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Home My WebLink About12-02 OB SARDA Resolution RESOLUTION NO. OB SARDA 12-02 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING THE FIRST AMENDMENT TO THE OWNER PARTICIPATION AGREEMENT AND GRANT COMMITMENT WITH FRONT STREET PARTNERS, LLC THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY, HERBY RESOLVES AS FOLLOWS: � Section 1. Recitals. The Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency does hereby find, determine and declare that: A. The Redevelopment Agency of the City of Temecula was a redevelopment agency in the City of Temecula, duly created pursuant to the Community Redevelopment Law, Part 1, commencing with Section 33000, of Division 24 of the California Health and Safety Code (hereafter the "Temecula Redevelopment Agency"). On June 12, 1988, the Board of Supervisors of the County of Riverside adopted Ordinance No. 658 adopting and approving the "Redevelopment Plan for Riverside County Redevelopment Project No. 1988-1." On December 1, 1989, the City of Temecula was incorporated. The boundaries of the Project Area described in the Plan are entirely within the boundaries of the City of Temecula. On April 9, 1991, the City Council of the City of Temecula adopted Ordinances Nos. 91-08, 91-11 91-14, and 91- 15 establishing the Redevelopment Agency of the City of and transferring jurisdiction over the Plan from the County to the City. Pursuant to Ordinance Nos. 91- 11 and 91-15, the City of Temecula and the Redevelopment Agency of the City of Temecula assumed jurisdiction over the Plan as of July 1, 1991. The Plan has been amended by Ordinance Nos. 94-33, 06-11 and 07-20 adopted by the City Council. The Agency duly adopted its Implementation Plan for 2010-2014 on December 8, 2009 in accordance with Health and Safety Code Section 33490. B. ABX1 26 and ABX1 27 were signed by the Governor of California on June 29, 2011, making certain changes to the Redevelopment Law, including adding Part 1.8 (commencing with Section 34161) and Part 1.85 (commencing with Section 34170) ("Part 1.85") to Division 24 of the California Health and Safety Code ("Health and Safety Code"). C. The California Redevelopment Association and League of California Cities filed a lawsuit in the Supreme Court of California (California Redevelopment Association, et al. v. Matosantos, et al. (Case No. S194861)) alleging that ABX1 26 and ABX1 27 were unconstitutional. D. On December 29, 2011, the Supreme Court issued its opinion in the Matosantos case largely upholding ABX1 26, invalidating ABX1 27, and holding that ABX1 26 may be severed from ABX1 27 and enforced independently. E. The Supreme Court generally revised the effective dates and deadlines for performance of obligations in Part 1.85 arising before May 1, 2012 to take effect four months later. F. As a result of the Supreme Court's decision, on February 1, 2012, all redevelopment agencies, including the Temecula Redevelopment Agency, were dissolved and replaced by successor agencies established pursuant to Health and Safety Code Section 34173. G. The City Council of the City of Temecula (the "City") adopted Resolution - No. 12-02 January 10, 2012, pursuant to Part 1.85 electing for the City to serve as the successor agency for the Temecula Redevelopment Agency upon the Agency's dissolution. H. The City Council of the City of Temecula (the "City") adopted Resolution No. 12-11 on January 24, 2012, pursuant to Part 1.85 electing for the City to retain, without limitation, all of the housing assets and functions previously performed by the Temecula Redevelopment Agency upon the Agency's dissolution. I. The City Council of the City of Temecula, Acting as the Governing Body for the Successor Agency to the Temecula Redevelopment Agency adopted Resolution No. 12-01 on February 28, 2012 declaring the Successor Agency to the Temecula Redevelopment Agency duly constituted pursuant to law and establishing rules and regulations for the operation of the Successor Agency to the Temecula Redevelopment Agency ("Successor Agency"). J. The Temecula Redevelopment Agency ("Agency") and Front Street Plaza Partners, Inc. ("Front Street") entered into an Irrevocable Conditional Grant Commitment dated February 22, 2011 ("Commitment") and an Owner Participation Agreement dated February 22, 2011 ("OPA") which required the Agency to make a conditional grant for an affordable housing project. K. On February 28, 2012 The Successor Agency to the Temecula Redevelopment Agency adopted Resolution No. SARDA 12-06 approving the First Amendment to the Irrevocable Conditional Grant Commitment dated February 22, 2011 ("CommitmenY') and an Owner Participation Agreement dated February 22, 2011 ("OPA") which required the Agency to make a conditional grant for an affordable housing project. L. Front Street assigned to Front Street Partners, LLC ("Borrower"), and Borrower assumed from Front Street, all of Front Street's rights and obligations under the Commitment and OPA. Section 2. The Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency hereby approves that certain "First Amendment to Owner Participation Agreement and Conditional Grant Commitment" between the Successor Agency and Front Street Partners, LLC, ("First Amendment") with such changes in such document as may be mutually agreed upon by Front Street Partners LLC and the Successor Agency Executive Director as are in substantial conformance with the form of such First Amendment on file in the Office of the Successor Agency Secretary. Section 3. The Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency hereby approves the action of the Successor Agency that authorizes the Executive Director of the Successor Agency (or his designee), on behalf of the Successor Agency, to take all actions necessary and appropriate to carry out and implement the First Amendment and to administer the Agency's obligations, responsibilities and duties to be performed under the Owner Participation Agreement, Conditional'Grant, First Amendment and related documents, including, but not limited to, the approval and execution on behalf of the Agency of escrow instructions, certificates of completion, title reports, certifications, minor amendments extending time periods so long as such amendments do not substantially change the terms of the aforesaid agreements and such other implementing agreements and documents as contemplated or described in the Amendment necessary and convenient for the completion of the implementation of the Agreements. Section 4. The Secretary of the Oversight Board of the Successor Agency to " the Temecula Redevelopment Agency shall certify the adoption of this Resolution. PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency this 14 day of Marah, 2012. eyer, Chairp r on ATTEST: Susan . Jone , MMC oard ecretary {S EAL] ? STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) CITY OF TEMECULA ) I, Susan W. Jones, MMC, Board Secretary of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No. SARDA 12-02 was duly and regularly adopted by the Board Members of the Successor Agency to the Temecula Redevelopment Agency at a meeting thereof held on the 14 day of March, 2012, by the following vote: AYES: 6 BOARD MEMBERS: Meyer, Thornhill, Gonzalez, Kelliher, � Ordway-Peck, Watts NOES: 0 BOARD MEMBERS: None ABSENT: 0 BOARD MEMBERS: None ABSTAIN: 0 BOARD MEMBERS: None . Susan W. J nes, MMC B � rd Secretary