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HomeMy WebLinkAboutRDA Reso No 2001RESOLUTION NO. RDA 2001-01 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE ESTABLISHING THE TIME AND PLACE OF REGULAR REDEVELOPMENT AGENCY MEETINGS WHEREAS, the Redevelopment Agency Boazd desires to change the time and place of Regulaz Redevelopment Agency Meetings beginning on May 22, 2001. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES RESOLVE AS FOLLOWS: Section 1. The time and place of Regular Meetings of the Redevelopment Agency of the City of Lake Elsinore is hereby established as follo~*~s: Time 5:00 p.m. Second and Fourth Tuesdays of each month Place Lake Elsinore Cultural Center 183 North Main Street Lake Elsinore, California Section 2. The public portion of each Regular Meeting during which the Redevelopment Agency will take action shall commence at 7:00 p.m. Section 3. This Resolution shall take effect upon its adoption and the new meeting time will be incorporated into the May 22, 2001 Regulaz Meeting agenda. PASSED, APPROVED AND ADOPTED this 24 day of April, 2001. Ayes: Councilmembers: Noes: Councilmembers: Abstain: Councilmembers: Absent: Councilmembers: ATTEST: ~ ~ I Vicki Kasad, Clerk of the Board APPROVED AS TO Zeid Courisel Brinley, Kelley, Metze, Pape, Schiffner None None None CiTyReso.4014.000 4@4/Ol STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CMC, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the foregoing Resolufion duly adopted by the Redevelopment Agency of the City of Lake Elsinore at a Regular meeting of said Agency on 24`~ day of April, 2001, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: BRINLEY, KELLEY, METZE, PAPE, SCHIFFNER NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE ABSTAIN: BOARDMEMBERS: NONE ~ VICKI KASA , CITY CLERK CITY OF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a fixll, tnxe and correct copy of Resolution No. RDA 2001-1 of said Agency, and that the same has not been amended or repealed. DATED: June 11, 2001 ~i~~~ ` ~ I ,~~-yo. ~ VICKI KASAD, CITY CLERK CITY OF LAKE ELSINORE (SEAL) RESOLUTION NO. RDA 2001-02 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE AiJTHORIZING THE EXECUTION AND DELIVERY OF AN AMENDED AND RESTATED TRUST INDENTURE, AN A1V`,.~NDED ANlli RESTATED LOAN AGREEMENT AND A REGULATORY AGREEMENT AMENDMENT, IN CONNECTION WITH THE AGENCY'S MULTIFAMILY HOUSING REVENUE BONDS (I,AKESIDE VILLAGE PROJECT), 1999 REFUNDING SERIES A AND APPROVING OTHER RELATED DOCUMENT5 AND ACTIONS WHEREAS, the Redevelopment Agency of the City of Lake Elsinore (the "Agency") is authorized by Chapter 8(commencing with Section 33750) of Part 1 of Division 24 of the Health and Safety Code of the State of California, as amended (the "Multifamily Housing Law"), to issue and sell revenue bonds and loan the proceeds thereof to qualified borrowers for the purpose of financing and refinancing the construction and rehabilitation af multifamily rental housing; and WHEREAS, the Agency is authorized pursuant to Articies 10 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California, as amended (the "Act") to issue refunding bonds for the purpose of refunding any revenue bonds previously issued by the Agency; and WHEREAS, pursuant to a Trust Indenture (the "Original, Indenture"), dated as of November I, 1999, between the Agency and The Chase Manhattan Bank, successor by merger to Chase Bank of Texas, National Association, as trustee (the "Trustee"), the Agency issued its Multifamily Housing Revenue Bonds (Lakeside Village Project), 1999 Refunding Series A(the "Bonds") in an aggregate principal amount of $5,000,000 in order to refund its Vaziable Rate Demand Multifamily Housing Revenue Bonds (Mercury Savings and Loan Project) 1985 Series A(the "1985 Bonds") issued to finance the construction of a 128-unit apartment project known as Lakeside Village (the "ProjecY') located within the Redevelopment Project Area of the Agency designated as Rancho Laguna Project Area No. II (the "Project Area"); and WHEREAS, the Agency entered into a Loan Agreement dated as of November 1, 1999 (the "Original Loan Agreement") with Steadfast Lakeside, L.P., a California limited partnership (the "Borrower") that set forth the terms and conditions on which the Agency lent the proceeds of the Bonds to the Borrower; WHEREAS, the Agency, the Trustee and the Borrower entered into a Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement") dated