RES-8074 Approving Option Agreement to Redevelopment AgencyRESOLUTION NO. 8074
A RESOLUTION OF THB CITY COUNCIL OF THB
CITY OF ORANGE APPROVING AN OPTION
AGREEMENT TO THE ORANGB REDEVELOPMENT
AGENCY REGARDING THE PIXLEY PARCEL FOR
HOUSING PURPOSES AND APPROVING RELATED
MATTERS.
WHEREAS, the City of Orange (the "City")
assist the orange Redevelopment Agency (the
redevelopment activities by loan or grant; and
is authorized to
Agency") in its
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 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, city previously executed
Agency for similar purposes, however,
expired on September 1, 1992; and
an Option Agreement with
the term of the option
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, BE IT RESOLVED by the City Council of the
city of Orange as follows:
Section I:
The Option Agreement presented herewith between the city and
the 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 (the "Agency Option Agreement"), 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 8th 1992.day of
ATTEST:
AP41/
C1ty Cle of e 1ty of Orange
I hereby certify that the foregoing Resolution was duly and
regularly adopted by the City Council of the City of orange at a
regular meeting thereof held on the 8th day of September, 1992,
by the following vote:
AYES:COUNCIL MEMBERS: STEINER, BARRERA, MAYOR BEYER, COONTZ,
SPURGEON
NOES:COUNCIL MEMBERS: NONE
ABSENT:COUNCIL MEMBERS: NONE
J1A/l-(/tJ;F
Q Wp n.-city
Clerk f t~Ci of Orange Reso
No. 8074 2 -SSH:ajj