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HomeMy WebLinkAboutRDA Reso No 2010-003RESOLUTION NO. 2010 -03 RDA RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, AUTHORIZING ADDITIONAL ASSISTANCE FROM THE AGENCY'S LOW AND MODERATE INCOME HOUSING FUND TO POTTERY COURT HOUSING ASSOCIATES FOR AN AFFORDABLE HOUSING PROJECT KNOWN AS POTTERY COURT WHEREAS, the Redevelopment Agency of the City of Lake Elsinore ( "Agency ") is a public body, corporate and politic, organized, existing and exercising governmental functions and powers under the California Community Redevelopment Law (California Health & Safety Code Section 33000, et seq.) ( "CRL "); and WHEREAS, the Agency has established a Low and Moderate Income Housing Fund ( "Housing Fund ") pursuant to CRL Section 33334.2, et seq., for the purpose of increasing, improving and preserving the community's supply of housing available to low and moderate income households at an affordable housing cost; and WHEREAS, Section 33413(b) of the CRL requires at least fifteen percent (15 %) of all newly constructed housing and substantially rehabilitated housing within the Agency's redevelopment project areas be affordable to low and moderate - income households; and WHEREAS, on May 26, 2009, the Agency approved a Disposition and Development Agreement ( "DDA) with Pottery Court Housing Associates, L.P., ( "Developer "). The Developer is a single asset entity created by BRIDGE Housing Corporation. WHEREAS, the DDA provides for the disposition of approximately 4.3 acres of real property in the vicinity of Pottery Street owned by the Agency for the development of 111 one, two and three bedroom units restricted for occupancy by and available at affordable rent to very low income households (the "Project" or "Pottery Court"). WHEREAS, no other reasonable means of private or commercial financing of Pottery Court at the same level of affordability and quantity are available to Developer other than financial assistance through the Agency; and NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. The foregoing recitals are true and correct and are incorporated as substantive findings of the Agency by this reference. SECTION 2. The Agency hereby authorizes the Executive Director to provide additional assistance from the Agency's Housing Fund in an amount not to exceed Resolution No. 2010 -03 RDA Page 2 of 4 $5,676,000 to Developer, to be used for costs and expenses approved by the Executive Director, or his designee, which are customarily incurred and shall have been actually incurred by Developer for the development of Pottery Court and shall include, without limitation, property acquisition costs; demolition costs; relocation payments; construction costs; construction and design fees; architectural and engineering costs and fees; development impact fees; off -site improvements and permits; building permits; and such other costs, fees and expenses, as approved by the Executive Director, or his designee. SECTION 3. The Housing Fund assistance as provided herein shall be contingent on and subject to compliance by Developer with all applicable laws in connection with land acquisition, application of project entitlements, construction and operation. SECTION 4. The commitment of Agency Housing Funds to Pottery Court shall be for a period of no more than 24 months from the date of this Resolution, and the Housing Fund assistance shall be contingent of the Developer's success in securing commitments for the full project funding, or other assurances of adequate project funding the Executive Director and Agency Counsel deems sufficient within their discretion, within this reservation period. SECTION 5. The Agency Board hereby finds and determines that the Agency's commitment of additional Agency Housing Funds to Developer for Pottery Court is not an "approval" within the meaning of the word set forth in CEQA Guidelines section 15352. SECTION 6. The Agency hereby finds and determines that Pottery Court is consistent with the CRL, the Redevelopment Plan for the Lake Elsinore Rancho Laguna Redevelopment Project Area No. I (the "Redevelopment Plan "), and the Agency's Redevelopment and Housing Implementation Plan 2005 -2009 (the "Implementation Plan "). SECTION 7. That the making of the Housing Fund assistance shall be contingent on and subject to such other appropriate terms and conditions as the Executive Director and Agency Counsel may establish. SECTION 8. All assistance documents shall be reviewed and approved by Agency Counsel for form and legality prior to execution. SECTION 9. Subject to all applicable laws, including all notice and hearing requirements relating to Pottery Court, the Agency hereby authorizes the Executive Director and Agency Counsel as agents of the Agency to conduct negotiations, execute documents, administer the Housing Fund assistance, and take any other action with Resolution No. 2010 -03 RDA Page 3 of 4 respect to the assistance and Pottery Court consistent with this Resolution and_its basic purpose. PASSED, APPROVED AND ADOPTED at a regular meeting of the Redevelopment Agency of the City of Lake Elsinore, California, this 22nd day of June, 2010. R68ERT'MAGEE, C CITY OF LAKE ELSI ATTEST: CAROL COWLEY Q INTERIM AGENCY SECRETARY APPROVED AS TO FORM: A440 y , B(ARBARA Z ID LEIBOLD AGENCY COUNSEL Resolution No. 2010 -03 RDA Page 4 of 4 STATE OF CALIFORNIA I COUNTY OF RIVERSIDE SS CITY OF LAKE ELSINORE I, Carol Cowley, Interim Agency Secretary of the Redevelopment Agency of the City of Lake Elsinore, California, hereby certify that Resolution No. 2010 -03 RDA was adopted by the Redevelopment Agency of the City of Lake Elsinore, California, at a regular meeting held on the 22nd day of June 2010, and that the same was adopted by the following vote: AYES: BOARD MEMBERS: BHUTTA, HICKMAN, VICE -CHAIR BUCKLEY AND CHAIRMAN MAGEE NOES: BOARD MEMBERS: MELENDEZ ABSENT: NONE ABSTAIN: NONE INTERIM AGENCY