CC Resolution 2002-032RESOLUTION NO. 2002-32
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA APPROVING AMENDMENT NO. 1 TO THE
AFFORDABLE HOUSING AGREEMENT BETWEEN THE LA
QUINTA REDEVELOPMENT AGENCY AND MIRAFLORES,
L.P.
MIRAFLORES AFFORDABLE HOUSING AGREEMENT
AMENDMENT NO. 1
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 City Council of the City of La Quinta hereby
resolves as follows:
SECTION 1. The City Council 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. 2002-32
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 City Council consents to the direction given by the Agency to
its Executive Director authorizing and directing the Executive Director 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 further consents to the authorization and direction given by
the Agency to its Chairman to thereafter sign Amendment No. 1 on behalf of the
Agency.
SECTION 4. The City Manager 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 City.
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
City Council held on this 19th day of February, 2002, by the following vote to wit:
AYES: Council Members Adolph, Henderson, Perkins, Sniff, Mayor Pena
NOES: None
ABSENT: None
ABSTAIN: None
Resolution No. 2002-32
Miraflores Affordable Housing Agreement Amendment #1
Adopted: February 19, 2002
Page 3
JOHI�I J. PENT, Mayor
City of La Quinta, California
ATTEST:
J N GREEK, MC., rk
CI y of La Quinta, California
(City Seal)
APPROVED AS TO FORM:
A\A.-KATHERINE JEN ity Attorney
City of La Quinta, Ca Ifornia