as of November 1, 1999, that set forth the terms and conditions required to be followed by the Borrower with respect to the operation and maintenance of the Project; WHEREAS, in conjunction with the issuance of the Bonds, Newman Financial Services, Ina ("NFSI") delivered its Newman Financial Services Standby Purchase Agreement (the "Original NFS Standby Agreement") to support Dynex Capital, Ina (the "Funding Facility Issuer"); WI~IEREAS, the Bonds were scheduled to be remarketed on June 15, 2000 (the "Remarketing Date") and prior to the Remarketing Date, NFSI and Dynex, in anticipation of impending fmancial problems that might haue caused Dynex to be unable to fulfill its obligations and cause tkie Bond trustee to draw on the NFS Standby Agreement, entered into an arrangement designed to assure that the then existing owners of such bonds were paid on the Remarketing Date, and pursuant to that arrangement Dynex technically fulfilled its obligations to purchase the Bonds and, simultaneously, sold its rights, duties and obligations under the documents to NFSI which became the owner of such bonds; WHE:2EAS, NFSI has requested the Agency to amend and restate ihe Original Resolution Restrucmre-LakE-LakesideVillage.DOC Indenture, the Original Loan Agreement and certain provisions of the Regulatory Agreement, to reflect its long term financing program for the Project. WHEREAS, the Agency desires to modify the Original Indenture, the Original Loan Agreement and, to the extent necessary, the Regulatory Agreement and to take such other actions as are appropriate to facilitate the transaction contemplated by this Resolution; WHEREAS, pursuant to Article 9 of the Original Indenture, the Original Indenture may only be modified or amended as contemplated by the related proposed amended and restated indenture as provided in the Indenture; WHEREAS, pursuant to Section 8.05 of the Loan Agreement, the Loan Agreement may be amended only by written agreement of the parties thereto, and with the written consent of the Trustee, as assignee, nnxnediately prior to such amendment, subject to the requirements for and limitations on such amendment set forth therein, in the Indenture; WHEREAS, pursuant to Section 21 of the Regulatory Agreement, the Regulatory Agreement may be amended, revised, or terminated by a written instrument, executed by the parties thereto and duly recorded in the office of County Recorder of the County of Riverside and the Agency's consent to any such amendment, revision or termination shall be given only in accordance with the Indenture; WI~IEREAS, it is in the public interest and for the public benefit that the Agency assist the Project as contemplated in this Resolution in order to preserve and ensure the long-term affordability of certain low and moderate multifamily housing units in the Project Area in accordance with the housing provisions of Section 33413(b) of the California Community Redevelopment Law (Health & Safety Code Section 33000 et seq.). WI~IEItEAS, a11 acts, conditions and things required by the laws of the State of California, to exist, to have happened, and to haue been performed precedent to and in connection with the issuance of the Bonds as contemplated by this resolution and the documents referred to herein exist, have happened and have been perforxned in due time, form and manner as required by the laws of the State of California, including the Act NOW, THEREFORE, IT IS HEREBY ORDERED as follows: Section 1. Pursuant to this Resolution, the proposed form of Amended and Restated Trust Indenture (the "Amended Indenture"), by and between the Agency and the Trustee, with respect to the Bonds and dated as of March 15, 2001, in the form presented to this Governing Board at this meeting is hereby approved. The Executive Director of the Agency is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the Amended Indenture in substantially said form, with such additions thereto or changes therein as are recommended or approved by such officer upon consultation with Fulbright & Jaworski L.L.P. ("Bond Counsel"), the approval of such additions or changes to be conclusively evidenced by the execution and delivery thereo£ The form, terms and provisions of the Bonds shall be amended and modified as provided in the Amended Indenture. Section 2. The proposed form of Amended and Restated Loan Agreement, by and between the Agency and Steadfast