RDA Resolution 1995-14^# II
RESOLUTION NO. RA 95-14
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF LA QUINTA, CALIFORNIA, APPROVING A
THIRD IMPLEMENTATION AGREEMENT BY AND BETWEEN
THE LA QUINTA REDEVELOPMENT AGENCY AND E.G.
WILLIAMS DEVELOPMENT CORPORATION.
THIRD IMPLEMENTATION AGREEMENT
E.G. WILLIAMS DEVELOPMENT COMPANY
WHEREAS, the La Quinta Redevelopment Agency, a public body,
corporate and politic the Agency") and E. G. Williams Development Corporation, a
California Corporation the Developer") entered into a Disposition and Development
Agreement dated July 5, 1 994 the DDA"); and
WHEREAS, the parties amended the DDA on the 20th day of September,
1 994(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, the parties entered into a Second Implementation Agreement
on July 5, 1 995, to make 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 achieve the purpose of providing affordable housing
to low and moderate income buyers; and
WHEREAS, the parties desire to enter into a Third 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 finds as follows:
SECTION 1. 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 DDA.
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^# a
SECTION 2. 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 DDA as amended.
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta
Redevelopment Agency held on this 3rd day of October, 1 995 by the following vote:
AYES: Members Bangerter, Cathcart, Perkins, Chairman Sniff
NOES: None
ABSENT: Member Pena
ABSTAIN: None
La Quinta Redevelopment Agency
ATTEST:
La Quinta Redevelopment Agency
APPROVED AS TO FORM:
*(7 %;A*e**
DAWN C. HONEYWELL, Attorney
La Quinta Redevelopment Agency
2
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^# II
ATTACHMENT #1
THIRD IMPLEMENTATION AGREEMENT
by and between the
LA QUINTA REDEVELOPMENT AGENCY
*`AGENCY'*
and
E*G. WILLIAMS DEVELOPMENT CORPO*ON
DEVELOPER"
3-3IMFLGAGM
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^# This THIRD IMPLEMENTATION AGREEMENT the *AGREEMENT") 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 *VELOPER").
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. the parties entered into a Second Implementation Agreement as certain
attachments of the Amended DDA required 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, the parties agree that greater flexibility is required in the way the previously
authorized Second Trssst Deed assistance may be utilized and a rnrnor increase in the purchase price
of the units is necessary to properly secure with a Second Trust Deed are the obligations of the home
buyer; and
WHEREAS, Section 406 of the Amended DDA contemplated that revisions may need to be
made to the terms of the Agreement in order to achieve the purpose of providing affordable housing
to low and moderate income buyers; and
NOW, THEREFORE, the parties hereto agree as follows:
Section 1. The Agency hereby authorizes the deletion of the requirement on Page 7 in
the definition of Qualifying Buyer" that the Quali*ing Buyers shall contribute the applicable
closing costs" and allow the non-recurring closing costs to be flinded out of the originally approved
amount of up to approximately Sixty Thousand Dollars $60,000) available for the Second Trust
Deed assistance per unit applicable only to very low and low income home buyers.
Section 2. The Agency hereby authorizes an increase in the Maximum Purchase Price"
definition on Page 6 to the following amounts:
Model 1 $107,990
Model2 $112,990
Model3 $116,990
Section 3. This agreement is solely an implementation of the Amended DDA and will
allow for the revisions only of those items necessary to effectuate the purpose of providing
affordable for sale housing for low to moderate income qualified buyers.
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^# IN WITNESS WHEREOF, the Agency and the Developer have signed this
Agreement on the respective dates set forth below.
day of 1995 LA Quinta REDEVELOPMENT AGENCY*
By_______________________
STANLEY SNIFF, Chairman
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
CORPO*ON
Developer*'
By______________________
Its_____________________________________
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