Loading...
RES-ORA-0450 Second Amendment Approval Development Agreement La Veta AvenueI I RESOLUTION NO. ORA- 0450 A RESOLUTION OF THE ORANGE REDEVELOPMENT AGENCY APPROVING A SECOND AMENDMENT TO DISPOSITION AND DEVELOPMENT AGREEMENT BY AND AMONG CITY OF ORANGE, ORANGE REDEVELOPMENT AGENCY AND ORANGE HOUSING DEVELOPMENT CORPORATION RELATING TO LA VETA AVENUE BETWEEN OLIVE STREET AND LEMON STREET AND MAKING CERTAIN FINDINGS WHEREAS, the Amended and Restated Redevelopment Plan for the Orange Merged and Amended Redevelopment Project Area (the Merged Redevelopment Project Area) was duly approved by the Orange City Council on November 13, 2001 by Ordinance No. 21-01, pursuant to the California Community Redevelopment Law (commencing with Section 33000 of the Health and Safety Code and hereinafter referred to as the CRL); and WHEREAS, pursuant toSections 33334.2(a) and 33334.6(c) ofthe CRL, not less than 20%of all taxes which are allocated to the Orange Redevelopment Agency (Agency) from the Merged Redevelopment Project Area are set aside by the Agency in its Low- and Moderate-Income Housing Fund (Housing Fund) and used by the Agency for the purpose of increasing, improving and preserving the community's supply of low- and moderate-income housing available at affordable housing costs to persons and families of low- and moderate- income, including very low income persons and families; and WHEREAS, pursuant to Section 33334.6(a) ofthe CRL, the California State Legislature has found and declared that the provision of affordable housing outside of redevelopment project areas can be of direct benefit to those projects in assisting the accomplishment of project objectives; and WHEREAS, pursuant to Section 33334.2(g) of the CRL, the Agency may use Housing Funds to assist in the provision of housing for low and moderate income households, including very low-income households, outside the boundaries of its redevelopment project areas upon resolution of the City Council and the Agency that such use will be of benefit to the redevelopment projects; and WHEREAS, in order to carry out and implement such Redevelopment Plan, the Agency sold that certain unimproved property located north of La V eta Avenue between Olive Street and Lemon Street (the Site), which is located outside the boundaries of the Project Area, to Orange Housing Development Corporation (OHDC), pursuant to the terms and conditions of a certain Disposition and Development Agreement, as amended by that certain First Amendment to Disposition and Development Agreement dated June 16, 2003 (collectively, the DDA), between the Agency, OHDC and the City of Orange (City), previously approved by the Agency pursuant to Agency Resolution Nos. 0414 and 0426. The DDA provided for, among other things, the construction on the Site of six 6) units of rental housing, to be made available and rented to very low income senior citizen households for WHEREAS, construction ofthe Project has been completed for approximately $390,000.00 less than was anticipated by the DDA and therefore, the City, Agency and Developer desire to enter into the proposed Second Amendment to Disposition and Development Agreement (the Second Amendment) to revise the permanent financing structure for the Project envisioned by the DDA to correlate to the actual development costs of the Project; and WHEREAS, OHDC has submitted to the Agency and the City Council copies of the proposed Second Amendment, in a form that is acceptable to OHDC; ~'1d WHEREAS, the Agency has duly considered all terms and conditions of the proposed Second Amendment and believes that the re-structuring ofthe permanent financing of Project is in the best interest ofthe City and the health, safety and welfare of its residents, and in accord with the public purposes and provisions of applicable State and local law and requirements.NOW, THEREFORE, the Orange Redevelopment Agency resolves, on the basis ofthe facts set forth in the agenda report presented to it and any testimony received at the meeting at which this matter was considered, as follows:Section I. The foregoing recitals are true and correct.Section 2. The Agency hereby finds and determines that the Agency's use of funds from the Housing Fund in the re-structured maximum amount of$300, 155.68 for the permanent financing of the Project will be of benefit to the Merged Redevelopment Project Area and is in the vital and best interests of the City of Orange and the health, safety and welfare of its residents, and in accord with the public purposes and provisions of applicable federal, state and local laws and requirements.Section 3. The Agency hereby authorizes the expenditure of Housing Funds in the form of loans to OHDC in the re-structured maximum amount of $300,155.68 for the Project and in accordance with the terms and provisions set forth in the agenda report presented to the Agency and any testimony received at the meeting at which this matter was considered and in accordance with the Second Amendment and the DDA.Section 4. The Agency approves the Second Amendment and hereby authorizes and directs the Chairman or Executive Director of the Agency or their designee to execute the Second Amendment on behalf of the Agency in the form presented at the meeting at which this matter was considered, and to take all steps and sign all documents and instruments to carry out the Second Amendment on behalf of the Agency. A copy of the Second Amendment when executed by all parties shall be placed on file in the office of the Agency Clerk.Section 5. The Chairman or Executive Director, or their designee, is hereby authorized, on behalf ofthe Agency, to sign all documents necessary and appropriate to carry out and implement the Second Amendment and to administer the Agency's obligations, responsibilities and duties to be performed under I I ADOPTED this 24th day of January, 2006. ATTEST: Mary , Agency Clerk I, MARY E. MURPHY, Cler the Orange Redevelopment Agency, Orange, California, do hereby certify that the foregoing Resolution was duly and regularly adopted by the Orange Redevelopment Agency at a regular meeting thereof held on the 24th day of January, 2006, by the following vote: AYES: DIRECTORS: Smith, Ambriz, Murphy, Cavecche, Dumitru NOES: DIRECTORS: None ABSENT: DIRECTORS: None ABSTAIN: DIRECTORS: None Mary E. z Agency Clerk