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HomeMy WebLinkAboutRDA Res 00-5 2000-11-13 I I I RESOLUTION NO: ()(J-r" A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH APPROVING AS TO FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAlN DOCUMENTS, MAKING CERTAIN FINDINGS AND AUTHORIZING OTHER MA TIERS RELATING THERETO (SEAL BEACH MOBILE HOME PARK PROJECT) WHEREAS, the Redevelopment Agency of the City of Seal Beach (the "Agency") is a redevelopment agency duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Community Redevelopment Law, being Pari 1 of Division 24 of the Health and Safety Code (the "Redevelopment Law"); and WHEREAS, a redevelopment plan for a redevelopment project known as the Riverfront Redevelopment Project has been adopted and approved and all requirements of law for, and precedent to, the adoption and approval of said plan have been duly complied with; and WHEREAS, Section 33334.3 of the Redevelopment Law requires that the Agency set aside a portion of the tax increment moneys it is entitled to receive and to deposit such moneys in the Agency's Low and Moderate Income Housing Fund for purposes of increasing, improving and preserving the supply of low and moderate income housing in and around the Riverfront Redevelopment Project; and WHEREAS, LlNC Housing of California, a California nonprofit public benefit corporation (the "Borrower"), intends to acquire a mobilehome park in the City of Seal Beach known as the Seal Beach Trailer Park (the "Park"); and WHEREAS, in order to increase, improve and preserve the sjlpply of low and moderate income housing available to the residents of the City, the Agency desires to provide financial assistance to the Borrower in connection with the acquisition and operation of the Park. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. true and correct. Recitals. The above recitals, and each of them, are Section 2. Loan and Grant A!!reement. As presented to this meeting and on file with the Secretary of the Agency, the form of Loan and Grant Agreement by and between the Agency and the Borrower, is hereby approved and the Chairman and the Executive Director, or either of them, is hereby authorized and directed, for and in the' name and on behalf of the Agency, to execute the Loan and Grant Agreement and to deliver it to the ~orrower in substantially the form hereby approved, with such changes therein as the officer executing the same may approve, such approval to be conclusively evidenced by his execution and delivery thereof. Unless otherwise defined herein, capitalized terms hereafter used in this Resolution shaH have the meanings ascribed to them in the Loan and Grant Agreement. Section 3. A!!encv Re!!uIatorv A!!reement. As presented to this meeting and on file with the Secretary of the Agency, the form of Agency Loan and Resolution Number tJP.~ Grant Regulatory Agreement (tlJe "Agency Regulatory Agreement") by and between the Agency and tlJe Borrower, is hereby approved and the Chairman and the Executive Director, or eitlJer of them, is hereby authorized and directed, for and in the name and on behalf of tlJe Agency, to execute and deliver tlJe Agency Regulatory Agreement in substantially the form hereby approved, with such changes therein as the officer executing the same may approve, such approval to be conclusively evidenced by his execution and delivery tlJereof. Section 4. Bridge Loan Agreement. As presented to this meeting and on file with tlJe Secretary of tlJe Agency. the. form of Bridge Loan Agreement by and between tlJe Agency and the Borrower is hereby approved and tlJe Chairman and tlJe Executive Director, or either of them, is autIJorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the Bridge Loan Agreement, witIJ such changes therein as the officer executing tlJe same may require or approve, such approval to be conclusively evidenced by his execution and delivery thereof. I Section 5. Agency Findings. Pursuant to California HeaItIJ and Safety Code Section 33334.14(a)(4). tlJe Agency hereby finds that the subordination of tlJe Agency Regulatory Agreement, which contains low and moderate income housing set-aside covenants as required by the RedeveIopment'Law, to (a) the lien created by or pursuant to tlie Indenture with respect to tlJe Bonds and (b) the lien securing tlJe State Loall is necessary and desirable and tlJat an economically feasible method of financing, or assisting the Park on substantially comparable terms and conditions, but without subordination, is not reasonably available at this time. In connection witIJ tlJese findings, the Agency shall obtain written commitments from the Borrower which are reasonably designed to protect the Agency's interests in the Park in the event of a default by the Borrower. Section 6. OtlJer Acts. The officers of the Agency are hereby authorized amI directed,jointIy and severally, to do any and all things and to execute and deliver any and all documents which they may deem necessary or advisable in order to effectuate tile purposes of tlJis Resolution, the Loan and Grant Agreement, the Agency Regulatory Agreement and the Bridge Loan Agreement, and any such actions previously taken by such officers are hereby ratified and confirmed. 1 Section 7. Effective Date. immediately upon adoption. This Rcsolution shall take effect ABSTAIN: Agencymembers gency of the City day PASSED of Seal B of AYES: NOES: ABSENT: Agencymembers if 1 Chairman I I I STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF SEAL BEACH Resolution Number ~-~ } } } SS I, Joanne M. Yeo, City Clerk of Seal Beach, California, do here~ify that the foregoing resolution is the original copy of Resolution Number ~ on file in the office of the City Clerk, passed, app ved, and adopted by the Redevelopment Agen"oJ;he City of Seal Beach, a e ular . 0 meeting thereof held on the - , d , 2000.