RDA Resolution 1993-01 RESOLUTION NO. RA93-1
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING AN AFFORDABLE HOUSING AGREEMENT
WITH COACHELLA VALLEY LAND, A CALIFORNIA LIMITED
PARTNERSHIP AND WILLIAM J. CUSACK PERTAINING TO
PROPERTY LOCATED IN THE LA QUINTA REDEVELOPMENT
PROJECT AND PROJECT NO. 2 OF THE CITY OF
LA QUINTA AND AUTHORIZING THE EXECUTION OF SAID
AGREEMENT
WHEREAS, the La Quint* fledsvelopment 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 ow*ers of certain real
property consisting of thirty 30) dwelling units located
within the Project Area of Project No. 1 collectively, the
Sites") have proposed to enter into an agreement with the
Agency in the form submitted herewith the Agreement"); 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, 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; 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;
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RESOLUTION NO. RA 93-1
WHEREAS, the Agency has duly Considered all terms and
conditions of the proposed Agreement and believes that the
Agreement is in the best interests of the Agency, Project
No. 1, Project No. 2, the City, and the health, safety and
welfare of its residents, and is in accord with the public
purposes and provisions of applicable state and local law
requirements;
NOW, THEREFORE, THE LA QUINTA REDEVELOPMENT AGENCY DOES
RESOLVE AS FOLLOWS:
The Agency finds and determines that the use of Housing
Funds pursuant to the Agreement will be of benefit to Project
No. 1.
Section 2:
The Agency finds and determines that the use of Housing
Funds pursuant to the Agreement will be of benefit to Project
No. 2.
Section 3:
The Agency approves the Agreement and authorizes and
directs the Chairman, the Executive Director, or the Agency
Clerk to execute the Agreement, including without limitation
the attachments thereto. The Agency further determines and
approves that the Chairman, the Executive Director, or the
Agency Clerk are authorized and directed to execute such
documents as may be necessary and proper to implement the
Agreements.
ADOPTED this 16th day of February 993.
*Li;Quinta
Chairman of t
Redevelopment Agency
ATfiST:
Agency Clerk *
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RESOLUTION NO. RA 93-1
I hereby certify that the foregoing Resolution was
duly and regularly adopted by the La Quinta Redevelopment
Agency at a regular *meeting thereof held on the 16th day
of F*hrI1Rry 1993, by the following vote:
AYES: Ur Me'rRrtn*y. Mr. Perkins & Mr. Sniff
NOES: Nnn*
ABSENT: Ur* **ng*rg*r & Chairman Pena
ABSTAIN: Unn*
Redevelopment Agency
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