HomeMy WebLinkAboutRDA Reso No 2005RESOLUTION NO. RDA 2005 - ~~
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF LAKE ELSINORE OBJECTING TO THE SALE
OF TAX-DEFAULTED PROPERTY WITHIN THE CITY OF
LAKE ELSINORE DESIGNATED AS APN 379-180-002-6 AND
APPLYING TO THE COUNTY BOARD OF SUPERVISORS
AND COUNTY TREASURER TO PURCHASE TAE
PROPERTY; AND AUTHORIZING AND DIRECTING THE
EXECUTIVE DIRECTOR TO EXECUTE THE CHAPTER 8
AGREEMENT OF SALE IN THE AMOUNT OF $304,999.05
WHEREAS, the Board of Supervisors of the County of Riverside and its
County Treasurer intend on selling certain property located within the City of Lake
Eisinore that has become tax-defaulted is identified as APN 379-180-002-6 and
lega?ly described as "18.t3 ACRES M/L IN POR LOT 15 BLK B MB 008/377 SD
MAP SUBS IN ELSINORE" (the "Property"); and
WHEREAS, the Redevelopment Agency of the City of Lake Elsinore
objects to the sale of the Properiy and is applying in writing by way of this
resolution to the Riverside County Board of Supervisors and the Riverside County
Treasurer to purchase the property in accordance with an agreement, identified as a
"Chapter 8 Agreement of Sale" at the price for $304,999.05.
THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE
ELSINORE does hereby resolve as follows:
SECTION 1. That the Executive Director is hereby authorized to send a
copy of this resolution to the Board of Supervisors and Riverside County Treasurer
registering the objection of the Redevelopment Agency to the Tax Sale and to
apply to the Board of Supervisors to purchase the Property at the price established
by the Board of Supervisors as set forth in the "Chapter 8 Agreement of Sale."
SECTION 2. That the Redevelopment Agency hereby offers to purchase
the Property, described as APN 379-180-002-6, in the amount of $304,999.04 for
the public purpose of public recreation, redevelopment and the elimination of
blight within the City and the existing Rancho Laguna Redevelopment Project
Area II. The Property lies within the Redevelopment Agency's survey area and the
aforementioned project area, and shall be devoted to public purposes, specifically
for the purpose of enhancing the public's access to the Lake Elsinore Recreation
Area.
SECTION 3. That all expenses incurred by the County of Riverside and/or
the Riverside County Treasurer far notice shall be paid by the Redevelopment
Agency.
SECTION 4. That the Executive Director is hereby authorized to execute
the "Chapter 8 Agreement of Sale" and to provide checks, in the amounts as
provided herein, for the purchase price and such other ancillary expenses.
PASSED, APPROVED AND ADOPTED this $th day of
Mar.ch , 2~~5.
AyeS: AUCKLEY, KELLEY, MAGEE, SCHIFFNER
NOeS: NONE
A~JSt11ri: NONE
AbSCrit: HICKMAN
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-E 'rperson
TESTs
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Vicki Kasad, Agency Clerk
APPROVED AS TO
Zeidx,eibold, Agency Counsel
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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 faregoing Resolution duly adopted by the Redevelopment Agency
of the City of Lake Elsinore at a Regulaz meeting of said Agency on the 8~' day of Mazch, 2005,
and that it was so adopted by the following vote:
AYES: BOARDMEMBERS
NOES: BOARDMEMBERS
ABSENT: BOARDMEMBERS
ABST.AIN: BOARDMEMBERS:
~~, '~~G~otr-d`
VICI:I KASAD, CMC, CITY CLERK
CITI' ~F~LAKE ELSINORE
(SEAL)
BUCKLEY, KELLEY, MAGEE, SCHIFFNER,
NONE
HICKMAN
NONE
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITX OF LAKE ELSINORE )
I, VICKI KASAD, CITY CLERK OF THE CITY OFLAKE ELSINORE,
DO HEREBY CERTIFY that the above and foregoing is a full, true and conect copy of Resolution
No. R.T_)A 2005-02 of said Agency, and that the same has not been amended or repealed.
