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RDA Resolution 2007-001 RESOLUTION NO. RA 2007-001 A RESOLUTION OF THE LA aUINTA REDEVELOPMENT AGENCY APPRO"ING AMENDMENT NO. 4 TO AFFORDABLE HOUSING AGREEMENT. BY AND BETWEEN THE AGENCY AND SANTA ROSA DEVELOPMENT, INC. FOR THE PROPERTY LOCATED AT THE NORTHEAST CORNER OF AVENUE 48 AND ADAMS STREET WHEREAS, the La Quinta Redevelopment Agency ("Agency") is a public body, corporate and politic, organized and existing under the California Community Redevelopment Law ("Health& Safety Code.!i 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 ("Project 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 & Safety Code, !i 33071); and WHEREAS, on or about January 2:2, 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 conveyed to the Developer certain real property. located within the Project Area ("Property") for the Developer's subsequent development thereon of One Hundred Forty-Nine (149) single family homes forsale to senior citizens. who are .at least 55 years of age and who are also "persoos and families of moderate income'; (i.e., persons and families whose income does .notexceed 120%of the median income for Riverside County, adjusted fdt family .size) (the "Project"); (ii)the Agency agreed to provide certain finari.cial assistance to Developer, including second trust deed assistance to qualified buv~rs of units'in the Project in an "amount npt to exceed Seven'Million Dollars f$7;000,OOO)..from the Agency's Housing Fund (the "HomebuyerAssistance"), all as more particularly described in the Original AHA; and' WHEREAS, Agency and Developer have amended the Original AHA on three prioroccasibns (collectively,the "Amendments"); and WHEREAS, the Original AHA, as amended by the Amendments, is hereinafter referred to as the "AHA"; and Resolution No. RA 2007-001 Santa Rosa Development Adopted: January 16. 2007 Page 2 . WHEREAS, Agency and Developer have negotiated a fourth amendment to the AHA ("Amendment No.4"). Ilursuant to which Agency would provide up to an additional Four Million. Five Hundred Thousand Dollars ($4,500,000) of Housing Funds as Homebuyer Assistance and to enable Developer to sell homes in the Project to senior citizens who are at least 55 years of age and who' are also "lower income households" (i.e., persons and families whose income. does not exceed 80% of median income for Riverside County, adju~ted. for family size); and . . .. WHEREAS, Amendment No. 4 also includes an amendment to the recorded Declaration of Covenants,. Conditions, and Restrictions for Property to enable Developer to sell remaining homes in the p'roject to senior citizens who are at least 55 years of age and who are also lowerincoms households ("Declaration Amendment"); and WHEREAS, Health and Safety Code Section 33433 requires that the Agency prepare a Summary Report to consid~r the Agency's proposed financial contribution to the Project as set forthiri the AHA and Amendment No.4, that the Agency Board and the City Council conduct a noticed joint public hearing with respect to Amendment No.4, and that the approval of Amendment No.4 be accompanied by certain fIndings and determinations as set forth herein; and 'WHEREAS, a Summary Report for Amendment No. 4 has been prepared' and the joint public hearing has been. conducted in accordance with applicable requirements of raw; and . " WHEREAS, the City Council and the. RedeveloPll1entAgency have. considered all the. information. and evidence' set "forth. in thEl,:StiininatyReport presented by the.City/Agency staff and presented by persons' wishing to appear and be heard concerning the impact of Amendment No.4 on the Project Area and the City as a whole; arid' , WHEREAS, Amendment No.' 4 is in accordance. with the Redevelopment Plan and is of benefit to the Project Area and the City of La Quinta; and . Resolution No-. RA 2007-001 Santa Rosa Development Adopted: January 16, 2007 Page 3 WHEREAS, the Agency Board hereby determines that the Agency's financial contribution pursuant to Amendment No.4 is necessary to effectuate the purposes of the RedevelopniElOt Plan; WHEREAS, Amendment No. 4 ,is in accordance with the Redevelopment Plan and is of benefit to the Project Area and the City of La Quinta. NOW, THEREFORE, BE IT RESOLVEP BY THE LA aUINTA REDEVELOPMENT AGENCY AS FOLLOWS:, - . ( . - 1. That the above recitals are true, and correct.and incorporated herein. .' 2. Amendment No. 4 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. The Agency's sale of the real property identified herein will provide housing for moderate income persons and is consistent with the Agency's Five- Year Implementation Plan, based on the findings and conclusions of the Summary Report, which is incorporated herein.' . 4. The consideration the Developer paid for the real property conveyed by the Agency is not less than the fair reuse value at the use and with the covenants and conditions and development costs authorized by the sale, based-on the findings and conclusions of the Summary Report. . ~ ". 5. That the La Quinta Redevelopment Agency hereby finQs and determines that Amendment No.' 4 effectIJates the.purpos~s of the. Roriimunity Redevelopment Law' (Health ',& SafetY Code ..'!i 33000 et seq:). and. of the , Redevelopment Plan and is in the best interests, of the "citizens of the City of La Quinta. 6. Amendment No.4, 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.4 that are consistehtwith the substantive terms of Amendment No. 4 approved hereby, and the Agency Executive Director is authorized to ,thereafter sign Amendment No.4, including the Declaration Amendment. on behalf of the Agency. Resolution No. RA 2007-001 Santa Rosa Development. Adopted: January 16. 2007 Page 4 7. The Agency Executive Director is authorized and directed, on behalf 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, 4. PASSED, APPROVED, AND ADOPTED at a regular meeting of the La Quinta Redevelopment Agency held this 16th day .ofJanuar.y, 2007, by the following vote: ,. ' AYES: Council Members Henderson, Kirk, Osborne: Sniff, Mayor Adolph NOES: None ABSENT: None ABSTAIN: None ATTEST: :::.. VERO .leA J.;' . NTECINO, Agency Secretary La QUln!aRe velopmentAgency (SEAL) ~, ",'. ' APPRQVED AS TO FORM: , , N, gency Counsel. ' t Agency'