RDA Resolution 2009-009RESOLUTION NO. RA 2009 - 009
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING AN AFFORDABLE HOUSING
IMPLEMENTATION AGREEMENT (SENIOR APARTMENTS
DEVELOPMENT) BY AND AMONG THE AGENCY,
MIRAFLORES, L.P., AND CORPORATE FUND FOR
HOUSING
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 City Council of the City of La Quinta
("City" or "City Council," as applicable) approved and adopted the Redevelopment
Plan ("Redevelopment Plan") for Project Area No. 2 ("Project Area"), on May 16,
1989, by Ordinance No. 139; 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, on December 20, 2000, the Agency entered into an Affordable
Housing Agreement Senior Apartments Development (the "Agreement") with DC &
TC, LLC, which was later assigned to Miraflores, L.P., a California limited
partnership (the "Developer"); and
WHEREAS, Agency staff have negotiated with the Developer an Affordable
Housing Implementation Agreement (Senior Apartments Development) (the
"Implementation Agreement") that would (i) clarify that the Agency's financial
assistance provided under the Agreement was intended to be provided as a grant
from the Agency rather than as a loan, (ii) require the Developer to establish a new
Project account and to annually deposit therein the funds that would have been
required to be paid to the Agency under the current financial structure of the
Agreement; and (iii) require the Developer to use the funds deposited into the new
Project account on Project enhancements, including new and expanded Project
amenities and social service programs; and
WHEREAS, at the request of the Developer's tax credit investor, the
Implementation Agreement has been structured to provide that the Agency's
financial assistance was intended as a grant to the Corporate Fund for Housing, a
California nonprofit public benefit cor poration affiliated with the Developer (the
"Corporate Fund"); and
Resolution No. RA 2009-009
Affordable Housing Implementation Agreement -Senior Apts
Miraflores / Corporate Fund for Housing
Adopted: December 15, 2009
Page 2
WHEREAS, to simplify the transaction and avoid the necessity of preparing
additional documentation, the Implementation Agreement provides that the Agency
will assign its promissory note and deed of trust to the Corporate Fund; and
WHEREAS, the Implementation Agreement is in accordance with the
Redevelopment Plan and is of benefit to the Project Area and the City of La Quinta.
NOW, THEREFORE, BE IT RESOLVED BY THE LA QUINTA REDEVELOPMENT
AGENCY AS FOLLOWS:
1. The above recitals are true and correct and incorporated herein.
2. The Implementation Agreement effectuates the purposes of the Community
Redevelopment Law (Health & Safety Code § 33000 et seq.) and of the
Redevelopment Plan and is in the best interests of the citizens of the City of La
Quinta.
3. The Implementation 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 finalize the Implementation Agreement
consistent with this Resolution and to thereafter sign the Implementation
Agreement on behalf of the Agency.
4. .The Agency Executive Director is authorized and directed, on behalf of
Agency, to (i) sign such other and further documents 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 Implementation Agreement.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the La Quinta
Redevelopment Agency held this 15`b day of December 2009, by the following
vote:
AYES: Agency Members Evans, Franklin, Henderson, Sniff, Mayor Adolph
NOES: None
ABSENT: None
ABSTAIN: None
Resolution No. RA 2009-009
Affordable Housing Implementation Agreement -Senior Apts
Miraflores / Corporate Fund for Housing
Adopted: December 15, 2009
Page 3
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KRISTY FIRANK(VIN, Chairperson
La Quinta Redevelopment Agency
ATTEST:
APPROVED AS TO FORM:
M. K,4THER'YIVE JENSO ,Agency Counsel
La Quinta Redevelop ~ nt Agency
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