1~ 1'E~ 1, 2005
~~-'`^'~` -C
VICK: K~SAD, CMC, CITY CLERK
CITY OF LAKE ELSINORE
RESOLUTION RDA NO. 2005- 03
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF LAKE ELSINORE, CALIFORNIA REQUESTING
THE TAX COLLECTOR OF THE COUNTY OF RIVERSIDE TO
PLACE SPECIAL TAXES ON THE BILLS OF CERTAIN PR.OPERTIES
FOR CFD 90-2
WHEREAS, the Board of Directors of the Redevelopment Agency of the Ciry of
Lake Elsinore, California (the "Agency"), has heretofore instituted and conducted
proceedings under the terms and provisions of the Mello-Roos 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 construction of certain public works of improvements, together with
appurtenances and appurtenant worl< in a special tax district designated as
COMMUNITY FACILITIES DISTRICT NO. 90-2 (TUSCANY HILLS PUBLIC
IMPROVEMENTS), hereinafter referred to as the CFD 90-2; and
WHEREAS, in 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 ll, 1990; and
WHEREAS, all special taxes in this district were levied without regard to
property valuation.
NOW, THEREFORE, the Board of Directors of the Redevelopment Agency of
the City of Lalce 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, 2006, be placed on the County Tax Rolls and be
collected by the Riverside County Tax Collector, 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 26ih day of July, 2005 by the
following vote:
AYES: BOARDMEMBERS: BUCKLEY, KELLEY, MAGEE,
SCHIFFNER, HICKMAN
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: NONE
ABSTAIN: BOARDMEMBERS: NONE
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~FI`~RMAN
CITY OF LAKE ELSINORE
REDEVELOPMENT AGENCY
ATTEST:
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DEPUT CLE OF THE BOARD
APPROVED AS TO FORM:
BA ARA LE OLD, EGAL COUNSEL
REDEVELOPMENT AGENCY OF THE
CITY OF LAKE ELSINORE
EXHIBIT "A"
COMMiJNITY FACILITIES DISTRICT 90-2
(TUSCANY HILLS PUBLIC IMPROVEMENTS)
SUMMARY OF FIXED CHARGES FOR TAX ROLL
FISCAL YEAR 2005-06
FUND NUMBER 68-2364
TOTAL PARCELS 1,020
TOTAL CHARGES $1,733,254.04
STATE OF CALIFORNIA }
COUNTY OF RIVERSIDE } SS:
CITY OF LAKE ELSINORE}
I, FREDERICK RAY, DEPUTY 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 2005- 03 of said Council, and that the
same has not been amended or repealed.
DATED: July 26, 2005
DEPUTY CIT~Y/CLERK
CITY OF LAKE ELSINORE
{SEaL)
STATE OF CALIFORNIA }
COUNTY OF RIVERSIDE } SS:
CITY OF LAKE ELSINORE}
I, FREDERICK RAY, DEPUTY 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 the 26`" day of July 2005, and that it was so adopted by the
following vote:
AYES: BOARDMEMBERS: BUCKLEY, KELLEY, MAGEE,
SCHIFFNER, HICKMAN
NOES: BOARDMEMBERS: NoNE
ABSENT: BOARDMEMBERS: NONE
ABSTAIN: / BOARDMEMBERS: NoNE
DEPUTY CIT`Y CLERK
CITY OF LAKE ELSINORE
(SEAL)
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RESOLUTION NO. 2005-04
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF LAKE ELSINORE, CALIFORNIA,
ADOPTING THE REDEVELOPMENT AND HOUSING
IMPLEMENTATION PLAN 2005-2009
WHEREAS, the Redevelopment Agency of the City of Lake Elsinore
("Agency") is a public body, corporate and politic, organized under the Community
Redevelopment Law of the State of California (Health & Safety Code Section 33000 et
seq; the "Redevelopment Law"); and
WHEREAS, Section 33490 of the Redevelopment Law requires
redevelopment agencies to adopt an implementation plan every five years containing
goals and objectives of the agency for the project area(s), programs, including potential
projects and expenditures proposed to be made during the next five years, and an
explanation of how the goals, objectives, programs and expenditures will eliminate blight
and implement the agency's low and moderate income housing obligations; and
WHEREAS, in compliance with the requirements of Section 33490, the
Agency adopted .an Implementation Plan in December 1994 and again in January 2000;
and
WHEREAS, the Agency has prepared a updated plan entitled
"Redevelopment and Housing Implementation Plan 2005-2009" (the "Implementation
Plan") covering each of its three Redevelopment Project Areas I, II, and III in compliance
with the requirements of Section 33490; and
WHEREAS, a public hearing to receive testimony, consider and adopt said
Implementation Plan was scheduled and duly noticed for October 25, 2005 in accordance
with the publication and posting requirements, of the law; and
WHEREAS, the public hearing on October 25, 2005 was continued to
November 8, 2005 to allow greater participation by the Redevelopment Advisory
Committee and the public at a joint study session and regular Advisory Committee
meeting prior to formal Agency consideration; and
WHEREAS, the adoption of the Implementation Plan does not constitute a
project within the meaning of Public Resources Code Section 21000 et seq. (California
Environmental Quality Act).
