RDA Resolution 1993-11O RESOLUTION NO. RA 93-11
A RESOLUTION OF THE LA QUINTA REDEVELOPMENT
AGENCY APPROVING A PROPOSED AFFORD*ABLE
HOUSING AGREEMENT BY AND AMONG THE.
LA QUINTA REDEVELOPMENT AGENCY, COACHELLA
VALLEY LAND, A CALIFORNIA LIMITED PARTNERSHIP
AND WILLIAM J. CUSACK PERTMNING TO PROPERTY
LOCATED WITHIN THE PROJECT AREA OF THE
LA QUINTA REDEVELOPMENT PROJECT AND MAKING
CERTAIN FINDINGS IN CONNECTION THEREWITh
WHEREAS, the la Quinta Redevelopment Agency qiereinafer 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 hereinafer referred to as Project No.1"); and
WHEREAS, the Agency is further engaged in activities necessary for the execution of
the Redevclopment Plan for Project No.2 of the City of Ia Quinta, as heretofore amended
Project No.2"); and
W*IEREAS, Coachella Valley Land the Participant"), and William 3. Cusack
Owner") as the owners of certain real property located within the Project Area in Project No.1
collective, the Sites") have entered into an Agreement dated as of February 16, 1993 the
Original *agreement") with the Agency, pursuant to the Agency action taken by Resolution
No. RA **-1; and
WT*REAS, the Participant and the Owner desire to expand their scope of activities to
provide affordable housing, and have proposed entering into a further Agreement with the
Agency, si*mitted herewith and entitled Affordable Housing Agreement" or Second
Agreement'); and
WHEREAS, pursuant to the Second Agreement, the Participant and Owner will cause
thirty 30) of those dwelling units owned by them and located within the Project Area to be
maintained available for rent at Affordable Housing Cost" to Very 1w Income households
which qualify for Agency participation pursuant to Section 33334.2 of the California Health &
Safety Code; and
WHEREAS, the Second Agreement provides that certain covenants or restrictions
imposed by the Agency pursuant to subdivision e) of Section 33334.3 of the California Health &
Safety Code may be subordinated as to the rental units in connection with conventional financing
in that an economically feasible alternative method of financing, refinancing, or assisting the units
on substantially comparable terms and conditions, but without subordination, is not reasonably
available, and the Second Agreement provides the Agency with the right to pi3rchase the rental
units; and
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O I
WHEREAS, pursuant to the Second Agreement, the Irarticipant and Owner will make
twenty 20) dwelling units available for sale to households having incomes not in excess of
quali*ing incomes Moderate Income households) for affordable housing subject to long-term
affordability covenants;
WHEREAS, the Second Agreements provides that certain covenants or restrictions
imposed by the Agency pursuant to the subdivision e) of Section 33334.3 of the California
Health & Safety Code may be subordinated as to the for-sale units in connection with
conventional financing in that an economically feasible alternative method of financing,
refinancing, or assisting the units or parcels on substantial comparable terms and conditions, but
without subordination, is not reasonably available; 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;
NOW, Therefore, The LA QUINTA REDEVELOPMENT AGENCY DOES
RESOLVE AS FOLLOWS:
Section 1: The Agency fmds and deterrnines that the use of Housing Funds pursuant to
the Second Agreement will be of benefit to Project No.1.
Sedion 2: The Agency fmds and determines that the use of Housing Funds pursuant to
the Second Agreement will be of benefit to Project No.2.
Section 3: The Agency finds and determines, as to each of the rental units and the for-
sale units that an economically feasible alternative method of financing, refinancing, or assisting
the units or parcels on substantially comparable terms and conditions, but without subordination,
is not reasonably available.
Section 4: The Agency approves the Second Agreement and authorizes and directs the
Chairman and the Executive Director to execute the Second Agreement and all documents
necessary or convenient to effectuate its terms.
ADOFIED this 5th day of October 1993.
Chairmano the la inta Redevelopment
PuBL.7087*I 194132333.37 2
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O 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 5th day of
October 1993, by the following vote:
AYES: Board Members Perkins, Sniff
NOES Board Member Mccartney
ABSENT: Board Member Banqerter, Chairman Pena
ABSTAIN: None
Secretary
puuL:7O87*1 941 *3S 37 3
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