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RDA Resolution 2000-014 - RESOLUTION NO. RA 2000-14f _ A RESOLUTION OF THE LA QUINTA REDEVELOPMENT AGENCY APPROVING AN AFFORDABLE HOUSING AGREEMENT BY AND BETWEEN THE AGENCY AND DC & TC, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY FOR THE DEVELOPMENT OF AN AFFORDABLE SENIOR APARTMENT COMPLEX ON A SITE WITHIN REDEVELOPMENT PROJECT AREA NO 2 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 . ~HERE~S, pur~ua~t, ~9 !~h~ ~f1~' m!'! .f'9TBcr:Jlndth~City C()lJncil of the City of La QUlnta ("City" or "CIty CouncIl," as applicable) previously approved and - adopted the Redevelopment Plan, as amended ("Redevelopment Plan") for Project Area No.2 ("Project Area"); and WHEREAS, the Agency is required pursuant to Health and Safety Code Section 33334..2 et seq. to expend monies in its Low and Moderate Income Housing Fund to increase, improve, and preserve affordable housing in or serving the Project Area; and WHEREAS, the Agency now proposes to enter into an Affordable Housing Agreement (" Agreement") with TC &DC, LLC, a California limited liability company ("Developer") for the conveyance by the Agency of a site owned by the Agency for development of an one hundred eighteen (118) unit "for rent" senior apartment housing- project on a site located within the Project Area, with all of the units required to be developed as affordable' units to be leased at an affordable housing cost to seniors whose income does norexceea.tnoderate IfI:come as defined in California law (the "Project"); and WHEREAS, the site proposed to be conveyed by the Agency to the . - Developer is defined as the remainder parcel of Tract 28601-1 as shown on a map filed in Book 278, Pages 86 through 90 of maps recorded in the records of Riverside County (the "Site"); and WHEREAS, the Site is a portion of the "Miraflores" housing development project which in general consists of a three-phase development of single family detached homes and an affordable senior citizen rental apartment complex (the "Senior Apartments"); and . ~, Resolution No. RDA 2000-14 TC & DC. LLC November 21, 2000 Page 2 WHEREAS, before the Agency may dispose of real property, acquired with tax increment funds, for development the Agency and City Council must hold a duly noticed joint public hearing on the proposed disposition; and WHEREAS, notice of a joint public hearing of the Agency and City Council concerning the Agreement and the proposed conveyance described in the Agreement was given in accordance with the requirements of Health & Safety Code Section 33433; and WHEREAS, the Agency also timely prepared and made available for public review a Summary Report of the proposed transaction in accordance with Health & Safety Code Section 33433; and WHEREAS, all action required of the Agency to be taken precedent to review and consideration of the Agreement by the Agency have been taken in accordance with applicable law; as follows: NOW, THEREFORE, the La Quinta Redevelopment Agency hereby resolves 1 . The Agency finds and determines: A. That the sale of the Site as set forth in the Agreement, and the terms of the Agreement, will provide housing for low or moderate income persons, in that 118 units to be developed on the Site shall be leased at an affordable' housing cost to seniors whose incomes do not exceed moderate income as defined in California law. B. That the sale of the Site as set forth in the Agreement, and the terms of the Agreement, are 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. Resolution No. RDA 2000-14 TC & DC. LLC November 21, 2000 Page 3 C. That the highest and best use of the Site in accordance with the Redevelopment Plan is the development of the Site for affordable housing and that the consideration to be 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 the Agreement and the transaction described in the Agreement prepared in accordance with Health and Safety Code Section 33433, which Summary Report, a copy of which is on file with the Agency Secretary, is incorporated herein by reference as though fully set forth. D. That the publicly owned improvements to be paid for by the Agency as set forth in the Agreement are of benefit to the Project Area and to the immediate neighborhood in which the Project is located, in that the improvements are necessary to effect development of the Site and but for the Agency's expenditure the public infrastructure improvements would not be completed thus detrimentally affecting the Project and the residents living adjacent to the Site. E. That there are no other reasonable means available to the community of paying for