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
LAKE ELSINORE, CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
SECTION 1. The Redevelopment Agency of the City of Lake Elsinore
hereby adopts the Redevelopment and Housing Implementation Plan 2005-2009.
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its adoption.
SECTION 2. This Resolution shall take effect immediately upon the date of
PASSED, APPROVED, AND ADOPTED, at a regular meetinw of the
Redevelopment Agency of the City of Lake Elsinore, California, on this 8t day of
November 2005.
~/I;~MAN
REDEVELOPMENT AGENCY
~tST: L.L~~
VIVIAN M. MUNSON
AGENCY SECRETARY
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF LAKE ELSINORE
)
)ss.
)
I, VIVIAN M. MUNSON, Agency Secretary, hereby certify that Resolution No. 2005-
04 was adopted by the Redevelopment Agency, at their regular meeting held on the 8lh
day of November 2005, and that the same was adopted by the following vote:
AYES:
Chairman Daryl Hickman, Vice-Chair Genie Kelley,
Members Thomas Buckley, Robert E. Magee and
Robert Schiffner
NOES: None
ABSENT: None
ABSTAIN:
None
[_l. L~~/
vlVIAN M. MUNSON
AGENCY SECRETARY
RESOLUTION NO. 2005-5
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CTTY OF LAKE ELSINORE APPROVING AND AUT~-IORIZING
THE EXECUTION AND DELIVERY l~F AN ASSIGNMENT,
ASSUMPTION AND CONSENT AGREEMENT CONCERNING THE
TRANSFER OF TITLE TO THE WATERMARK APARTMENTS,
FORMERLY KNOW AS THE LAKESIDE VILLAGE
APARTMENTS, TO DLGP REAL ESTATE FUND, LLC, A
CALIFORNIA LIMITED LIABILITY COMPANY, OR AN
AFFILIATED ENTITY, AND AUTHORIZING THE EXECUTION
AND DELIVERY OF ANY AND ALL NECESSARY AND RELATED
DOCUMENTS AND ACTIONS IN CONNECTION THEREWITH
WHEREAS, ALS Lakeside, LP, a Colorado limited partnership (the
"Transferor"), has entered into an Agreement for Purchase and Sale Of Real Property and
Joint Escrow Instructions (the "Sale Agreement"), with DLGP Real Estate Fund, LLC, a
California Limited Liability Company ("DLGP"), wherein Transferor proposes to
transfer ownership of the Project to DAV-a North Lake, LLC, a California limited
liability company (the "Transferee"), which was assigned and accepted all rights and
interest in and to the Sale Agreement by DLGP pursuant to an Assignment of Purchase
Contract to be executed prior to the closing date;
WHEREAS, Transferor has requested the consent of the Agency under the terms
and conditions of the Regulatory Agreement and Declaration of Restrictive Covenants
(the "Original Regulatory AgreemenY'), dated as of November l, 1999, by and among the
Redevelopment Agency of the City of Lake Elsinore (the "Agency"), JPMargan Chase
Bank, N.A. (the "Trustee"), formerly known as The Chase Manhattan Bank, as successor
by merger to Chase Bank of Texas, National Association and Steadfast Lakeside, L.P., a
California limited partnership (the "Original Borrower"), as amended by the First
Amendment To Regulatory Agreement, dated as of March 15, 2001, and the Second
Amendment To Regulatory Agreement, dated as of August 12, 2002 (the "Second
Amendment Regulatory Agreement," together with the Original Regulatory Agreement
and the First Amendment Regulatory Agreement," the Regulatory Agreement) each by
and among the Agency, the Trustee and the Original Borrower; and
WHEREAS, under the terms of Section 11 of the Regulatory Agreements any
sale, transfer or other disposition of a Project is null, void ancl without effect without the
written consent of the Agency, which consent shall not be unreasonably withheld or
delayed if the following conditions are satisfied: (A) the receipt by the Agency of
evidence acceptable to it that (1) the Transferor shall not be in default under the terms of
the Regulatory Agreement or under the Amended and Restated Loan Agreement dated as
REDEVELOPMENT AGENCY RESOLUTION NO. 2005-5
Page 2
of March 15, 2001 (the "2001 Loan Agreement"), as amended as of August 12, 2002 by a
certain First Amendment To Loan Agreement (the "First Amendment Loan Agreement,"
