RES-10010 Disposition and Development AgreementI
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RESOLUTION NO. 10010
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ORANGE APPROVING A DISPOSITION AND
DEVELOPMENT AGREEMENT BY AND BETWEEN THE
ORANGE REDEVELOPMENT AGENCY AND OLSON
URBAN HOUSING, LLC REGARDING PROPERTY
LOCATED AT MANCHESTER PLACE AND COMPTON
AVENUE IN THE ORANGE MERGED AND AMENDED
REDEVELOPMENT PROJECT AREA 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 13, 2001 by Ordinance No. 21 OJ, 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 Fund) 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 very 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 low and moderate income households; and
WHEREAS, using Housing Funds, the Agency has acquired and owns certain real property
located generally at the intersection of Manchester Place and Compton Avenue (the Property), which
is located within the boundaries of the Project Area; and
WHEREAS, Olson Urban Housing, LLC (Developer) has proposed to develop the Property
with eighteen (18) townhome condominium units (the Units), nine (9) of which will be made
available and sold exclusively to moderate income purchasers (the Project); and
WHEREAS, Developer has proposed to enter into a Disposition and Development
Agreement (the Agreement) with the Agency, pursuant to which: (a) the Agency would sell the
Property to Developer for a purchase price that is not less than the fair market value ofthe Property,
at its highest and best use in accordance with the Redevelopment Plan; and (b) the Developer would
sell nine (9) ofthe Units in the Project to moderate income purchasers for an affordable sales price;
and
WHEREAS, Developer has executed and submitted to the Agency and the City Council
copies of the proposed Agreement, in a form that is acceptable to Developer; and
WHEREAS, pursuant to the California Community Redevelopment Law (California Health
and Safety Code, Section 33000 et seq.), the Agency and the City Council held ajoint public hearing
on the proposed conveyance of the Property pursuant to the Agreement, having duly published notice
of such public hearing and made copies ofthe proposed Agreement, and other reports and documents
available for public inspection and comment; and
WHEREAS, the City Council has duly considered all terms and conditions ofthe proposed
conveyance of the Property and believes that the development of the Property pursuant to the
proposed Agreement is in the best interest ofthe 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;
NOW, THEREFORE, the City Council of the City of Orange resolves, on the basis ofthe
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 City Council recognizes that it has received and heard all oral and written
obj ections to the proposed Disposition and Development Agreement, to the proposed sale ofthe real
property pursuant to the proposed Agreement, and to other matters pertaining to this transaction, and
that all such oral and written objections are hereby overruled.
Section 3. The City Council hereby finds and determines that the consideration to be paid by
Developer for the Property as described in the Agreement is not less than the fair market value of the
Property, at its highest and best use in accordance with the Redevelopment Plan.
Section 4. The City Council hereby finds that the sale of the Property will provide housing
for low- or moderate-income persons, specifically, moderate income households, and is
consistent with the 5-year Implementation Plan adopted by the Agency on April
12, 2005.Section 5. The City Council approves the Agreement in the form presented at the
meeting at which this matter was considered. A copy of the Agreement when executed by all parties
shall be placed on file in the office of the
City Clerk.ADOPTED this 27th day of
ATTEST:
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Mary E. , City Clerk, City f Orange
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 City Council of the City of Orange at
a regular meeting thereof held on the 27th day of September, 2005, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCILMEMBERS: Smith, Ambriz, Murphy, Dumitru
COUNCILMEMBERS: Cavecche
COUNCILMEMBERS: None
COUNCILMEMBERS: None
c;
CityCler . of Orange
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