HomeMy WebLinkAbout03-15 RDA ResolutionRESOLUTION NO. RDA 03-15
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
HABITAT FOR HUMANITY
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 Habitat for Humanity Inland Valleys Inc, ("Developer") have
entered into a Disposition and Development Agreement dated as of February 11, 2003 (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 6 new single
family houses of very Iow 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 11, 2003 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 Habitat for Humanity Inland Valleys Inc 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
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 cempletion and such other implementing agreements and documents as
contemplated or described in the Agreement.
Section 4. The Secretary of the Agency shall certify the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED by the Board of Directors of the Redevel-
opment Agency of the City of Temecula at a regular m~of Auaust
2003. ~~'
Ron Roberts, Chairperson
ATTEST:
[SEAL]
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 03-15 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 12th day of August, 2003, by the following vote, to wit:
AYES:
4 AGENCY MEMBERS: Comerchero, Naggar, Pratt, Stone
NOES: 0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
ABSTAIN: 1 AGENCY MEMBERS: Roberts
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