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HomeMy WebLinkAbout98-12 RDA ResolutionRESOLUTION NO. RDA 98-12 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA AUTHORIZING THE BORROWING AND LENDING OF FUNDS BY THE AGENCY FOR THE PURPOSE OF FINANCING THE ACQUISITION, REHABILITATION AND CONSTRUCTION OF A MULTIFAMILY RESIDENTIAL RENTAL PROJECT, AND APPROVING RELATED DOCUMENTS AND ACTIONS WHEREAS, the Redevelopment Agency of the City of Temecula (the "Agency") is authorized, pursuant to the provisions of the California Health and Safety Code (the "Law"), to borrow funds and to make loans for the purpose of providing financing for the acquisition, rehabilitation and construction of multifamily residential rental projects; and WHEREAS, Temecula Gardens, L.P., a California limited partnership (of which Affu'med Housing Group, a California corporation is the general partner) (the "Borrower"), has requested that the Agency assist in the financing of: (a) two multifamily residential rental projects and related and appurtenant facilities consisting of: (i) a 28 unit apartment complex known as Sherwood Apartments, located at 28485 and 28497 Pujol Street in the City of Temecula, and (ii) a 14 unit apartment complex known as Pujol Street Apartments, located at 28559 and 28565 Pujol Street in the City of Temecula; and (b) the acquisition of parcels of real property consisting of a total of approximately one acre located at 28534, 28535, 28545 and 28555 Pujol Street in the City of Temecula and other adjacent land and the construction thereon of 38 new units of multifamily residential rental housing (collectively, the "Project"); and WHEREAS, in order to provide such assistance, the Agency has determined to borrow money from Washington Mutual Bank, FA, a Federal savings bank (the "Bank") in an amount not to exceed $5,800,000 (the "Loan") pursuant to a loan agreement (the "Bank Loan Agreement") between the Agency and the Bank, and to loan (the "Partnership Loan") the amount borrowed from the Bank to the Borrower pursuant to a construction and term loan agreement (the "Agency Loan Agreement") between the Agency and the Borrower; and WHEREAS, a notice of public hearing with respect to the proposed borrowing by the Agency has been published; and WHEREAS, said public hearing was held on March 17, 1998 before the City Council of the City of Temecula and an opportunity was provided for interested parties to present arguments for and against the borrowing by the Agency and the financing and operation of the Project; and WHEREAS, following said public hearing, the City Council and the City of Temecula approved the borrowing by the Agency to make a loan to the Borrower to finance the Project; and R:resos\rda98-12 1 WHEREAS, there have been prepared various documents with respect to the borrowing and lending of funds by the Agency to finance the Project, copies of which are on file with the Secretary, and the Agency now desires to approve the Loan, the Partnership Loan and the execution and delivery of such documents by the Agency; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in connection with the Loan and the Partnership Loan as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Law. NOW THEREFORE, BE IT RESOLVED, by the Governing Board of the Redevelopment Agency of the City of Temecula as follows: Section 1. correct. The Agency hereby finds and declares that the above recitals are true and Section 2. The Bank Loan Agreement and the Promissory Note (Construction Term and Permanent Term), in the respective forms presented to this meeting, are hereby approved. The Executive Director of the Agency is hereby authorized and directed to execute and deliver the Bank Loan Agreement and the Promissory Note in said forms, together with such additions thereto or changes therein as are recommended or approved by the Executive Director of the Agency upon consultation with the Agency's General Counsel and Bond Counsel including such additions or changes as are necessary or advisable in accordance with Section 6 hereof, the approval of such changes to be conclusively evidenced by the execution and delivery of the Bank Loan Agreement and the Promissory Note by the Agency. Section 3. The Agency Loan Agreement and the Environmental Indenmity Agreement, each to be executed by the Borrower and the Agency, in the respective forms presented to this meeting, are hereby approved. The Executive Director of the Agency is hereby authorized and directed to execute and deliver the Agency Loan Agreement and said Environmental Indemnity Agreement in said forms, together with such additions thereto or changes therein as are recommended or approved by the Executive Director of the Agency upon consultation with the Agency's General Counsel and Bond Counsel including such additions or changes as are necessary or advisable in accordance with Section 6 hereof, the approval of such changes to be conclusively evidenced by the execution and delivery of the Agency Loan Agreement and said Environmental Indemnity Agreement by the Agency. Section 4. The regulatory agreement and declaration of restrictive covenants (the "Regulatory Agreement") between the Agency and the Borrower, in the form presented to this meeting, is hereby approved. The Executive Director of the Agency is hereby authorized and directed to execute and deliver the Regulatory Agreement in said form, together with such additions thereto or changes therein as are recommended or approved by the Executive Director R:resos\rda98-12 2 of the Agency upon consultation with the Agency's General Counsel and Bond Counsel including such additions or changes as are necessary or advisable in accordance with Section 6 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Regulatory Agreement by the Agency. Section 5. The assignment agreement (the "Assignment Agreement") between the Agency and the Bank, the Construction Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (the "Deed of Trust") by the Agency for the benefit of the Bank, and the Environmental Indemnity Agreement (together with the Assignment Agreement and the Deed of Trust, the "Security Agreements"), between the Agency and the Bank, each in the respective forms presented to this meeting, are hereby approved. The Executive Director of the Agency is hereby authorized and directed to execute and deliver the Security Agreements in said forms, together with such additions thereto or changes therein as are recommended or approved by the Executive Director of the Agency upon consultation with the Agency's General Counsel and Bond Counsel including such additions or changes as are necessary or advisable in accordance with Section 6 hereof, the approval of such changes to be conclusively evidenced by the execution and delivery of the Security Agreements by the Agency. Section 6. All actions heretofore taken by the officers and agents of the Agency with respect to the Loan and the Partnership Loan are hereby approved, confirmed and ratified, and the proper officers of the Agency are hereby authorized and directed, for and in the name and on behalf of the Agency, to do any and all things and take any and all actions and execute any and all certificates, agreements and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful borrowing of the Loan and the making of the Partnership Loan in accordance with this Resolution and resolutions heretofore adopted by the Agency, including but not limited to any certificates, agreements and documents described in the Agency Loan Agreement, the Bank Loan Agreement, the Regulatory Agreement and the Security Agreements. Section 7. This Resolution and declaration shall take effect from and after its adoption. PASSED, APPROVED AND ADOPTED, by the Governing Board of the Redevelopment Agency of the City of Temecula at a regular meeting held on the 14th day of July, 1998. Karel Lindemans, Chairperson ATTEST: · Jones, G~C j Agency Secretary / Ett~ Clerk [SEAL] R:resos\rda98-12 3 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan W. Jones, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the foregoing Resolution No. RDA 98-12 was duly adopted at a regular meeting of the Governing Board of the Redevelopment Agency of the City of Temecula on the 14th day of July, 1998, by the following roll call vote: AYES: 4 AGENCY MEMBERS: Comerchero, Ford, Lindemans, Roberts NOES: 0 AGENCY MEMBERS: None ABTAIN: 1 AGENCY MEMBERS: Stone Susan ~. Jonet~, CMC Secre~ty Clerk R:resos\rda98-12 4