CC Resolution 1993-032^"Di I,'
RESOLUTION NO. *
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA MAKING CERTAIN FINDINGS IN CONNECTION
WITH THE AFFORDABLE HOUSING AGREEMENT BY AND
AMONG THE LA QUINTA REDEVELOPMENT AGENCY,
COACHELLA VALLEY LAND, A CALIFORNIA LIMITED
PARTNERSHIP AND WILLIAM J. CUSACK PERTAINING TO
PROPERTY LOCATED WITHIN THE PROJECT AREA OF THE
LA QUINTA REDEVELOPMENT PROJECT
WHEREAS, the La Quinta Redevelopment Agency hereinafter
referred to as the Agency") under the provision of the
California Community Redevelopment Law, is engaged in
activities necessary for the execution of the Redevelopment
Plan for the La Quinta Redevelopment Project, as heretofore
amended hereinafter referred to as Project No. 1"); and
WHEREAS, the Agency is further engaged in activities
necessary for the execution of the Redevelopment Plan for
Project No. 2 of the City of La Quinta, as heretofore amended
Project No. 2"); and
WHEREAS, Coachella Valley Land the Participant"), and
William J. Cusack Owner") as the owners of certain real
property consisting of thirty 30) dwelling units located
within the Project Area of in Project No. 1 collectively, the
Sites") have entered into an Agreement the Affordable
Housing Agreement" or AHA") with the Agency, pursuant to the
Agency action taken by Resolution No. RA 93-1; and
WHEREAS, pursuant to the Agreement, the Participant and
Owner will cause twenty 20) of those dwelling units to be
maintained available for rent at Affordable Housing Cost" to
Very Low Income households which qualify for Agency
participation pursuant to Section 33334.2 of the California
Health & Safety Code; and
WHEREAS, the AHA provides that certain covenants or
restrictions imposed by the Agency pursuant to subdivision e)
of Section 33334.3 of the California Health and Safety Code may
be subordinated as to the rental units in connection with
conventional financing in that an economically feasible
alternative method of financing, refinancing, or assisting the
units on substantially comparable terms and conditions, but
without subordination, is not reasonably available, and the AHA
provides the Agency with the right to purchase the rental
units; and
BIB]
08-14-1998-U01
11:58:13AM-U01
ADMIN-U01
CCRES-U02
93-U02
32-U02
^"Di I-- I LII
WHEREAS, pursuant to the Agreement, the Participant and
Owner will make ten 10) dwelling units available for sale to
households having incomes not in excess of qualifying incomes
Moderate Income households) for affordable housing subject to
long-term affordability covenants;
WHEREAS, the AHA provides that certain covenants or
restrictions imposed by the Agency pursuant to subdivision e)
of Section 33334.3 of the California Health and Safety Code may
be subordinated as to the for-sale units in connection with
conventional financing in that an economically feasible
alternative method of financing, refinancing, or assisting the
units or parcels on substantially comparable terms and
conditions, but without subordination, is not reasonably
available; and
WHEREAS, the provision of affordable housing is
Contemplated by Section 33334.2 and other provisions of the
Community Redevelopment Law and promotes the objectives of the
Redevelopment Plans for Project No. 1 and Project No. 2; and
WHEREAS, the provision of affordable housing pursuant to
the Agreement will benefit each of Project No. 1 and Project
No. 2;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LA QUINTA
DOES RESOLVE AS FOLLOWS:
Sectionl*
The City Council finds and determines that the use of
Housing Funds pursuant to the Agreement will be of benefit to
Project No. 1.
Section 2:
The City Council finds and determines that the use of
Housing Funds pursuant to the Agreement will be of benefit to
Project No. 2.
Section 3:
The City Council finds and determines, as to each of the
rental units and the for-sale units, that an economically
feasible alternative method of financing, refinancing, or
assisting the units or parcels on substantially comparable
terms and conditions, but without subordination, is not
reasonably available.
02/12/93
4644Q/2338/037 2
BIB]
08-14-1998-U01
11:58:13AM-U01
ADMIN-U01
CCRES-U02
93-U02
32-U02
^"Di I. I
Resolution No. 93-32
Section 4:
The City Council approves and ratifies execution of the
Agreement by the Agency.
ADOPTED this 20th day of April 1993.
Mayor Pro Tern
I hereby certify that the foregoing Resolution was
duly and regularly adopted by the City Council of the City
of La Quinta at a regular meeting thereof held on the
20th day of April 1993, by the following
vote:
AYES: COUNCILMEMBERS: Mccartney, Perkins & May6r Pro Tern Sniff
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Council Member Banqerter & Mayor Pena
ABSTAIN: COUNCILMEMBERS: N ji
ity Clerk
02/12/93
A';d4o*2*qR*o*7
BIB]
08-14-1998-U01
11:58:13AM-U01
ADMIN-U01
CCRES-U02
93-U02
32-U02