the publicly owned improvements to be paid for by the Agency as set forth in the Agreement, other than Agency funding in that City general funds, as set forth in the adopted City budget, are earmarked for critical public health and safety expenditures, such as police and fire protection, and for other, previously identified capital improvement projects, and for City service programs, all of which cannot be adjusted to accommodate City expenditure for these public improvements, and thus Agency payment is the sole available source for the publicly owned improvements to be paid for by the Agency as set forth in the Agreement. F. That the payment by the Agency for the publicly owned improvements as set forth in the Agreement will facilitate the provision of housing for low or moderate income persons, in that the publicly owned improvements designated in the Agreement for Agency payment are necessary for the development of the Site as an affordable housing development because the economics of the Project do not permit the Developer to pay for these improvements and still maintain a reasonable return on investment, as set forth in the Summary Report prepared for the Project. Resolution No. RDA 2000-14 TC & DC. LLC November 21, 2000 Page 4 G. That the payment by the Agency for the publicly owned improvements to be paid for by the Agency as set forth in the Agreement 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 Oi) 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, Oii) the Project on the Site is specifically identified as addressing inadequate public infrastructure and facilities. H. That the Agency's expenditures for the onsite and offsite improvements identified in the Agreement will facilitate, and result in, the new construction of affordable housing units for low or moderate income persons that are directly benefited by the improvements, in accordance with the authorization to the Agency to expend monies in its Low and Moderate Income Housing Fund for such purposes pursuant to Health and Safety Code Section 33334.2(e). I. That the Agency is further authorized under Health and Safety Code Section 33449 which grants the Agency authority to improve sites in order to provide housing for persons of low and moderate income, and thus the Agency's expenditures for the Project, as set forth in the Agreement, including but not limited to Acquisition Assistance, and Additional Assistance (as defined in the Agreement) is necessary and proper for the development of the Site as an affordable housing project. 2. The Affordable Housing Agreement, between the Agency and DC & TC, LLC, a copy of which is on file with the Agency Secretary, is here approved. The Agency Executive Director and Agency Counsel are hereby authorized and directed to make final modifications to the Agreement that are consistent with the substantive business terms of the Agreement approved hereby, and the Agency Executive Director is authorized to thereafter sign the Agreement on behalf of the Agency. 3. To facilitate and effect the Agreement, the Agency Executive Director is hereby authorized and directed to (a) allocate Three Million One Hundred Seven Thousand One Hundred Forty-Seven Dollars ($3,107,147) from the Agency's Low and Moderate Income Housing Fund to the Project. Resolution No. RDA 2000-14 TC & DC. LLC November 21, 2000 Page 5 4. The Agency Executive Director is authorized and directed, on behalf of the Agency, to sign such other and further documents, including but not limited to attachments and exhibits to the Agreement which require the Agency's signature, and to take such other and further actions, as may be necessary and proper to carry out the terms of the Agreement. 5. The Agency Executive Director and the Agency Counsel and their respective authorized designees are each individually authorized to sign escrow instructions on behalf of the Agency in order to effect the close of escrow described in the Agreement. PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta Redevelopment Agency held on this 2151 day of November, 2000, by the following vote, to wit: AYES: Members Adolph, Peiia, Perkins, Sniff, Chair Henderson NOES: None ABSENT: None ABSTAIN: None ~ TERRY NDERSON, Chairperson La Quin a Redevelopment Agency ATTEST: . ....---. ". - ~-................ ~ ~~ ~~ . , .' .- _ J). ) JU . . - REEK, CMC, -" Secretary La Quinta Redevelopment A,gency (Agency Seal) - '. Resolution No. RDA 2000-14 TC & DC. LLC November 21, 2000 Page 6 APPROVED AS TO FORM: ATHERINE 0, Agency Counsel uinta Redevelopment Agency . \, ',,- , ,'/-::: .< ~~":-:..~"~~-" ~ ----~. , .::, / , .~, ~, ~- , - ~ -r- --:.-_ /,