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HomeMy WebLinkAbout05-06 RDA Resolution I I I RESOLUTION NO. RDA NO. 05-06 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDE. VELOPMENT AGENCY OF THE CITY OF TEMECULA APPROV- ING A FIRST AMENDMENT TO THE OWNER PARTICIPATION AGREEMENT BETWEEN THE AGENCY AND D'ALTO PARTNERS, LLC, A CALIFORNIA LMITED LIABILITY COMPANY 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 D'AL TO PARTNERS, LLC, ("Developer") have entered into a Owner Participation Agreement dated as of May 10, 2005, the ("OPA") 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 "take out loan" to Developer to be secured by the Property (the "City Loan") for the purpose of pursuing the development of a mixed use development incorporating affordable housing, commercial/retail located on the north side of 5th Street in the City ofTemecula. The Developer shall construct a four story mixed-use building consisting of twenty four (24) affordable housing units and 4980 square feet of commercial/retail space. The affordable units will consist of 18 one bedroom units @ 597 square feet and six (6) two bedroom units @735 square feet. The commercial/retail space will be located on the first floor and the affordable units located on the second through fourth floor. Capitalized terms uses herein but not defined shall have the meaning set forth in the DDA. B. City and Developer desire to clarify and modify some of the terms of the OPA and the Agency Loan. C. The approval of this First Amendment by the Agency constitutes an action by the Agency to authorize an amendment to defer the timing ofthe Agency's contribution. Under the original OPA, the contribution acted as a construction loan. Under this amendment, the contribution will serve as a "take out" loan, meaning the Agency will not make the contribution until the project is completed. Section 2. The Board of Directors of the Redevelopment Agency of the City of Temecula hereby approves that certain agreement entitled "First Amendment to OPA" between the Agency and D'AL TO PARTNERS, LLC, 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, 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 R:/ROA Resas 2005/RDA 05-06 I 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 9th day of ust, 2005. ~ L--- Ron Roberts, Chairperson I STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan W. Jones, CMC, City Clerk/Agency Secretary ofthe Redevelopment Agency of the City of Temecula, do hereby certify that Resolution No. RDA No. 05-06 was duly and regularly adopted by the Board of Directors of the Redevelopment Agency of the City of Temecula at a meeting thereof, held on the 9th day of August, 2005, by the following vote, to wit: AYES: NOES: 3 AGENCY MEMBERS: Naggar, Washington, Comerchero o AGENCY MEMBERS: None ABSENT: 1 AGENCY MEMBERS: Roberts ABSTAIN: 1 AGENCY MEMBERS: Edwards I R:/RDA Resos 2005/RDA 05-06 2