RDA Resolution 2001-01 RESOLUTION NO. RA 2001-01
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING AN "AFFORDABLE HOUSING
REHABILITATION AGREEMENT" BETWEEN THE AGENCY
AND LA QUINTA 34 LLC
LA QUINTA PALMS APARTMENTS
LAWRENCE RAEL
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 § 33000 et seq.) ¢CRL"); and
WHEREAS, pursuant to the CRL, the Agency and the City Council of the
City of La Quinta ("City" or "City Council," as applicable) previously approved and
adopted the Redevelopment Plan, as amended ("Redevelopment Plan") for Project Area
No. 1 ("Project Area"); and
WHEREAS, the Agency is engaged in activities leading to increasing and
-- improving the supply of affordable housing within and outside the Project Area;
WHEREAS, Agency staff has negotiated an Affordable Housing
Rehabilitation Agreement ("Agreement") with La Quinta 34 LLC, a California limited
liability company ("Participant") which is the owner of that certain real property
improved with an apartment complex located generally southeast of the Eisenhower
Drive/Calle Tampico intersection and known as Assessor Parcel No. 773-071-017
("Apartment Parcel"); and
WHEREAS, Participant is also in escrow to acquire that certain real
property, across the street from the Apartment ParceJ, known as Assessor Parcel Nos.
773-073-004 and 005 ("Acquisition Parcels"); and
WHEREAS, the Apartment Parcel and Acquisition Parcels are collectively
referred to hereinafter as the "Site;" and
WHEREAS, pursuant to the Agreement the Agency proposes to assist
Participant with redeveloping the Site by providing a loan to the Participant from the
Agency's Low and Moderate Income Housing Tax Increment Fund to enable the
completion of the acquisition of the Acquisition Parcels and construction thereon of
carports to serve the apartment complex as well as certain other needed improvements
to the apartment complex; and
Re~olution No. RA 2001-01
Affordable HouBIng Rehabilitation Agreement
Lawrence Reel
Adopted: June 5, 2001
Page 2
WHEREAS, pursuant to the Agreement, Participant, as a condition to
receipt of the Agency loan, shall record against the Site a regulatory agreement and
Declaration of Covenants, Conditions, and Restrictions that requires that not fewer
than fourteen (14) of the apartment units on the Site be rented at an affordable
housing cost to, and occupied by, persons and families of "moderate income," i.e.,
persons and families whose income does not exceed 120% of the median income for
Riverside County, adjusted for family size; and
WHEREAS, the Agreement provides for other conditions, time schedules,
and requirements all as set forth in the Agreement; and
WHEREAS, all actions 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;
NOW, THEREFORE, the La Quinta Redevelopment Agency hereby resolves
as follows:
1. The Agency finds and determines that the Agreement effectuates the
purposes of the Community Redevelopment Law (Health & Safety Code § 33000 et
seq.) and of the Plan and is in the best interests of the citizens of the City of La
Quinta.
2. The Agreement, 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 the Agreement that are
consistent with the substantive terms of the Agreement approved hereby, and the
Agency Executive Director is authorized to thereafter sign the Agreement on behalf of
the Agency.
3. 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
subordination agreements and escrow instructions, that 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.
PASSED, APPROVED and ADO~'It:D at a regular meeting of the La Quinta
Redevelopment Agency held this 5th day of June, 2001, by the following vote:
Reeolutlon No. RA 2001-01
-- Afforcl~le Houelng Reha/~illtatlon Agreern~nt
Lawrence Rael
Adopted: June 5, 2001
Page 3
AYES: Council Members Henderson, Sniff, Mayor Peha
NOES: Council Member Adolph
ABSENT: Council Member Perkins
ABSTAIN: None
ATrEST:
City of La Quinta, California
(Agency Seal)
APPROVED AS TO FORM:
~'~2 /~--~-~ Counsel
M. KATH~INE JENS0 ,~ency
City of La Quinta, California