RDA Resolution 2002-002 RESOLUTION NO. RA 2002-02
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING AMENDMENT NO. I TO THE
AFFORDABLE HOUSING AGREEMENT BETWEEN THE
AGENCY AND MIRAFLORES, L.P.
MIRAFLORES AFFORDABLE HOUSING AGREEMENT
AMENDMENT NO. I
WHEREAS, the La Quinta Redevelopment Agency ("Agency") and DC &
TC, LLC ("Original Developer") entered into that certain Affordable Housing
Agreement, dated on or about December 20, 2000, which Agreement was thereafter
amended and assigned by Original Developer to Miraflores, L.P. ("Developer") by that
certain Assignment and Assumption of Affordable Housing Agreement dated June 11,
2001, by and among Agency, Original Developer, and Developer (collectively, the
"Agreement"); and
WHEREAS, the Agency and Developer propose to enter into Amendment
No. 1 to the Agreement ("Amendment No. 1 ") for the purpose of revising the amount
of Agency financial assistance to the project described in the Agreement in order to
conform to proposed bond financing for the project; and
WHEREAS, pursuant to Health and Safety Code Section 33433, the
Agency prepared a Summary Report concerning Amendment No. 1; and
WHEREAS, a joint public hearing of the Agency and the City Council of
the City of La Quinta ("City Council" or "City" as appropriate) concerning Amendment
No. 1 was duly noticed in accordance with Health and Safety Code Section 33433;
and
WHEREAS, on February 19, 2002, the Agency and City Council held a
joint public hearing on the proposed Amendment No. 1; and
WHEREAS, at the February 19, 2002, joint public hearing the Agency and
City Council considered the staff report and all other information, testimony, and
evidence presented with respect to the proposed Amendment No. 1; and
WHEREAS, all actions required of the Agency and City Council to be
taken precedent to review and consideration of Amendment No. 1 by the Agency and
City Council have been taken in accordance with applicable law;
NOW, THEREFORE, the La Quinta Redevelopment Agency hereby resolves
as follows:
SECTION 1. The Agency finds and determines that:
A. Amendment No. 1 will effectuate the purposes of the Community
Redevelopment Law (Health & Safety Code § 33000 et seq.) and the Redevelopment
Plan for Project Area No. 2 by facilitating the development of affordable housing for
senior citizens in the City of La Quinta, in that Amendment No. 1 provides additional
funding from the Agency's Low and Moderate Income Housing Fund for project costs
that are necessary to assure a high quality development and provision of adequate
housing amenities in the project, and in conformity with the Agency's proposed bond
financing for the project.
Resolution No. RA 2002-02
Miraflores Affordable Housing Agreement Amendment #1
Adopted: February 19, 2002
Page 2
B. Amendment No. 1 is consistent with the Agency's adopted
"Second Five-Year Implementation Plan Project Areas No. 1 and 2," adopted by the
Agency in accordance with Health and Safety Code Section 33490, in that (i) the
goals and objectives set forth in the Implementation Plan include increasing and
improving the community's supply of affordable housing, and (ii) the project on the
Site is specifically identified as one of the Agency's housing programs to be
undertaken in the time period covered by the Implementation Plan.
C. The highest and best use of the Site in accordance with the
Redevelopment Plan is the development of the Site for affordable housing. To the
extent the additional Agency financial assistance to the project set forth in Amendment
No. 1 constitutes an additional amount of land write-down that affects the Agency's
sale of the project site to the Developer as set forth in the Agreement, any additional
land write-down that could be construed as resulting from the increased financial
assistance provided by the Agency in Amendment No. 1 does not affect the prior
finding that the consideration paid by the Developer for the Site is not less than the
fair reuse value at its highest and best use in accordance with the Redevelopment Plan,
for the reasons set forth in the Agency's Summary Report for Amendment No. 1
prepared in accordance with Health and Safety Code Section 33433, which Summary
Report, a copy of which is on file with the Agency Secretary/City Clerk, is incorporated
herein by reference as though fully set forth.
SECTION 2. Amendment No. 1, a copy of which is on file with the Agency
Secretary/City Clerk, is hereby approved.
SECTION 3. The Executive Director of the Agency is authorized and directed to
make final, technical modifications to Amendment No. 1 consistent with the material
provisions of Amendment No. 1 approved hereby, and to finalize the document for
signature by the Agency Chairman, and the Chairman is thereafter authorized and
directed to sign Amendment No. 1 on behalf of the Agency.
SECTION 4. The Executive Director of the Agency is authorized and directed to
take such other and further actions and execute such other and further documents as
may be necessary to implement and effect Amendment No. 1 and this Resolution on
behalf of the Agency.
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Redevelopment Agency held on this 19th day of February, 2002, by the following vote
to wit:
AYES: Members Adolph, Pe~a, Perkins, Sniff, Chair Henderson
NOES: None
ABSENT: None
ABSTAIN: None
Resolution No. RA 2002-02
Miraflores Affordable Housing Agreement Amendment #1
Adopted: February 19, 2002
Page 3
AdoP.t~: F.~bn~ary 19; 2002
La QuinYa Redevelopment Agency
.,
ATTEST:
JUN~~EK; C~Age'e~'ecretary
La Quinta Redevelopment Agency
(Agency Seal)
APPROVED ,~S TO FORM'
~/~,~--I~A~/r~E JENSON//, Agency Counsel
La QUinta RedeYeioPm~fit Aoency