RES-ORA-0253 Approving Option AgreementsRESOLUTION NO. ORA-
0253 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 certi~in 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 previoUSly executed an
Option AgreE~ment with the Agency and the Agency previously executed
an Option Agreement with OHDC for similar purposes;
and WHEREAS, the City is prepared to grant the Agency
an option to acquire the Pixley Parcel on the terms and
conditions set forth in the Option Agreement between the Agencya.nd
the City dated September 8, 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 inthatrcertetinOptionAgreementbetweentheAgencyandOHDC
dated September 8, 1992 (the "Agency Option Agreement);
and 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 upon
adoption.
Section 4. The Agency Clerk shall certify to the
adoption of this Resolution and shall cease this resolution and
its certification to be filed in the Office of the Agency Clerk,
ADOPTED this 8th day of September, 1992.
ORANGE REDEVELOPMENT AGENCY
B
ATTEST:
tU~ O-~()~
Clerk, Or ge JIlde opment Agency
I hereby certify that the foregoing Resolution was
duly and regularly adopted by the Orange Redevelopment AGency
at a regular meeting held on the 8th day of September, 1992, by
the following vote:AYES:
NOES:
ABSENT:
ABSTAIN:
DIRECTORS:
DIRECTORS:
DIRECTORS:
DIRECTORS:
SPURGEON
STEINER,
BARRERA, CHAIRMAN BEYER, COONTZ NONE
NONE
NONE
0-
2~(!'A~-Clerk, Or
ge Iti(de' opmentAgency 08/26/
92 2269Q/2359/
037 2 -