RES-ORA-0260 Approving Sale of Real Property in Southwest Redevelopment Project AreaRESOLUTION NO. ORA-
0260 A RESOLUTION OF THE ORANGE
REDEVELOPMENT AGENCY APPROVING THE SALE OF REAL
PROPERTY IN THE SOUTHWEST REDEVELOPMENT PROJECT
AREA TO THE ORANGE HOUSING
DEVELOPMENT CORPORATION AND AUTHORIZING THE EXECUTION
OF A DISPOSITION AND DEVELOPMENT
AGREEMENT Pixley and Almond; 1515 East
Walnut)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 theRedevelopmentPlanfortheSouthwestRedevelopmentProjectArea (hereinafter referred to as the "Project Area");
and WHEREAS, Orange Housing DevelopmentCorporationhereinafterreferredtoasthe "Developer") has submittedtotheAgencyawrittenofferinthefo~m of a Disposition
and Development Agreement (hereinafter referred to as
the Agreement") to purchase two non-contiguous parcels ("Parcel An consisting of certain real property at the northeastcornerofPixleyandAlmond; "Parcel 8" consisting of 1515EastWalnut)located within the Project Area, whichparcelscollectivelyconstitutethe
Site; and WHEREAS, the offer by the Developer is to purchasetheSiteatapricelessthanthefairmarketvalueoftheinterest(s)to be conveyed, determined at the highest and
best use consistent with the Redevelopment
Plan; and WHEREAS, the Developer will develop on theSitetwenty-two 22) dwelling units, ten (10) of which will berequiredtoberentedto "Very Low Income Households" at "Affordable Housing Cost", as these terms are definedpursucnttoapplicableprovisionsoftheCaliforniaHealthand
Safety Code; and WHEREAS, the provision of affordablehousingunitsfurtherstheobjectivesoftheRedevelopmentPlanandisauthorizedandencouragedbySection33334.2 of theCaliforniaHealthand
Safety
Code; and WHEREAS, the Agreement provides for the return oftheSitetotheAgencyintheeventtheDeveloperisunabletoobtainfinancingsufficientforthedevelopmentoftheSitepursuanttothe
Agreement; and WHEREAS, in order to effectuate the provisionsofthatRedevelopmentPlan, the Agency proposes to sell the
WHEREAS, a public hearing has been duly noticed and held on
the proposed sale of the Site; and
WHEREAS, the Agency has duly considered all terms and
conditions of the proposed sale and believes that the
development of the Site pursuant to the subject Agreement is in
the best interes~s of the City and health, safety, morals and
welfare of its residents, and in accord with the public
purposes and provisions of applicable State and local law
requirements; and
WHEREAS, the Agency has reviewed the Report by Rosenow,
Spevacek Group, prepared pertaining to the Agreement, dated a~
of November 23, 1992 (the "Summary Report"); and
mEREAS, the Agency has received and cons idered the Summa
Report and the environmental review on such proposed
development, and as a result of its said consideration and
evidence presented at the hearing on the same matter, this
Agency has determined that said project will not have any
significant effect on the environment other than as identifie
in the Environmental Assessment (Initial Study) prepared for
the subject project;
NOW, THEREFORE, the Orange Redevelopment Agency does here
find, determine, order and resolve as follows:
Section 1. The Agency finds and determines that a sale of
the Site at less than fair market value on the terms and
conditions set forth in the Agreement is j~stified based upon
i) the restriction of ten (10) dwelling units to be developed
on the Site to use for affordable housing, including the
requirement that such ten (10) dwelling units may be maintaine!:
at affordable housing cost in perpetuity; and (ii) the
upgrading influence the proposed development will have on the
Project Area and the community from the proposed development.
Section 2. The sale of the Site by the Orange
Redevelopment Agency to the Developer on the terms and
conditions set forth in the Agreement is hereby approved. The
Agency hereby appropriates Tustin Taxable Housing Set-
Aside Funding in the amount of Three Hundred Seventeen Thousand
Two Hundred Dollars ($317,200) to the account number specified
in the accompanying staff report for gap financing pursuant to
the AgreE~
ment ,Section 3. Subject to the City Council approval,
the Executive Director is hereby authorized and directed to
execute the Agreement and to take all steps and sign all documents
and instruments including, but not limited to, grant deeds to
carry out the Agreement on behalf of the
Agency.11/24/
92 3606Q/2359/076 2 -
PASSED, APPROVED AND ADOPTED this 8th day of December
1992.
ORANGE REDEVELOPMENT AGENCY, a
public body, corporate and
pOlitic
t//By:
ATTEST:
oJ -, I
l/t/j'/~.(~ L,J~
gency?/ lerk~)f.
y,
I!-:;?; ~~ L--c/Ihereby certify
that
the foregoing Resolution was duly and regularly adopted
by the Orange Redevelopment Agency at a regular meeting
thereof held on the 8th day of Decl:mber , 1992, by
the following vote:J\YES: DIRECTORS: SPURGEON,
STEINER, CHAIRMAN BEYER. BARRERA, COONTZ NOES: DIRECTORS: NONE ABSENT:
DIRECTORS: NONE ABSTAIN:
DIRECTORS: NONE 1 /:,
I .cler;(~6fa ~~~~~~:-:~
y
11/
24/9236060/2359/076
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