together with the 2001 Loan Agreement, the "Loan Agreement"), each between the
Agency and the Original Borrower (which may be evidenced by a Certificate of
Continuing Program Compliance) or the Transferee ar assignee undertakes to cure any
defaults of the Transferor to the reasonable satisfaction of the Agency; (2) the continued
operation of the Project shall comply with the provisions of this Regulatory Agreement;
(3) either (a) the Transferee or assignee or its property manager has experience in the
ownership, operation and management of rental housing developments such as the
Project, without any record of material violations of discrimination restrictions or other
state or federal laws or regulations or local governmental requirements applicable to such
projects, or (b) the Transferee or assignee agrees to retain a property management firm
with the experience and record described in subclause (a) above, ar(c) the transferring
Transferor or its management company will continue to manage the Project for at least
one year following such transfer and during such period will provide training to the
transferee and its manager in program compliance; and (4) the Transferee does not have
pending against it, and does not have a history of significant and material building code
violations or complaints concerning the maintenance, upkeep, operation, and regulatory
agreement compliance of any of its projects as identified by any local, state or federal
regulatory agencies; (B) the execution by the Transferee or assignee of any document
reasonably requested by the Agency or the Trustee with respect to the assumption of the
Transferor's obligations under the Regulatory Agreement and the Loan Agreement,
including without limitation an instrument of assumption thereof, and delivery to the
Agency of an opinion of such Transferee or assignee's counsel to the effect that each such
document and the Regulatory Agreement are valid, binding and enforceable obligations
of such Transferee or assignee, subject to bankruptcy and other standard limitations
affecting creditor's rights; (C) receipt by the Agency of an opinion of Bond Counsel
addressed to the Agency to the effect that any such sale, transfer or other disposition will
not adversely affect the exclusion pursuant to section 103(a) of the 1954 Code of interest
on the Bonds from the gross income of the owners thereof far federal income taac
purposes; and (D) receipt by the Agency and Trustee of all fees and/ar expenses then
currently due and payable to the Agency and Tnxstee by the Transferor;
WHERLAS, unless the Agency, the Trustee and the Bondholder Representative
(as defined in the Loan Agreement) consent to the transfer and to the assignment of the
rights and obligations of the Transferor under Section 5.18 of the Loan Agreement,
notwithstanding any transfer of the Project to another owner in accordance with the
provisions of the Loan Agreement or the Regulatory Agreement, the Transferor shall
remain obligated to indemnify each Indemnified Pariy (as defined in the Loan
Resoiution-LakesideVillageSale2005-RDALakeElsinore-DAVaNOrth (2) 111505 Final
REDEVELOPMENT AGENCY RESOLUTION NO. 2005-5
Page 3
Agreement) pursuant to Section 5.18 of the Loan Agreement if such subsequent owner
fails to indemnify any party entitled to be indemnified under the terms of the Loan
Agreement;
WHEREAS, the Agency issued its Redevelopment Agency of the City of Lake
Elsinore Multifamily Housing Revenue Bonds (Lakeside Village Project) 1999
Refunding Series A(the "Bonds") in the aggregate principal amount of $5,000,000 in
order to facilitate the refinancing of the Project pursuant to a Trust Indenture (the
"Original Indenture"), dated as of November 1, 1999, between the Agency and the
Trustee, which was amended in its entirety pursuant to an Amended and Restated Trust
Indenture entered into as of March 15, 2001, (the "Original Indenture"), as amended and
supplemented by the Amendment (the "Amendment," together with the Original
