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7/26/2005 - City Council Minutes - CC Minutes Reg Meeting I I APPROVED BY THE DIRECTORS ON AUGUST 9, 2005 ORANGE REDEVELOPMENT AGENCY ORANGE, CALIFORNIA MINUTES OF A REGULAR MEETING July 26,2005 4:30 P.M. SESSION The Orange Redevelopment Agency of the City of Orange, California convened on July 26, 2005 at 4:30 p.m. in a Regular Meeting in the Council Chambers, 300 E. Chapman Avenue, Orange, California. 1. ROLL CALL PRESENT - ABSENT - Smith, Ambriz, Murphy, Cavecche, Dumitru None. 2. PUBLIC COMMENTS - None. 3. CONSENT CALENDAR 3.1 Request Agency confirmation of warrant registers dated July 7, 12 14,2005. ACTION: Approved. 3.2 Request approval of Redevelopment Agency Minutes, Regular Meeting, July 12, 2005. (RC2500.D.4) ACTION: Approved. MOTION - SECOND - AYES Cavecche Ambriz Smith, Ambriz, Murphy, Cavecche, Dumitru All items on the Consent Calendar were approved as recommended. END OF CONSENT CALENDAR ******** 4. REPORTS FROM DIRECTORS - None. 5. REPORTS FROM BOARDS, COMMITTEES, AND COMMISSIONS - None. 6. REPORTS FROM EXECUTIVE DIRECTOR - None. PAGE 1 ORANGE REDEVELOPMENT AGENCY MINUTES July 26,2005 7. ADMINISTRATIVE REPORTS 7.1 Report from the Interim Economic Development Director on an Affordable Housing Loan Agreement. (RA2100.0 Agr-4726) SUMMARY: Orange Housing Development Corporation (OHDC) plans to acqUire and rehabilitate a 10-unit apartment building located at 1944 East Wilson Avenue. The total estimated cost of the project is $1,971,565. Under the terms of the proposed Affordable Housing Loan Agreement, the City will provide $1,145,574 in federal HOME funds and the Agency will provide $499,057 Housing Set-Aside funds in the form of a 55-year loan. In return for the assistance, the units would remain affordable to very low and moderate-income households for a 55-year period. (See Council Minutes Item No. 7.2) RESOLUTION NO. ORA 0444 A Resolution of the Orange Redevelopment Agency approving an Affordable Housing Loan Agreement by and among the City of Orange, Orange Redevelopment Agency and Orange Housing Development Corporation regarding 1944 East Wilson Avenue and making certain findings. MOTION - Murphy SECOND Ambriz AYES - Smith, Ambriz, Murphy, Cavecche, Dumitru Moved to: I. Adopt Resolution No. ORA 0444; 2. Transfer $101,682 from account 317-9660-485100-1210 (HOME Community Housing Development Organization [CHDO] Funds) and $1,043,892 from account 317-9660-485100- 1250 (HOME Developer Funds) to account number 317-9660-485702-9219 (HOME - Wilson Avenue 3 Conditional Grant/Loan project account) for the project; [City] 3. Transfer $499,057 in Set-Aside funds (Fund 941) from unappropriated reserves to account 913-9800-485701-9219 (Housing Loan - Wilson Avenue 3 Loan project account). [Agency] FISCAL IMP ACT: After approval of the recommended transfers and appropriations, Housing Set-Aside funds and federal HOME funds are available for this purpose in the above listed accounts. PAGE 1 I I ORANGE REDEVELOPMENT AGENCY MINUTES July 26,2005 8. LEGAL AFFAIRS - None. 9. RECESS TO CLOSED SESSION NOTE: The Agency did not recess. a. To consider and take possible action upon such other matters as are orally announced by the General Counsel, Executive Director of the Board of Directors prior to such recess unless the motion to recess indicates any of the matters will not be considered in Closed Session. 10. ADJOURNMENT - The agency adjourned at 6:00 p.m. Declaration of the Clerk of the Orange Redevelopment Agency, Mary E. Murphy, declaring posting of Orange Redevelopment Agency Agenda of a regular meeting of July 26, 2005 at Orange Civic Center kiosk, Police facility at 1107 North Batavia, Shaffer Park; all of said locations being in the City of Orange and freely accessible to members of the public at least 72 hours before commencement of said regular meeting; and available at the Civic Center City Clerk's Office. / lv-fYv1 MARY E. MURPHY AGENCY CLERK MARK A. MU CHAIRMAN