HomeMy WebLinkAbout93-04 RDA ResolutionRESOLUTION NO. RDA 93-04
A RESOLUTION OF REDEVELOPMENT AGENCY
OF THE CITY OF TEMECULA, CALIFORNIA,
AUTHORIZING THE EXECUTIVE DIRECTOR TO
MAKE AN OFFER ON BEHALF OF ~ AGENCY
TO PURCHASE THE RANCHO WEST
APARTMENT COMPLEX
THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1. The Redevelopment Agency of the City of Temecula (Agency)
hereby finds, determines and declares as follows:
A. The City of Temecula is in need of quality residential units for its low and
moderate income residents. In particular, the Pujol Street area and the old downtown area of
the City which is nearby are of critical importance to the City of Temecula and the Agency.
The Rancho West apartment complex is located in the Pujol Street area;
B. The Rancho West apartment building is a 150 unit building presently owned
by the Resolution Trust Corporation ("RTC"). Rancho West currently serves lower income
residents by offering rents at highly affordable rates;
C. RTC is prepared to sell Rancho West at a greatly discounted price if the
Redevelopment Agency of the City of Temecula is willing to commit itself to dedicate at least
a portion of the units to low income residents;
D. Funds are available through the Redevelopment Agency low and moderate
income housing set aside funds for the purchase of Rancho West. The low and moderate
income housing set aside funds of the Redevelopment Agency consists of 20% of the tax
increment earned by the City's Redevelopment Agency which is required by law to be set
aside and dedicated exclusively to the provision, preservation, and rehabilitation of low and
moderate income housing;
E. The Agency has the opportunity to purchase Rancho West and thereby take
steps to insure the housing complex is exceptionally well managed and maintained. By doing
so, the Agency will influence and upgrade the Pujol Street area and not only preserve and
upgrade existing low income housing but also begin rehabilitation of an area which can
presently be described as marginal. By beginning the upgrade of Pujol Street, the Agency will
be helping to prevent negative impacts on old downtown Temecula;
Reao~.RDA\93-04 1
F. The purchase of Rancho West by the Agency and its operation as a low and
moderam income housing facility would be exempt from the voter approval requirements of
Article XXXIV of the California Constitution because Rancho West is an existing facility
offering affordable rents to low income residents.
Section 2. Based upon the foregoing, the Redevelopment Agency of the City of
Temecula hereby delegates its authority to the Executive Director to make an offer to the
Resolution Trust Corporation for the purchase of the Rancho West Apartments, pursuant to
instructions given in closed session, by the Agency members to the Executive Director on June
22, 1993 and thereafter concerning purchase price or conditions of sale.
Return.
Section 3. The City Clerk/Agency Secretary shall certify to the adoption of this
APPROVED AND ADOPTED, this 22nd day of lune, 1993.
ATTEST:
Ronald J. Parks, Chairperson
Jun S~~k, City-Clerk,
Agency Secretary
[SEAL]
I~ao~.RDA\93-04 2
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE)
CITY OF TEMECULA )
$$
I, June S. Greek, City Clerk of the City of Temecula, hereby do certify that the
foregoing Resolution No. RDA 93-04 was adopted at a regular meeting of the City Council on
the 22rid day of June, 1993, by the following roll call vote:
AYES: 5
AGENCY MEMBERS:
Birdsall, Parks, Roberts, Stone
Mufioz
NOES:
0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
Agency Secretary
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