RES-8099 Consenting to Execution of Owner Participation AgreementRFSOLUTION NO. 8099
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ORANGE CONSENTING TO THE EXECUTION OF AN
OWNER PARTICIPATION AGREEMENT BY THE ORANGE
REDEVELOPMENT AGENCY WITH CITRUS VILLAGE
PARTNERS L.P. PERTAINING TO PROPERTY LOCATED
AT 5()()-555 NORTH CITRUS STREET, ORANGE
WHEREAS, the Orange Redevelopment Agency (hereinafter referred to as the
Agency") under the provision of the Califomia Community Redevelopment Law, is engaged
in activities necessary for the execution of the Redevelopment Plan for the Tustin Street
Redevelopment Project, as heretofore amended (hereinafter referred to as the "Tustin Street
Project"); and
WHEREAS, the Agency is further engaged in activities necessary for the execution of
the Redevelopment Plan for the Southwest Redevelopment Project, as heretofore amended (the
Southwest Project"); and
WHEREAS, Citrus Village Partners L.P. (the "Participant"), which is the owner of
certain real property located at 5()()-555 North Citrus Street, Orange, (the "Site") has proposed
to enter into an agreement with the Agency in the form submitted herewith (the "Agreement");
and
WHEREAS, pursuant to the Agreement, the Participant will rehabilitate and repair
forty-seven (47) existing dwelling units at the Site, and will cause twenty-two (22)
of these dwelling units to be maintained available for rent at "Affordable Housing Cost"
to households which qualify for Agency participation pursuant to Section 33334,2 of the
Califomia Health &Safety
Code; and WHEREAS, the monies to be used by the Agency in defraying
certain development costs pursuant to the Agreement shall be from the Low- and Moderate-
Income Housing Fund for the Tustin Street Project and the Southwest Project ("
Housing Funds"); and WHEREAS, the Agency and the City Council have previously determined
that the use of Housing Funds outside these Project Areas is of benefit to the Tustin Street
Project and the
Southwest Project; and WHEREAS, the promotion of affordable housing is an objective of
the Tustin Street Project and the
Southwest Project; and WHEREAS, the City Council has duly considered all terms and
conditions of the proposed Agreement and believes that the Agreement is in the best interests of
the Agency, the Tustin Street Project, the Southwest Project, the City, and the health, safety and
welfare of its residents, and is in accord with the public purposes and provisions of applicable
State and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ORANGE DOES
RESOLVE AS FOLLOWS:
Section 1:
The City Council finds and determines that the use of Housing Funds pursuant to the
Agreement will be of benefit to the Tustin Street Project.
Section 2:
The City Council finds and determines that the use of Housing Funds pursuant to this
Agreement will be of benefit to the Southwest Project,
Section 3:
The City Council consents and authorizes the Agency to execute the Agreement.
ADOPTED this 27th day of October 1992.
ATTEST:
AA+./ Q :;1'-:Y4/d"'/City
Clerk y 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 27th day of October ,
1992, by the following vote:AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCILMEMBERS:
COUNCILMEMBERS:
COUNCILMEMBERS:
COUNCILMEMBERS:
NONE
STEINER,
BARRERA, MAYOR BEYER. COONTZ.SPURGEON
NONE
NONE
7hA'
A'/zbr 2 C;P4f~l/City
Clerk v v RESO
NO, 8099 mab:
b:resos:calv-opa