1995 E.G. Williams Development Corp - Second Implementation AgrmtSECOND IMPLEMENTATION AGREEMENT
by and between the
LA QUINTA REDEVELOPMENT AGENCY
"AGENCY"
m
E.G. WILLIAMS DEVELOPMENT CORPORATION
"DEVELOPER"
This SECOND IMPLEMENTATION AGREEMENT (the "AGREEMENT") is
entered into by and between the LA QUINTA REDEVELOPMENT AGENCY, a public body,
corporate and politic (the "AGENCY") and E.G. WILLIAMS DEVELOPMENT
CORPORATION, a California corporation (the "DEVELOPER").
WHEREAS, the parties originally entered into that certain Disposition and Development
Agreement dated July 5, 1994 (the "DDA"); and
WHEREAS, the parties amended the DDA on the 20th day of September, 1994, (the
Amended DDA"); and
WHEREAS, the parties entered into an initial Implementation Agreement to clarify and
revise certain attachments to the Amended DDA to assist in obtaining Fannie Mae approval to
enable the sale of low to moderate units; and
WHEREAS, certain attachments of the Amended DDA require additional revisions in
order to meet both HUD and Fannie Mae approval thereby allowing the for sale low and
moderate units to be sold; and
WHEREAS, Section 406 of the Amended DDA contemplated that revisions may need to
be made to the Buyer/Agency Note including the Deed of Trust securing the Buyer/Agency Note
in order to achieve the purpose of providing affordable housing to low and moderate income
buyers; and
WHEREAS, the proposed partnership which is being created to assist in the financing
and development of the senior apartment housing portion of the project requires that certain
revisions be made to the draft Amended DDA attachments to effectuate the intent of the parties
that all revisions be made to allow the utilization of the tax credit approval for the development
of the senior portion of the project; and
WHEREAS, the purpose of this Agreement is to allow expeditious revisions to the
multiple attachments to the Amended DDA as requirement of lenders, investors, Federal and
State programs and the Internal Revenue Service rulings concerning the tax status of the project,
continue to evolve and require multiple modifications to the attachments to the Amended DDA,
which attachments include the Buyer/Agency Note, the Rental Conveyance Area Promissory
Note and Deed of Trust, the Maintenance Agreement and the Affordability Agreement, and all
other conforming documents in a manner consistent with to Section 406 and 704 of the DDA and
as required to meet the federal tax credit requirements; and
WHEREAS, the third paragraph of Section 2 of the October 25, 1994 Rental Conveyance
Area Promissory Note, does not and did not represent the intent of the parties to the DDA.
NOW, THEREFORE, the parties hereto agree as follows:
Section 1. The Agency hereby authorizes the Agency Legal Counsel and the Agency
Executive Director to review and approve any modifications to the draft attachments to the
Amended DDA determined to be necessary to obtain approval by HUD, Fannie Mae or other
Federal or State providers of low and moderate housing assistance programs for the sale units
and, in the case of the Senior apartment housing attachments, for all modifications necessary to
facilitate investors to provide for the effective utilization of the tax credit program. In no case
shall any terms of any of the attachments be revised to require expenditure of Agency funds
beyond what is specifically required in the Amended DDA without first obtaining approval by
the Agency Board.
Section 2. This agreement is solely an implementation of the Amended DDA and
will allow for the revisions only of those attachments as necessary to effectuate the purpose of
providing affordable for sale housing for low to moderate income qualified buyers as well as
those revisions to attachments necessary to obtain investors in the Senior apartment rental project
to allow utilization of the federal law income housing tax credits allocated to the project
Section 3. The third paragraph of Section 2 of the October 25, 1994 Rental
Conveyance Area Promissory Note between the parties is hereby, effective as of October 1994,
stricken from the Rental Conveyance Area Promissory Note.
IN WITNESS WHEREOF, the Agency and the Developer have signed this
Agreement on the respective dates set forth below.
') - / O , 1995
ATTEST:
SAUNDRA L. JUHOV, Agency Secretary
City of La Quinta, California
Approved as to form:
' 190
DAWN HONEYWELL,Agency Counsel
City of La Quinta, California
LA QUINTA REDEVELOPMENT
AGENCY
By
STANLE SNIFF, Cha an
City of La Quinta, California
E.G. WILLIAMS DEVELOPMENT
CORPORATION
"Developer"
By i,/, `lL