HomeMy WebLinkAboutResolution - RDA 09-01 STATE OF CALIFORNIA ) RDA RESOLUTION NO. 09-01
COUNTY OF RIVERSIDE) ss
CITY OF SAN JACINTO )
A RESOLUTION OF THE SAN JACINTO REDEVELOPMENT AGENCY
APPROVING A CERTIFICATE OF COMPLETION FOR THE TERRACINA
APARTMENTS PROJECT COMPLETED PURSUANT TO THE OWNER
PARTICIPATION AND CONTRIBUTION AGREEMENT
WHEREAS, the San Jacinto Redevelopment Agency (the "Agency") is a public
body, corporate and politic, duly created, established and authorized to transact
business and exercise its powers under and pursuant to the California Community
Redevelopment Law, California Health and Safety Code, Section 33000, et seq. (the
"CRL"); and
WHEREAS, the City of San Jacinto ("City") has adopted a redevelopment plan
("Redevelopment Plan") for a redevelopment project area known as the San Jacinto
Redevelopment Project Area ("Project Area") and all requirements of law for, and
precedent to, the adoption and approval of the Redevelopment Plan have been duly
complied with; and
WHEREAS, the Agency is engaged in activities necessary to execute and
implement the Redevelopment Plan; and
WHEREAS, the Agency, LINC Housing Corporation ("LINC"), LINC-Terracina
Apartments Housing Investors, L.P. ("Owner') entered into that certain Owner
Participation and Contribution Agreement ("Agreement") as of June 19, 2008 for the
purchase and rehabilitation, by Owner, of the 55 unit Terracina Apartment complex
located at 1825 S. Santa Fe Avenue (the "Property").
WHEREAS, the Agreement provided for, among other things, the rehabilitation of
54 of the existing residential units and the managers unit, and the conversion of one
two bedroom unit into a community meeting room to benefit all residents ("Project"). In
return for the Agency's assistance, Owner guaranteed that the remaining 54
rehabilitated housing units will remain at affordable rates until 2077.
WHEREAS, pursuant to Section 3.8 of the Agreement, the Agency agreed to
furnish Owner with a Certificate of Completion following written request by Owner and
completion of construction of the Project.
WHEREAS, Developer has completed construction of the Project as provided in
the Agreement; and
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WHEREAS, Developer has requested in writing that Agency furnish Developer
with a Certificate of Completion pursuant to the Agreement; and
WHEREAS, the Certificate of Completion is a conclusive determination of
satisfactory completion of all of the improvements required to be completed under the
Agreement for the Project; and
WHEREAS, the Certificate of Completion does not constitute: (i) evidence of
compliance with or satisfaction of any obligation of the Owner to any party other than
Agency, (ii) evidence of compliance with or satisfaction of any obligation of the
Developer to any holder of a mortgage or any insurer of a mortgage, or (iii) a notice of
completion as referred to in California Civil Code Section 3093.
NOW, THEREFORE, BE IT RESOLVED by the Governing Board of the San
Jacinto Redevelopment Agency as follows:
Section 1. The Agency Board hereby approves the Certificate of Completion for the
Project attached hereto as Exhibit A.
Section 2. The Agency Executive Director is hereby authorized to execute the
Certificate of Completion on behalf of the Agency, together with such non-substantive
changes and as may be approved by the Agency Executive Director and Agency
Counsel.
Section 3. This Resolution shall be effective immediately upon approval by the
Agency Board.
PASSED, APPROVED and ADOPTED, this 22"d day of January, 2009, by the following
vote:
Ayes: Ayres, Mansperger, Potts, Stubblefield
Nays: None
Absent: DI Memmo
Abstain: None
!�' an Jacinto Red velopment Agency
?o
y: Dale Stubble eld, dhairman
'rrrrrrr.rs,,, ''
CD rothy L. ouinard, Agency Secretary
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