RES-ORA-0255 Approving Owner Participation Agreement with Citrus Village Partners LPRESOLUTION NO. ORA-
0255 A RESOLUTION OF THE ORANGE
REDEVELOPMENT AGENCY APPROVING AN OWNER
PARTICIPATION AGREEMENT WITH CITRUS VILLAGE PARTNERS L.
P.PERTAINING TO PROPERTY LOCATED AT
500-555 NORTH CITRUS STREET, ORANGE
AND AUTHORIZING THE EXECUTION OF
SAID AGREEMENT WHEREAS, the Orange Redevelopment Agency (hereinafter referred to
as the Agency") under the provision of the California 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 500-555 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
California 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 Funds for the Tustin Street Project and
the
Southwest Project ("Housing Funds"); and WHEREAS, the Agency is authorized pursuant to Section
33334.2 of the California Health & Safety Code to expend Housing Funds outside
a redevelopment project area upon resolution of the Agency and the City Council that the proposed use of
funds will be of benefit to the Tustin Street Project
and the Southwest Project; 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 Agency has duly considered all terms
and conditions of the proposed Agreement and believes that the Agreement is in the best interests
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 local
law requirements;
NOW, THEREFORE, THE ORANGE REDEVELOPMENT AGENCY DOES
RESOLVE AS FOLLOWS:
Section t:
The Agency finds and determines that the use of Housing Funds pursuant to the
Agreemfmt will be of benefit to the Tustin Street Project.
Section :~:
The Agency finds and determines that the use of Housing Funds pursuant to the
Agreement will be of benefit to the Southwest Project.
Section 3:
The Agency approves the Agreement and authorizes and directs the Chairman, the
Executive Director, or the Agency Clerk to execute Agreement. The Agency further
determines and approves that the Chairman, the Executive Director, or the Agency Clerk are
authorized and directed to execute such documents as may be necessary and proper to
implement the Agreements.
ADOPTED this 27th day of Octobex'1992.
ATTEST:
1h1~~~ ,<:)~/jti.f?7V
Agency Cle ;/ ./
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 27 t h day of
October , 1992, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
DIRECTORS:
DIRECTORS:
DIRECTORS:
DIRECTORS:
STEINER, BARRERA., CHAIRMAN BEYER, COONTZ,
SPURGEON
NONE
NONE
NONE
Clerk of the Orange Redevelopment Agency
RESO NO. ORA-
0255 mab:b:resos: