RDA Resolution 2004-015
RESOLUTION NO. RA 2004-015
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A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY
APPROVING AMENDMENT NO. 2 TO AFFORDABLE HOUSING
AGREEMENT BY AND BETWEEN THE AGENCY AND SANTA ROSA
DEVELOPMENT, INC. FOR THE PROPERTY LOCATED AT THE .
NORTHEAST CORNER OF A VENUE 48 AND ADAMS STREET
WHEREAS, the La Quinta Redevelopment Agency ("Agency') is a
public body, corporate and politic, organized and existing under the CaUfornia
Community Red~velopment Law ("Health & Safety Code § 33000 et seq.) ('~CRL");
and
WHEREAS, pursuant to the CRL, the City Council of the City of La
Quinta ("City" or "City Council," as applicable) approved and adopted the
Redevelopment Plan ("Redevelopment Plan") for Project Area No. 2 (1lÞroject
Area"), on May 16, 1989, by Ordinance No. 139; and
WHEREAS, a fundamental purpose of the CRL is to expand the ¡supply
of low- and moderate-income housing (Health & Saf. Code, § 33071); and
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: WHEREAS, on or about January 22, 2003, the Agency and Santa
¡
Rosa Development, Inc., a California corporation ("Developer") entered into that
certain Affordable Housing Agreement (the "Original AHA"),pursuant to which (i)
the Agency agreed to convey to the Developer certain real property located within
the Project Area ("Property") for One Dollar ($1.00) for the Developer's subsequent
development thereon of One Hundred Forty-Nine (149) single family homes for sale
to senior citizens who are at least 55 years of age and who are also "persons and
families of moderate income" (i.e., persons and families whose income does not
exceed 1 20 % of the median income for Riverside County, adjusted for family size)
(the "Project"); (ii) the Agency is to reimburse the Developer, in an amount up to
but not exceeding Eight Hundred Thousand Dollars ($800,000), from the Agency's
Low and Moderate Income Housing Tax Increment Fund ("Housing Fund"), for
engineering, architectural and planning costs and building permit fees incurred in
planning and developing the Project (the "Development Assistance"); and (iii) the
Agency is to provide second trust deed assistance to qualified buyers of units in the
Project in an amount not to exceed,' collectively, Seven Million Dollars
($7,000,000), from the Agency's Housing Fund (the "Homebuyer Assistance"), all
as more particular described in the Original AHA; and
WHEREAS, on or about June 22, 2004, the Agency and Developer
- amended the Original AHA and the Option Agreement attached as Attachment No.
7 to the Original AHA (the "Original Option Agreement") by that certain Waiver and.
Resolution No. RA 2004-015
Amendment No.2 to 48th & Adams Affordable Housing Agreement
Adopted: October 19, 2004
Page 2
Replacement of Conditions for Closing for the Affordable Housing Agreement and
for the Option Agreement r' Amendment No.1") to revise, among other terms,
various provisions related to the "Project Entitlements" (as that term is defined in
the Original AHA); and
WHEREAS, the Original AHA, as amended' by Amendment No.1, is
hereinafter referred to as the II Amended AHA," and the Original Option Agreement,
as amended by Amendment No.1, is hereinafter referred to as the "Amended
Option Agreement"; and
WHEREAS, Agency and Developer have negotiated an amendment to
the Amended AHA and to the Amended Option Agreement ("Amendment No.2"),
to further revise the provisions related to the Project Entitlements, and to revise the
subordination provisions set forth in the Amended Option Agreement, all as more
particularly set forth in Amendment No.2.
WHEREAS, the Agreement is in accordance with the Redevelopment
Plan and is of benefit to' the Project Area and the City of La Quinta; and
NOW, THEREFORE, BE IT RESOLVED BY THE LA QUINT A
REDEVELOPMENT AGENCY AS FOLLOWS:
1 . That the above recitals are true and correct and incorporated herein.
2. That the La Quinta Redevelopment Agency hereby finds and
determines that Amendment No. 2 effectuates the purposes of the Community
Redevelopment Law (Health & Safety Code § 33000 et seq.) and of the
Redevelopment Plan and is in the best interests of the citizens of the City of
La Quinta.
3. Amendment No.2, a copy of which is on file with the Agency
Secretary, is hereby approved. The Agency Executive Director and Agency Counsel
are hereby authorized and directed to make final modifications to Amendment No.2
that are consistent with the substantive terms of Amendment No. 2 approved
hereby, and the Agency Executive Director is authorized to thereafter sign
Amendment No. 2 on behalf of the Agency.
4. The Agency Executive Director is authorized and directed, on behalt of
the Agency, to (i) sign such other and further documents, including but not limited
to subordination agreements and escrow instructions that require the Agency's
signature, and (ii) take such other and further actions, as may be necessary and
proper to carry out the terms of Amendment No.2.
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Resolution No. RA 2004-016
Amendment No.2 to 48th.. Adams Affordable Housing Agreement
Adopted: October 19, 2004
Page 3
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PASSED, APPROVED, and ADOPTED at a regular meeting of the La
Quinta Redevelopment Agency held this 19th day of October, 2004, by the
following vote:
AYES: Members Adolph, Osborne, Perkins, Sniff, Chair Henderson
NOES: None
ABSENT: None
ABSTAIN: None
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TERRY DERSON, Chair
La Quinta Redevelopment Agency
.-- ATTEST:
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J ~. GREEK, CMC, Agency Secretary
La Quinta Redevelopment Agency
(Agency Seal)
APPROVED AS TO FORM:
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