RDA Resolution 2002-20RESOLUTION NO. RA 2002-20
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING AN AFFORDABLE HOUSING
AGREEMENT BETWEEN THE AGENCY AND APARTMENTS
AT LA QUINTA VILLAGE, LP FOR THE PROPERTY
LOCATED ON THE EAST SIDE OF EISENHOWER DRIVE,
NORTH OF CALLE TAMPICO
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. 2 ("Project Area"); and
WHEREAS, a fundamental purpose of the CRL is to expand the supply of
low- and moderate -income housing (Health & Saf. Code, § 33071); and
WHEREAS, Health and Safety Code Section 33449 authorizes the Agency
to construct structures in order to provide housing for persons and families of low- or
moderate -income; and
WHEREAS, the Agency is engaged in activities leading to increasing and
improving the supply of affordable housing within and outside the Project Area; and
WHEREAS, Apartments at La Quinta Village, LP, a California limited
partnership ("Participant") recently acquired that certain real property located on the
east side of Eisenhower Drive, North of Calle Tampico, legally described as: Parcel 3
of Parcel Map 30721 as filed in Book 203, pages 30 through 31, inclusive of Parcel
Maps, Official Records of Riverside County, California (the "Property"); and
WHEREAS, Agency staff has negotiated an Affordable Housing
Agreement ("Agreement") with Participant which provides for (i) Participant's
construction of a rental apartment complex on the Property with related interior and
exterior amenities, including, but not limited to, a private recreation center (collectively,
the "Project"); and (ii) the Agency's provision of financial assistance to Participant in
the amount of Three Million Dollars ($3,000,000) from the Agency's Low and
Moderate Income Housing Tax Increment Fund ("Agency Assistance") to reimburse
Participant for a portion of Participant's cost to acquire the Property and to assist
Participant with developing the Project; and
WHEREAS, pursuant to the Agreement, Participant, as a condition to
receipt of the Agency assistance, shall record against the Property a Regulatory
Agreement and Declaration of Covenants and Restrictions that requires that not fewer
than seventy-five (75) of the apartment units (the "Restricted Units") in the Project 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 ("Moderate Income
Persons"); and
Resolution No. RA 2002-20
Apartments at La Quinta Village, LP
Adopted: November 19, 2002
Page 2
WHEREAS, the Agreement provides that the Agency Assistance shall be
evidenced by a note and a deed of trust, which note shall be cancelled and deed of
trust reconveyed when Participant completes construction of the Project; 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, BE IT RESOLVED, that the La Quinta Redevelopment
Agency hereby resolves as follows:
The Agency finds and determines that the Agreement eff ectuates 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 (i) sign such other and further documents, including but not limited
to subordination agreements and escrow instructions that require the Agency's
signature, and (ii) take such other and further actions, as may be necessary and
proper to carry out the terms of the Agreement.
PASSED, APPROVED, and ADOPTED at a regular meeting of the La
Quinta Redevelopment Agency held this 19t'day of November, 2002, by the following
vote:
AYES: Council Members Adolph, Pefia, Perkins, Sniff, Chair Henderson
NOES: None
ABSENT: None
ABSTAIN: None
TERRY H%DERSON, Chair
La Quinta(jRedevelopment Agency
Resolution No. RA 2002-20
Apartments at La Quinta Village, LP
Adopted: November 19. 2002
Page 3
ATTEST:
JU$W---8. GREEK, CMC, City Clerk
La Quinta, California
(AGENCY SEAL)
APPROVED AS TO FORM:
M * 'KATHEAINE JENSOW/Agency Counsel
La Quinta, Redevelopment Agency