 was duly and regularly adopted by the City Council of the City of
Temecula at a regular meeting held on the 11th day of February, 2003, by the following vote:
AYES:
4 COUNCILMEMBERS: Comerchero, Naggar, Pratt, Stone
NOES: 0 COUNCILMEMBERS: None
ABSENT: 1 COUNCILMEMBERS: Roberts
ABSTAIN: 0 COUNClLMEMBERS: None
~~~s, CM~'~C
~ ~,,~.~ C~ty Clerk
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