RES-ORA-0259 Cooperation Loan and Repayment Agreement with Orange Housing Development CorporationRESOLUTION NO. ORA- 0259
RESOLUTION OF THE ORANGE REDEVELOPMENT
AGENCY APPROVING A COOPERATION LOAN AND
REPAYMENT AGREEMENT WITH THE ORANGE HOUSING
DEVELOPMENT CORPORATION, RATIFYING A PRIOR
AGREEMENT, AND MAKING CERTAIN FINDINGS.
WHEREAS, the Orange Redevelopment Agency (the "Agency") was
established by Ordinance No. 21-83 on July 12, 1983;
and W}IEREAS, 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 OHDe") 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
the Original Agreement and to approve a new agreement with OHDC in
the form submitted herewith (the "Cooperation Loan
and Repayment Agreement" or "Second
Agreement"); and rHEREAS, 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 rnEREAS, 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 Orange Redevelopment Agency does
hereby resolve as
follows:3ection 1, The Agency 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.
Section 2. The Agency approves and authorizes and
directs the Chairman or the Executive Director to execute the
Second Agreement, and appropriates money thereunder as more
particularly described in the accompanying staff report,
PASSED, APPROVED AND ADOPTED this 24th day of
1992.
November
ORANGE REDEVELOPMENT AGENCY, a
public bOdy, corP9rate and politic
ATTEST:
r. (2 /1 7. / ' "L.
L-%(~~>,:~(-t~ '. / i .u--?~f.?L./ll..gency
le;:W .~1I hereby
certify that the foregoing Resolution was duly and
regularly adopted by the Orange Redevelopment Agency at a
regular meeting thereof held on the 24th day of Novelllbe.c ,
1992, by the following vote:AYES: DIRECTORS:
BARRERA, STEINER, r1AYOR BEHER, COONTZ. SPURGEON NOES: DIRECTORS:
NONE ABSENT: DIRECTORS:
NONE ABSTAIN: DIRECTORS:
NONE ll/lO/
92 3432Q/2359/
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