RES-ORA-0244 Approving Option AgreementsRESOLUTION NO. ORA-
0244
RESOLUTION OF THE ORANGE REDEVELOPMENT
AGENCY APPROVING OPTION AGREEMENTS TO
PURCHASE THE WALNUT PARCEL A AND PIXLEY
PARCEL B AND AUTHORIZING EXECUTION OF SAID
AGREEMENTS AND RELATED MATTERS
WHEREAS, the Orange Redevelopment Agency (the "Agency") is charged with
the responsibility of applying certain tax increment dollars for the purpose of
increasing and approving the community's supply of low income housing available at
affordable rents; and
WHEREAS, the City of Orange (the "City") is the owner of certain real
property (the "Pixley Parcel") which may be appropriate for development of a low
income housing project by a private developer; and
WHEREAS, the Agency is the owner of a parcel of real property (the
Walnut Parcel") which also may be appropriate for development of a low income
housing project by a private developer; and
WHEREAS, the Orange Housing Development Corporation ("OHDC").
a California nonprofit corporation, has requested the Agency's assistance in
processing and securing state and federal funding assistance for low income
housing to be located within the City; and
WHEREAS, the City is prepared to grant the Agency and option to acquire the
Pixley Parcel on the terms and conditions set forth in the Option Agreement between
the Agency and the City dated March 10, 1992 (the "City Option Agreement"), and the
Agency is prepared to grant OHDC an option to acquire the Walnut Parcel and the
Pixley Parcel in conjunction with OHDC' s development of low income development
projects with state and federal funding assistance, all as further described in that certain
Option Agreement between the Agency and OHDC dated March 10, 1992 (the
Agency Option Agreement "); and
r-
WHEREAS, the Board of the Agency wishes to approve the City Option
Agreement and the Agency Option Agreement: and to direct staff to assist in the
processing by OHDC of its request for state and federal funding assistance.
NOW, THEREFORE, BE IT RESOLVED by the Orange Redevelopment
Agency as follows:
Section 1. The City Option Agreement and the Agency Option
Agreement are hereby approved in the form presented at this meeting. The
Chairman and Secretary of the Agency are hereby authorized to execute and attest,
respectively, each agreement.
Section 2. Staff of the Agency is hereby authorized and directed to take all
necessary and appropriate steps to negotiate a disposition and development
agreement with OHDC for Agency consideration, to assist OHDC in the processing of
grant applications to the state and federal funding sources described in the Agency
Option Agreement including execution of such necessary and collateral documents
as may be reasonably requested by OHDC consistent with the terms of the Agency
Option Agreement and this approval.
Section 3 This Resolution shall take effect immediately.
ADOPTED this 10th day of
ATTEST:
J1/4A~ ft4t#PJV'
Clerk, 0 e R eve pment Agency
I hereby certify that the foregoing Resolution was duly and regularly adopted by
the Orange Redevelopment Agency at a regular meeting thereof held on the 10th
day of March , 1992 by the following votes:
AYES: DIRECTORS: STEINER, BARRERA, CHAIRMAN BEYER, COONTZ, SPURGEON
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
ABSTAIN: DIRECTORS: NONE
LCIMEURESO-
1I0PfPIX
q~Clerk, Oranede/eio~ent
AgencyRESO-