HomeMy WebLinkAboutResolution - 94-3 REDEVELOPMENT AGENCY
RESOLUTION NO. RDA 94-3
A RESOLUTION OF THE _SAN JACINTO :REDEVELOPMENT
AGENCY AUTHORIZING THE SALE OF REAL PROPERTY
WITHIN THE SAN JACINTO REDEVELOPMENT_PROJECT
" PURSUANT TO DISPOSITION AND DEVELOPMENT AGREEMENT
WHEREAS, the San Jacinto Redevelopment Agency (the 1tAgency")
wishes to encourage the construction of housing for low and
moderate income households; and
WHEREAS, the San Jacinto Redevelopment Agency owns
approximately 1. 75 acres on Brown Street (the Subject Property)
within the Brown & 2nd Streets Model Neighborhood suitable for
the construction of such housing.
WHEREAS, the Agency proposes to convey the Subject Property
to A.A. Chamberlain & Associates, Inc. , (the Developer) pursuant
to a Disposition and Development Agreement between the Agency and
the Developer to provide for the construction of affordable
housing; and
WHEREAS, California Community Redevelopment Law requires the
preparation of a report documenting the necessity of the Agency
to convey the Subject Property, which was originally purchased
using tax increment monies, to the Developer; and
WHEREAS , the City Council for the City of San Jacinto has
concurrently herewith approved the conveyance by the Agency,
pursuant to Section 33433 of the Health & Safety Code, and
WHEREAS , a public hearing, duly published and noticed, was
held on May 10 , 1994 , at which time evidence was received and
objections, if any, considered.
NOW, THEREFORE, IT IS HEREBY RESOLVED by the San Jacinto
Redevelopment Agency as follows:
Section 1. The San Jacinto Redevelopment Agency does hereby
approve the sale of the within described property in accordance
with the terms and conditions stated within the Disposition and
Development Agreement, which is concurrently and hereby approved.
Section 2 . The City Council hereby finds as true, the
content and representations of the report of the Agency' s Housing
Director, a copy of which is attached hereto. In furtherance
thereof, the Agency specifically makes the following findings ;
1
a. The conveyance of the within described property as
proposed in the_ DDA will assist in the elimination of
blight.
b. The consideration for the sale is not less, than the
fair market value of the Property at the use and with
the 'covenants and conditions and development costs
authorized by the sale and the Disposition and
Development Agreement.
Section 3 . The lien of the construction lender shall be
subordinated to the Covenants, Conditions and Restrictions
imposed pursuant to Health & Safety Code Section 33334 . 3,(f),, ,
pertaining to the affordability period. In making this order,
the Agency finds
a. That an economically feasible alternative method of
financing, refinancing, or assisting the units or
parcels on substantially comparable terms and
conditions, but without subordination is not reasonably
available; and
b. That pursuant to Sections 3. 18 and 3 . 19 of the ,
Disposition and Development Agreement, the Agency has
obtained the written commitment of the developer,
designed to protect the Agency' s investment in the
event of developer's default.
MOVED, PASSED AND ADOPTED this 10th day of May, 1994 , upon
the following vote:
AYES: Agencymembers Leahy, Solorio , Chairman Hafliger
NOES: None
ABSTAIN: None
ABSENT: Agencymember Williams
i
f ,
Ag y Lhair ers6n
ATTEST:
By: / thtis ! t^ o-)u1_y
'--Agency Secretary
2