RES-7964 Approving Redevelopment Agency Option AgreementRESOLUTION NO. 7964
A RESOLUTIO)J OJ' THB CITY COUNCIL OJ' THB
CITY OJ' ORAMGB APPROVING AN OPTIO)J AGREE-
MENT TO THE ORANGE REDEVELOPMENT AGENCY
REGARDI)JG THE PIXLEY PARCEL FOR HOUSING
PURPOSBS AND APPROVING RELATBD MATTERS.
WHEREAS, the City of Orange (the "City") is authorized to
assist the Orange Redevelopment Agency (the "Agency") in its
redevelopment activities~ and
WHEREAS, the Agency is charged by state law with the
responsibility of applying certain tax increment revenues to
increase and improve the community's supply of low income housing
available at affordable housing cost~ and
WHEREAS, the City is the owner of certain real property (the
Pixley Parcel") which may be suitable for development of a low
income housing project~ and
WHEREAS, the Agency seeks an option to acquire the Pixley
Parcel from the city for its fair market value, such parcel to be
redisposed of by the Agency for housing purposes consistent with
applicable law~ and
WHEREAS, the City is willing to grant such option on the
terms and conditions set forth in the Option Agreement between
the city and the Agency presented concurrently herewith to the
City Council.
NOW, THEREFORE, BB IT RESOLVED that the City Council of the
city of Orange as follows:
Section I:
The Option Agreement presented herewith between the City of
Orange and the Redevelopment Agency is hereby approved, and the
Mayor is hereby authorized and directed to execute such Option
Agreement and the city Clerk is authorized and directed to attest
thereto.
Section II:
Staff of the City is hereby authorized and directed to take
such further steps as may be necessary and appropriate to
facilitate implementation of the transactions described in the
Option Agreement and the underlying transaction described in the
option Agreement from the Agency to orange Housing Development
Corporation, including executing instruments of further assurance
as may be reasonably requested by the Agency. The City Council
hereby approves the Agency's activities as described in the
Agency option Agreement.
section III:
This Resolution shall take effect immediately.
ADOPTED this 10th day of MArch 1992.
or
of he city of rarf9€'ATTBST:
1J1A'
A~ ~. ()e1iO~'City
Cle of he(City of Orange I
hereby certify that the foregoing regularly
adopted by the City council of regular
meeting thereof held on the 10th 1992,
by the following vote:Resolution
was duly and the
City of Orange at a day
of March AYES:
COUNCIL MEMBERS: STEINER, BARRERA, MAYOR BEYER, COONTZ, SPURGEON NOES:
COUNCIL MEMBERS: NONE ABSENT:
COUNCIL MEMBERS: NONE Q
CkAfA"pdt/ci
y Cler f t~ c~y of Orange Reso.
No. 7964 2 -ajj