CC Resolution 1993-080^"E RESOLUTION NO.93-80
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LA QUINTA MAKING CERTAIN FINDINGS
IN CONNECTION WITH AN 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 Agency11) 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
11Owner") as the owners of certain real property located within the Project Area in
Project No.1 collectively, the Sites'1) have entered into an Agreement dated as of
February 16, 1993 the Original Agreement") with the Agency, pursuant to the
Agency action taken by Resolution No. RA 93-1; and
WHEREAS, the Participant and the Owner desiring to expand their scope of
activities to provide affordable housing, proposed entering into a further Agreement
with the Agency, and the Agency on October 5, 1993, by its Resolution No. RA 93-10
approved such a further Agreement entitled Affordable Housing Agreement" or
Second Agreement"); and
WHEREAS, pursuant to the Second Agreement, the Participant and Owner will
cause thirty 30) of those dwelling units owned by them and located within the
Project Area 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, pursuant to the Second Agreement, the Participant and Owner will
make twenty 20) 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; and
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^"E 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 TIlE CITY OF LA QUINTA DOES
RESOLVE AS FOLLOWS:
Section 1: The City Council finds and determines that the use of Housing
Funds pursuant to the Second 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 Second Agreement will be of benefit to Project No. 2.
ADOPTED this l9thday of October 1993
Mayor of the City of La Quinta
I hereby certify that the foregoing Resolution was duly and regularly adopted
bytheC ity Council of the City of La Quinta at a regular meeting thereof held on the
t9th day of October 1993, by the following vote:
AYES: Councilmeinbers McCartney, Perkins, Sniff
NOES: None
ABSENT: Councilmembers Bangerter and Pena
ABSTAIN: None
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ADMIN-U01
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