RES-ORA-0493 Affordable Housing Loan Agreement Approval Citrus Grove 1120 N. Lemon St.RESOLUTION NO. ORA-
0493 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
CITRUS GROVE, LP RELATING TO 1120 NORTH
LEMON STREET 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. 21-
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, Citrus Grove, LP, a California limited
partnership (Borrower), has entered into an agreement for the acquisition of certain improved real property
located at 1120 North Lemon Street (the Site), which is located within 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 6,151,785 in Housing Funds and $1,700,000 in HOME Program funds, to be
used to acquire the Site and develop and operate 56 affordable housing units on the Site to
be made available and rented to persons and families of extremely low, very low, and low
income 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
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 is 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 $6,151,785 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.
ADOPTED this 23rd day of September, 2008.
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ATTEST:
M~~
I
I, MARY E. MURPHY, City Clerk of the City of Orange, California, do hereby certify
that the foregoing Resolution was duly and regularly adopted by the Orange Redevelopment
Agency at a regular meeting thereof held on the 23rd day of September, 2008, by the following
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
DIRECTORS: Smith, Murphy, Cavecche, Dumitru, Bilodeau
DIRECTORS: None
DIRECTORS: None
DIRECTORS: None
Mary
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