RDA Resolution 1995-11^# II
RESOLUTION RDA 95-11
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF LA QUINTA APPROVING A SECOND
IMPLEMENTATION AGREEMENT BY AND BETWEEN THE
LA QUINTA REDEVELOPMENT AGENCY AND E.G.
WILLIAMS DEVELOPMENT CORPORATION ANO MAKING
CERTAIN FINDINGS WITH RESPECT TO ARTICLE XXXIV OF
THE STATE CONSTITUTION
SECOND IMPLEMENTATION AGREEMENT
E.G WILLIAMS DEVELOPMENT COMPANY
WHEREAS, the LA QUINTA REDEVELOPMENT AGENCY, a puhuc body, corporate and politic the
AGENCY") and E.G. WILLIAMS DEVELOPMENT CORPORATION, a California corporation the *OEVELOPER") entered
into a Disposition and Development Agreement dated July 5, 1994 the ODA"); and
WHEREAS, the parties amended the ODA on the 20th day of September, 1994 the Amended DDA");
and
WHEREAS, the parties entered into an initial Implementation Agreement to clarify and revise certain
attachments to the Amended DDA to assist in obtaining Fannie Mae approval to*enable the sale of low to moderate
units; and
WHEREAS, certain attachments of the Amended ODA require additional revisions in order to meet
Fannie Mae approval; and
WHEREAS, Section 406 of the Amended DDA contemplated that revisions may need to be made to
the BuyerlAgency Note including the Deed of Trust securing the BuyerlAgency Note in order to achieve the purpose
of providing affordable housing to low and moderate income buyers; and
WHEREAS, the proposed partnership which is being created to assist in the financing and
development of the Senior Apartment housing portion of the project requires that certain revisions be made to the draft
Amended ODA attachments to effectuate the intent of the parties at the time of the approval of the Amended DDA
that to permit all revisions necessary to facilitate obtaining investors and utilizing the low income housing tax credits
allocated to the Senior rental portion of the project; and
WHEREAS, the third paragraph of Section 2 of the October 25, 1994, Rental Conveyance Area
Promissory Note, does not and did not represent the intent of the parties to the ODA; and
WHEREAS, the Agency believes that the project does not require Article 34 of the California
Constitution voter approval due to the fact that it is not a low rent housing project being developed, constructed, or
acquired by the Agency pursuant to Health and Safety Code Section 37001.5(e); and
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^#Resolution 95.11
WHEREAS, the parties desire to enter into a Second Implementation Agreement the **Agreement"),
attached hereto as Exhibit A and incorporated herein by reference;
NOW, THEREFORE, the Redevelopment Agency of the City of La Quinta does resolve and find as
follows:
Section 1. The Agency hereby finds that the project as approved in the Amended ODA does not
constitute a project requiring voter approval under Article 34 of the California Constitution due to the fact that
pursuant to Health and Safety Code Section 37a01.5(e), the Agency's involvement in the project consists of providing
assistance to a low-rent housing project and monitoring construction or rehabilitation of such project and compliance
with conditions of such assistance to the extent of:
1) Carrying out routine governmental functions.
2) Performing conventional activities of a lender.
3) Imposing constitutionally mandated or statutorily authorized conditions accepted by a grantee of
assistance.
Section 2. The Agency finds and determines that: a) the approval of the Agreement will promote the
objectives of the Redevelopment Plan and promote the health, safety and welfare of the citizens of the City of La
Quinta; and b) the Agreement is consistent with the orderly development of the improvements to be provided by the
Developer pursuant to the Amended ODA.
Section 3. The Agency approves the Agreement in the form of Exhibit A" and authorizes and directs
the Chairman and the Secretary to execute that Agreement and such other documents as may be determined by
Agency Counsel to be necessary or appropriate to effectuate the ODA as amended.
