HomeMy WebLinkAbout03-12 RDA ResolutionRESOLUTION NO. RDA 03-12
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDE-
VELOPMENT AGENCY OF THE CITY OF TEMECULA APPROV-
lNG FIRST AMENDMENT TO THE DISPOSITION AND
DEVELOPMENT AGREEMENT BETWEEN THE AGENCY AND
28500 PUJOL STREET, A CALIFORNIA LIMITED PARTNERSHIP
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 28500 Pujol Street, a Califomia Limited Partnership ("Developer")
have entered into a Disposition and Development Agreement dated as of January 14, 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 an affordable 66-unit senior housing project on the east side of Pujoh The project
will be two-story garden-style apartments and project amenities, which will include a community
room and swimming pool. 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 January 14, 2003 executed by Developer, as
trustier, in favor of Agency, as beneficiary, and recorded on July 14, 2003, in the Official Records of
the County of Riverside, California as Document No. 2003-520165 (the "Deed of Trust").
C. Agency and Developer desire to cladfy 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 28500 Pujol Street, a California Limited Partnership, with such changes in
each document as may be mutually agreed upon by the Developer and the 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.
Section 3. The Executive Director of the Agency (or his designee), is hereby authorized,
R:/RDA Resos 2003/RDA 03-12 1
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
completion 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 Redevelopment
Agency of the City of Temecula at a regular meeting held on the 24th day of June, 2003.
Ron Roberts, Chairperson
ATTE.S¥:
susa'n, w/'Jones, Cl~C / '
city Cier/dA~,.ency Secreta~'
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF TEMECULA
SS
I, Susan Jones, CMC, Secretary of the Redevelopment Agency of the City of Temecula, do
hereby certify that Resolution No. RDA 03-12 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 24th day of June, 2003, by the following vote, to wit:
AYES:
4 BOARDMEMBERS: Comerchero, Naggar, Pratt, Stone
NOES:
0 BOARDMEMBERS: None
ABSENT: 1 BOARDMEMBERS: Roberts
ABSTAIN: 0
BOARDMEMBERS: None
R:/RDA Resos 2003/RDA 03-12 2