Indenture, the "Indenture"), dated as of August 12, 2002, each between the Agency and
the Trustee;
WHEREAS, the Bonds have been included in a securitization of rated securities
(a "Secondary Market Transaction");
WHEREAS, in connection with the issuance of the Bonds and the Secondary
Market Transaction, the Transferor entered into an Amended and Restated Multifamily
Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing, effective as
of March 15, 2001 (the "Deed of Trust") that secure the owner's obligations under the
documents relating to the Bonds;
WHEREAS, in conjunction with the sale of the Project, the Deed of Trust may be
amended pursuant to a Loan Assumption and Modification Agreement (the "Second
Amendment"), by and among the Transferor, the Transferee and the Trustee,
acknowledged by the Bondholder Representative, that will, among other things, revise
certain definitions related to the entity that owns the Project;
WHEREAS, pursuant to the terms of the Assumption Agreement, the Agency
proposes to consent to the transfer of the Project to the Transferee, the assignment and
assumption by Transferee as provided in the Assumption Agreement, and to the
modification of the Deed of Trust and any other document as necessary to fulfill the
transfer of the Project;
WHEREAS, it is in the public interest and for the public benefit that the Agency
consent to the sale in order to preserve the low and moderate multifamily housing units
provided by the Project.
Resolution-LakesitleVillageSale2005-RDALakeElsinore-DAV-aNOrth (2) 111505 Final
REDEVELOPMENT AGENCY RESOLUTION NO. 2005-5
Page 4
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY
OF LAKE ELSINORE DOES HEREBY RESOLVE, DET~RNIINE AND ORDER
AS FOLLOWS:
Section 1. Provided that the Transferor and the Transferee meet the conditions for
transfer of the Project as set forth in Section 11 of each Regulatory Agreement, 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 to the Transferor written evidence of
the Agency's consent to the sale of the Project as set forth in the Assumption Agreement,
including the consent to the amendment of the Deed of Trust as described in this
Resolution and the modification of any other document necessary to effectuate the
transfer of the Project to Transferee. The Executive Director of the Agency is hereby
authorized (upon consultation with Agency Counsel and Bond Counsel) to determine
whether or not the conditions set forth in the Regulatory Agreement have been met. The
determination that such conditions have been met shall be evidenced by the execution and
delivery to the Transferor of the Assumption Agreement signed by the Executive Director
of the Agency. Capitalized terms used herein and not defined shall have the meanings
assigned to them in the Indenture.
Section 2. The Execurive Director of the Agency is hereby authorized and
directed for and in the name of and on behalf of the Agency, to execute and deliver any
and all necessary and related documents and take all other necessary and related actions to
effectuate the sale of the Project, provided the conditions thereto have been fulfilled.
Section 3. All actions heretofore taken by the Agency to effectuate the transaction
contemplated by this Resolution are hereby ratified, confirmed and approved.
[Continued on next page]
Resolution-LakesideVilla9e5ale20o5~ROALakeElslnore-DAWaNOtlh (2) 111505 Flnal
REDEVELOPMENT AGENCY RESOLUTION NO. 2005-5
Page 5
Section 4. This Resolution shall take effect immediately upon the date of its
adoption.
PASSED, APPROVED AND ADOPTED this 22nd day of November, 2005 by
the following vote:
AYES: BOARDMEMBERS:
BUCKLEY, KELLEY, MAGEE, SCHIFFNER
HICKMAN
NOES: BOARDMEMBERS:
ABSENT: BOARDMEMBERS:
NONE
NONE
ABSTAIN: BOARDMEMBERS: NONE
<~_..:::.~_..___.......__ ~ o
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;' D~,i-yl Hi~lcin~n, Chairman
?:gency
APP VED AS O
a ara Zeid L ibold, Agency Counsel
Resolutlon-LakesitleVillageSale2005-RDALakeElsinore-DAVaNOrlh (2) 111505 Final