PASSED APPROVED, and ADOPTED at a regular meeting of the La Quinta Redevelopment Agency
held on this 5th day of July, 1995, by the following vote, to wit:
AYES: Board Members Bangerter, Cathcart, Perkins, Chairman Sniff
NOES: None
ABSENT: Board Member Pena
ABSTAIN: None
STANLEY SNIFF,Chairman****
La Quinta Redevelopment Agency
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Resolution 95-_11
AUNORA L. JUHOLA, cretary
La Quinta Redevelopment Agency
Approved as to form
jroAN*ONEYw*LL,Age*ncounsel
La Quinta Redevelopment Agency
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SECOND IMPLEMENTATION AGREEMENT
by and between the
LA QUINTA REDEVELOPMENT AGENCY
AGENCY"
and
E.G. WILLIAMS DEVELOPMENT CORPO*ON
DEVELOPER"
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^# This SECOND IMPLEMENTATION AGREEMENT the 9AGREEMENTIt) is
entered into by and between the LA QUINTA REDEVELOPMENT AGENCY, a public body,
corporate and politic the AGENCY*) and E*G. WILLIAMS DEVELOPMENT
CORPORATION, a California corporation the ltDEVELOPER*I).
WHEREAS, the parties originally entered into that certain Disposition and Development
Agreement dated July 5, 1994 the DDA*'); and
WHEREAS, the parties amended the DDA on the 20th day of September, 1994, the
Amended DDA'); and
WHEREAS, the parties entered into an initial Implementation Agreement to clarif* and
revise certain attachments to the Amended DDA to assist in obtaining Fannie Mae approval to
enable the sale of low to moderate units; and
WHEREAS, certain attachments of the Amended DDA require additional revisions in
order to meet both HUD and Fannie Mae approval thereby allowing the for sale low and
moderate units to be sold; and
WHEREAS, Section 406 of the Amended DDA contemplated that revisions may need to
be made to the Buyer/Agency Note including the Deed of Trust securing the Buyer/Agency Note
in order to achieve the purpose of providing affordable housing to low and moderate income
buyers; and
WHEREAS, the proposed partnership which is being created to assist in the financing
and development of the senior apartment housing portion of the project requires that certain
revisions be made to the draft Amended DDA attachments to effectuate the intent of the parties
that all revisions be made to allow the utilization of the tax credit approval for the development
of the senior portion of the project; and
WHEREAS, the purpose of this Agreement is to allow expeditious revisions to the
multiple attachments to the Amended DDA as requirement of lenders, investors, Federal and
State programs and the Internal Revenue Service rulings concerning the tax status of the project,
continue to evolve and require multiple modifications to the attachments to the Amended DDA,
which attachments include the Buyer/Agency Note, the Rental Conveyance Area Promissory
Note and Deed of Trust, the Maintenance Agreement and the Affordability Agreement, and all
other conforming documents in a manner consistent with to Section 406 and 704 of the DDA and
as required to meet the federal tax credit requirements; and
WHEREAS, the third paragraph of Section 2 of the October 25, 1994 Rental Conveyance
Area Promissory Note, does not and did not represent the intent of the parties to the DDA.
NOW, THEREFORE, the parties hereto agree as follows:
Section 1. The Agency hereby authorizes the Agency Legal Counsel and the Agency
Executive Director to review and approve any modifications to the draft attachments to the
Amended DDA determined to be necessary to obtain approval by HUD, Fannie Mae or other
Federal or State providers of low and moderate housing assistance programs for the sale units
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and, in the case of the Senior apartment housing attachments, for all modifications necessary to
facilitate investors to provide for the effective utilization of the tax credit program. In no case
shall any terms of any of the attachments be revised to require expenditure of Agency flinds
beyond what is specifically required in the Amended DDA without first obtaining approval by
the Agency Board.
Section 2. This agreement is solely an implementation of the Amended DDA and
will allow for the revisions only of those attachments as necessary to effectuate the purpose of
providing affordable for sale housing for low to moderate income qualified buyers as well as
those revisions to attachments necessary to obtain investors in the Senior apartment rental project
to allow utilization of the federal law income housing tax credits allocated to the project
Section 3. The third paragraph of Section 2 of the October25, 1994 Rental
Conveyance Area Promissory Note between the parties is hereby, effective as of October 1994,
stricken from the Rental Conveyance Area Promissory Note.
IN WITNESS WHEREOF, the Agency and the Developer have signed this
Agreement on the respective dates set forth below.
1995 LA QUINTA REDEVELOPMENT
AGENCY
STANLEY SNIFF;(*irman*
City of La Quinta, California
ATTEST:
SAUNDRA L. JUHOLA, Agency Secretary
City of La Quinta, California
Approved as to form:
DAWN HONEYWELL, Agency Counsel
City of La Quinta, California
E.G. WILLIAMS DEVELOPMENT
CORPORATION
Developer"
By______________________
Its_______________________________________
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