Lakeside, L.P., a California limited partnership, dated as of March 15, 2001 (the "Amended Loan Agreement"), in the form presented to this Governing Board .at this meeting is hereby approved. The Executive Directar of the Agency is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the Amended Loan Agreement in substantially said form, with such additions thereto or changes therein as are recommended or approved by such officer upon consultation with Bond Counsel, the approval of such additions or changes to be conclusively evidenced by the execution and delivery thereof. Section 3. The proposed form of Amendment To Regulatory Agreement, among the Agency, the Trustee and the Bonower, dated as of March 15, 2001 (the "Regulatory Agreement 2 Resolution RestrucNre-LakE-LakesideVillage.DOC Amendment"), in the form presented to this Goverciing Boazd at this meeting is hereby approved. The Executive Director of the Agency is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the Regulatory Agreement Amendment in substantially said form, with such additions thereto or changes therein as are recommended or approved by such officer upon consultation with Bond Counsel, the approval of such additions or changes to be conclusively evidenced by the execution and delivery thereof. Section 4. The Agency finds and determines that the Regulatory Agreement Amendment protects the long-term affardability of certain units in the Project and reaffirms its finding based upon evidence presented in connection with approval of the Regulatory Agreement that the covenants restricting such units to occupancy by low and moderate income tenants at affordable rent were necessary to ensare such long-term affordability insofar as the applicable restrictions imposed in connection with the 1985 Bonds had expired and mazket rents were projected to increase and, in fact, have increased throughout the region, since the 1999 refunding and recordation of the Regulatory Amendment. Section 5. The Executive Director is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver any and all necessary and related docuxnents and take all other necessary and related actions to effectuate the restructuring of the Bonds as shall be recommended or approved by such officer upon consultation with Bond Counsel, the approval of such additions or changes to be conclusively evidenced by the execution and delivery thereof. Section 6. All actions heretofore taken by the Agency to effectuate the transaction contemplated by this resolution are hereby ratified, confumed and approved. Section 7. This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 22"d day of May, 2001. Ayes: BOARDMEMBERS: METZE, PAPE, SCHIFFNER, KELLEY Noes: BOARDMEMBERS: NONE Abstain: BOARDMEMBERS: BRINLEY Absent: BOARDMEMBERS: NONE ATTEST: U~ ~ . ^L~A Vicki L. Kasad, Secretary APPROVED AS TO Agency Resolution Restructure-LakE-LakesideVillage.DOC STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CMC, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Redevelopment Agency of the City of Lake Elsinore at a Regular meeting of said Agency on 22nd day of May, 2001, and that it was so adopted by the following vote: AYES: BOARDMEMBERS: METZE, PAPE, SCHIFFNER, KELLEY NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: BRINLEY ABSTAIN: BOARDMEMBERS: NONE VIC~ ~Y' CLERK > CITY OF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. RDA 2001-2 of said Agency, and that the same has not been amended or repealed. D ED: June 11, 2001 ~~~ - ~ VICKI KASAD, CITY CLERK CITY OF LAKE ELSINORE (SEAL) RDA RESOLUTION NO. 2001-~~ A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING AND ADOPTING THE BUDGET FOR FISCAL YEAR 2001-02 AND APPROPRIATING THE FUNDS NECESSARY TO MEET THE EXPENDITURES SET FORTH THEREIN. WHEREAS, the Executive Director has submitted to the Board of Directors of the Lake Elsinore Redevelopment Agency a budget far Fiscal Year 2001-02 having proposed expenditures for all funds in the amount of $5,578,000 including pass through as presented; and WHEREAS, the Taac Increment Revenue, Interest Eamings and Reserves are estimated to be $5,578,000 and will not require assistance from the City in Fiscal Year 2001-02. NOW, THEREFORE, the Board of Directors of the Lake Elsinore Redevelopment Agency does find, determine and declare that the budget for Fiscal Year 2001-02 is hereby PASSED, APPROVED AND ADOPTED this 26~' day of June 2001, by the following vote: AYES: