RES-ORA-0539 Affordable Housing Loan Agreement ApprovalRESOLUTION NO. ORA -0539
A RESOLUTION OF THE ORANGE
REDEVELOPMENT AGENCY APPROVING AN
AFFORDABLE HOUSING LOAN AGREEMENT BY
AND AMONG THE ORANGE REDEVELOPMENT
AGENCY, THE CITY OF ORANGE, AND SERRANO
WOODS, LP RELATING TO 1820 EAST MEATS
AVENUE AND MAKING CERTAIN FINDINGS.
WHEREAS, the Amended and Restated Redevelopment Plan for the Orange Merged
and Amended Redevelopment Project Area (the "Merged Redevelopment Project Area ") was
duly approved by the Orange City Council on November 27, 2001 by Ordinance No. 2 -01,
pursuant to the California Community Redevelopment Law (commencing with Section
33000 of the Health and Safety Code and hereinafter referred to as the "CRL "); and
WHEREAS, pursuant to Sections 33334.2(a) and 33334.6(c) of the CRL, not less
than 20% of all taxes which are allocated to the Orange Redevelopment Agency ( "Agency ")
from the Merged Redevelopment Project Area are set aside by the Agency in its Low- and
Moderate - Income Housing Fund ( "Housing Funds ") and used by the Agency for the purpose
of increasing, improving, and preserving the community's supply of low- and moderate -
income housing available at affordable housing costs to persons and families of low- and
moderate - income, including extremely low, very low, and low income persons and families;
and
WHEREAS, pursuant to Section 33334.2 of the CRL, the Agency may use Housing
Funds to assist in the provision of housing for extremely low, very low, and low income
households; and
WHEREAS, pursuant to Section 33334.2(e) of the CRL, the Agency may exercise
any and all of its powers to carry out this purpose; and
WHEREAS, Serrano Woods, LP, a California limited partnership (`Borrower "), has
entered into an agreement for the acquisition of certain improved real property located at
1820 East Meats Avenue (the "Site "), which is located outside of the Merged Redevelopment
Project Area; and
WHEREAS, Borrower has proposed to enter into an Affordable Housing Loan
Agreement (the "Agreement ") with the Agency and the City pursuant to which the Agency
and the City will provide financial assistance to Borrower in the form of two loans consisting
of $7,145,234 in Housing Funds and $1,369,527 in HOME Investment Partnerships Program
funds from the United States Department of Housing and Urban Development, to be used to
acquire the Site and develop and operate 63 housing units on the Site to be made available
and rented to persons and families of extremely low, very low, and low income (excluding
one manager's unit) for fifty -five (55) years (the "Project "), as more fully set forth in the
Agreement; and
WHEREAS, Borrower has executed and submitted to the Agency and the City
Council copies of the Agreement, in a form that is acceptable to Borrower; and
WHEREAS, the Agency has duly considered all terms and conditions of the
Agreement and believes that the acquisition and development of the Site pursuant to the
Agreement are in the best interest of the City and the health, safety, morals and welfare of its
residents, and in accord with the public purposes and provisions of applicable State and local
law and requirements, and that such activities promote the affordable housing objectives of
the CRL as well as the Redevelopment Plan for the Merged Redevelopment Project Area.
NOW, THEREFORE, the Orange Redevelopment Agency resolves, finds and
determines, on the basis of the facts set forth in the agenda report presented to it and any
testimony received at the meeting at which this matter was considered, as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. The Agency recognizes that it has received and heard all oral and written
objections to the Agreement, and to other matters pertaining to this transaction, and that all
such oral and written objections are hereby overruled.
Section 3. The Agency hereby finds that the Agency's use of Housing Funds in the
amount of $7,145,234 for the Project will be of benefit to the Merged Redevelopment Project
Area and is in the vital and best interests of the City of Orange and the health, safety and
welfare of its residents, and in accord with the public purposes and provisions of applicable
federal, state and local laws and requirements.
Section 4. The Agency hereby finds that the Agreement will provide for housing for
extremely low, very low, and low income persons.
Section 5. The Agency approves the Agreement and hereby authorizes and directs
the Chairman or Executive Director of the Agency or their respective designee to execute the
Agreement on behalf of the Agency in the form presented at the meeting at which this matter
was considered, and to take all steps and sign all documents and instruments to carry out the
Agreement on behalf of the Agency. A copy of the Agreement when executed by all parties
shall be placed on file in the office of the Agency Secretary.
Section 6. The Chairman or Executive Director, or their respective designee, is
hereby authorized, on behalf of the Agency, to sign all documents necessary and appropriate
to carry out and implement the Agreement and to administer the Agency's obligations,
responsibilities and duties to be performed under the Agreement.
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ADOPTED this 8 day of November, 2011.
ATTEST:
Mary hy, Agency Cler
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 8 day of
November, 2011, by the following vote:
AYES:DIRECTORS:Whitaker, Smith, Cavecche
NOES:DIRECTORS:Dumitru, Bilodeau
ABSENT:DIRECTORS:None
ABSTAIN:DIRECTORS:None
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