RES-8113 Ratifying a Prior Agreement Between Redevelopment Agency and Orange Housing Development CorporationRESOLUTION NO. 8113
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ORANGE RATIFYING A PRIOR AGREEMENT
BETWEEN THE ORANGE REDEVELOPMENT AGENCY AND
THE ORANGE HOUSING DEVELOPMENT CORPORATION,
AND MAKING CERTAIN FINDINGS.
WHEREAS, the Orange Redevelopment Agency (the "Agency") was
established by Ordinance No. 21-83 on July 12, 1983;
and WHEREAS, in the course of implementing the
Redevelopment Plans for the Tustin Street, Northwest and Southwest
Project Area (collectively, the "Project Areas"), moneys have been
set aside in housing funds of the Agency;
and WHEREAS, the Orange Housing Development
Corporation OHDC") has been established as a non-
profit housing corporation, and has as its goal the promotion
of affordable
housing; and WHEREAS, the Agency previoUSly approved a
Funding Agreement with OHDC, dated as of September 12, 1991 (
the "Original Agreement"), to assist in the provision of
affordable housing as more particularly set forth in the Original
Agreement; and WHEREAS, the Original Agreement requires that
OHDC expend moneys provided by the Agency only in a manner
which conforms to applicable laws for expenditures of housing funds
by the
Agency; and WHEREAS, the Agency desires to ratify (and to have
the City Council ratify) the Original Agreement and to
make certain findings relating to a new agreement between the
Agency and OHDC in the form submitted herewith (the "Cooperation
Loan and Repayment Agreement" or "Second
Agreement"); and WHEREAS, expenditures by OHDC pursuant to
the Second Agreement are to be subject to the same
conditions and limitations as imposed pursuant to the Original
Agreement; and WHEREAS, the Second Agreement will promote the
provision of affordable housing within the City of
Orange, thereby benefitting each of the Project Areas, whether
the moneys provided to OHDC as expended inside or outside
the Project Areas but within the City
of Orange;NOW, THEREFORE, the City Council of the City of
Orange does hereby resolve
Section 1. The City Council finds and determines that
the expenditure of moneys provided by the Agency to OHDC
pursuant to the Original Agreement and the Second Agreement is
of benefit to each of the Project Areas, whether such moneys
are expended inside or outside the Project Areas but within the
City of Orange.
PASSED, APPROVED AND ADOPTED this 24th day of
1992.
November
CITY OF ORANGE, a municipal
corporation
ATTEST:
77~'f~~4' (fir;;.f) P'h#g~,
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 24th day of
November , 1992, by the following vote:
AYES: COUNCIL MEMBERS: BARRERA, STEINER, MAYOR BEYER, COONTZ, SPURGEON
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
ABSTAIN: COUNCIL MEMBERS: NONE
C) () /~
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CIty Clerk, i ty ~ piange
11/10/92
3443Q/2359/076 2 -