BOARDMEMBERS: BRINLEY, PAPE, SCAIFFNER, KELLEY NOES: BOAI2DMEMBERS: NoNE ABSENT: BOARDMEMBERS: METZE ABSTAIN: BOARDMEMBERS: NoNE JJ ~ ~ ~ ~ ni Kelley, Chai man ECT: ~~ v~::~. ~ `Jicki L: Kasad, Ci.ty Clerk APPI2JV EL~ AS TO FO ; ara Leibold, City Attorney STATE OF CALIFORNIA ) COLJNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CMC, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Redevelopment Agency of the City of Lake Elsinore at a Regular meeting of said Agency on 26`~ day of June, 2001, and that it was so adopted by the following vote: AYES: BOARDMEMBERS NOES: BOARDMEMBERS ABSENT: BOARDMEMBERS ABSTAIN: BOARDMEMBERS BRINLEY, PAPE, SCHIFFNER, KELLEY NONE METZE NONE ~~~~ VI~KI KASAD, CMC, CITY CLERK CI; Y ~F l,AIiE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true and conect copy of Resolution No. RDA 2001-3 of said Agency, and that the same has not been amended or repealed. DATED: July 26, 2001 ~ ~~~ ~ VICKI K.ASAD, ~MC, CITY CLERK CITY G~ LAKE ELSINORE tSEAL) RESOLUTION RDA NO. 2001- 03 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF ' THE CITY OF LAKE ELSINORE, CALIFORI~IA REQUESTING THE TAX COLLECTOR OF THE COiJNTY OF RIVERSIDE TO PLACE SPECIAL TAJ~S ON THE BILLS OF CERTAIN PROPERTIES WHERAS, the Board of Directors of the Redevelopment Agency of the City of Lake Elsinore, California (the "Agency"), has heretofore instituted and conducted proceedings under the terms and provisions of the Melio-Roods Community Facilities Act of 1982 (the "Act"), being Chapter 25 of Part 1 of Division 2 of Title 5(commencing at Section 53311) of the State of California Government Code for the acquisition and constnaction of certain public works of improvements, together with appurtenances and appurtenant work in a special ta~c district designated as COMMLJNTIY FACILITIES DISTRICT NO. 90-2 (TUSCANY HILLS PUBLIC IMPROVEMENTS), hereinafter referred to as the CFD 90-2; and WI~REAS, the Agency Resolution RDA No. 90-6 adopted on October 24, 1990, the "Resolution of Intention", Agency Resolution No. RDA 90-12 entitled "A Resolution Declaring Results of Special Election and Directing Recording of Notice of Special Tax Lien", adopted November 27, 1990; and Agency Ordinance No. RDA 1 entitled "An Ordinance of the Governing Board of the Redevelopment Agency of the City of Lake Elsinore Levying Special Taxes Within the Redevelopment Agency of the City of Lake Elsinore Community Facilities District No. 90-2 (Tuscany Hills Public Improvements)", adopted December 11, 1990; and WHEREAS, all special taxes in this district were levied without regard to property valuation; and NOW, THEREFORE, the Board of Directors of the Redevelopment Agency of the City of Lake Elsinore does hereby resolve as follows: 1.That the portion of the principal, interest and other costs related to CFD 90-2 due or coming due through June 30, 2002, be placed on the County Tax Rolls and be collected by the Riverside County Tax Coliector, as provided for in Exhibit "A" (a summary of fixed charges). 2. That the properties to be so assessed and the related amounts are submitted on magnetic tape as requested by the Riverside County Tax Collector, further identified as County Fund No. 68-2364. PASSED, APPROVED AND ADOPTED this 24`h day of July, 2001 by the following vote: AYES: BOARDMEMBERS ; NOES: BOARDMENL~3ERS ABSENT: BOARDMEMBERS PAPE, SCHIFFNER, KELLEY NONE BRINLEY, METZE ABSTAIN: BOARDMEMBERS : NONE CITY OF LAKE AT EST: ~/~,c'~"~-~-- VICKI KASAD CLERK OF THE BOARD APPROVED AS TO FO B ARA LEIBOLD LEGAL COUNSEL CITY OF LAKE ELSINORE EXIIIBIT "A" COMMLJNITY FACILITIES DISTRICT 90-2 (TUSCANY HILLS PUBLIC IMPROVEMENTS) SUNIMARY FIXED CIIARGES FOR TAX ROLL FISCAL YEAR 2001-02 FiJND NiJMBER TOTALPARCELS 68-2364 1,030 TOTAL CHARGES $2,046,126.34 . STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CMC, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the Redevelopment Agency of the City of Lake Elsinore at a Regulaz meeting of said Agency on 24~' day of July, 2001, and that it was so adopted by the following vote: AYES: BOARDMEMBERS NOES: BOARDMEMBERS ABSENT: BOARDMEMBERS AB AIN: BOARDMEMBERS: ~~~ VICKI KASAD, CMC, CITY CLERK CITY OF LAKE ELSINORE PAPE, SCHIFFNER, KELLEY NONE BRINLEY, METZE NONE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. RDA 2001-03 of said Agency, and that the same has not been amended or repealed. D TED: July 31, 2001 ~ VICKI KASAD, CM , CITY CLERK CITY OF LAKE ELSINORE (SEAL)