HomeMy WebLinkAbout96-09 RDA Resolution RESOLUTION NO. RDA 96-09
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF TEMECULA DESIGNATING THE SUM OF $150,000 FROM THE
AGENCY'S LOW AND MODERATE INCOME HOUSING FUND AS
THE MATCHING FUNDS FOR THE HOME PROGRAM GRANT FOR
THE RANCHO WEST APARTMENTS PROJECT
THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA
DOES RESOLVE AS FOLLOWS:
Section 1. The Redevelopment Agency does hereby find, determine and
declare that:
a. The Agency is a party to that certain purchase and sale agreement dated
September 28, 1996 with Resolution Trust Corporation in its capacity as Receiver for
Gibraltar Savings, F.A. (the "Purchase Agreement") for the purchase of certain real
property in the City of Temecula generally known as the "Rancho West Apartments"
located at 4220 Main Street (the "Property"). The development of the Rancho West
Apartments as affordable housing shall also be referred to as the "Project."
b. Agency has agreed to assign its rights and obligations in the Purchase
Agreement to CVHC and to assist CVHC in the purchase and operation of the Rancho
West Apartments in exchange for CVHC's commitment to operate the Rancho West
Apartments as a 100% affordable housing project for a period of 30 years from the date
of conveyance of the Property to CVHC. The assignment is set forth in that certain
document entitled "Amendment No. 1 and Assignment and Assumption of Purchase
and Sale Agreement and Joint Escrow Instructions" by and between the RTC, Agency
and CVHC dated September 28, 1996.
C. Agency is required by California Health and Safety Code Section
33334.2, el =., to expend a certain percentage of property taxes allocated to it for the
purpose of increasing, improving, and preserving the City of Temecula's supply of
low- and moderate-income housing available at affordable housing costs.
d. Completion of the Project will assist the Agency in fulfilling its
obligation to increase, improve and preserve low and moderate income housing within
the City of Temecula. The Project is consistent with the terms and requirements of
Temecula Redevelopment Project No. 1 -- 1988 and the Implementation Plan for the
Project adopted by the Agency.
Resos.Rda\96-09
e. The Project will be financed with (1) Multifamily Rental Housing
Bonds, 1996 Series A, issued by the Agency, (2) a HOME Program grant from the
County of Riverside, and (3) a contribution of low and moderate income housing funds
from the Agency.
Section 2. The Board of Directors of the Redevelopment Agency of the City of
Temecula hereby designates and commits the sum of $150,000 from the Agency's low and
moderate income housing fund to be paid by the Agency, along with additional low and
moderate income housing funds, to Coachella Valley Housing Coalition for development and
operation of the Project pursuant to that certain agreement entitled "Regulatory Agreement
Providing for Affordable Housing By and Between the Redevelopment Agency of the City of
Temecula and Coachella Valley Housing Coalition," dated as of April 9, 1996, as the
matching funds to the HOME grant which the Agency is required to provide the Project
pursuant to the HOME Program regulations.
Section 3. The Secretary shall certify the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED by the Redevelopment Agency of
the City of Temecula on April 9, 1996.
Patricia H. Birdsall
Chairperson
ATTEST:
Ju@.@reek, CMC, City Clerk
Agency Secretary
[SEAL]
Resos.Rda\96-09 -2-
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ss
CITY OF TEMECULA
1, June S. Greek, Secretary of the Redevelopment Agency of the City of Temecula, do
hereby certify that the Resolution No. RDA 96-09 was duly and regularly adopted by the
Redevelopment Agency of the City of Temecula at a regular meeting thereof, held on April 9,
1996, by the following vote, to wit:
AYES: 3 AGENCY MEMBERS: Ford, Roberts, Lindemans
NOES: 0 AGENCY MEMBERS: None
ABSENT: 2 AGENCY MEMBERS: Birdsall, Stone
Juh".,breek, CMC, City Clerk
Agency Secretary
Resos.Rda\96-09 -3-