HomeMy WebLinkAboutRDA Reso 1996-1499 RESOLUTION 1499
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA APPROVING RATIFICATION OF $378,280 COMMITMENT FROM THE
LOW AND MODERATE INCOME HOUSING FUND FOR AN AFFORDABLE
HOUSING PROJECT PROPOSED TO BE DEVELOPED IN RANCHO DEL REY SPA
III
WHEREAS, on March 7, 1995, pursuant to the terms of City Council Resolutions
17828 and 17829, the City (1) adopted an addendum to EIR 89-10; (2) approved a
conveyance agreement with Rancho del Rey Investors, L.P., (3) approved an assignment
agreement with Cordova Ventures, and (4) approved a land donation and appropriation of
$160,000 of HOME Program funds, all with respect to 2.97 acres of property within SPA III
of Rancho del Rey ("Property") proposed for development into a 40-unit Iow income housing
complex ("Project"); and,
WHEREAS, concurrently therewith, pursuant to the terms of Redevelopment Agency
Resolution 1447, the Agency appropriated 9378,280 of the Low and Moderate Income
Housing Fund monies to be Loaned to the Project at below market rates; and,
WHEREAS, substantial funding for the proposed Project will need to be obtained from
the sale of Low Income Housing Tax Credits ("LIHTCs") which are allocated by the California
Tax Credit Allocation Committee ("TCAC"); and,
WHEREAS, Cordova Ventures has been unsuccessful to date in obtaining LIHTCs for
the proposed Project from TCAC, but has reasonable expectation that an award can be
obtained from a subsequent allocation process, for which applications are due on May 28,
1995; and,
WHEREAS, the Agency wishes to provide Cordova Ventures with the opportunity to
reapply for LIHTCs to develop the proposed Project.
NOW, THEREFORE, the Redevelopment Agency of the City of Chula Vista does hereby
resolve as follows:
1. Recitals True and Correct.
The Agency finds and determines the recitals set forth above are true and correct to
the best of its knowledge.
2. Aqency Contribution to the Project.
The Agency hereby ratifies its commitment pursuant to Resolution 1447 for Three
Hundred Seventy-Eight Thousand Two Hundred Eighty Dollars (9378,280) of Low and
Moderate Income Housing Fund monies to be loaned at below market rates for the
development of Project.
3. Conditions to Agency Commitment.
Consistent with original Agency Resolution 1447 the Agency commitment set forth
above remains conditioned upon and subject to (a) the subsequent approval by the Agency
Resolution 1499
and City Council of a Disposition and Development Agreement with Cordova Ventures and
related loan documents in accordance with applicable laws and existing City/Agency policies;
and (b) TCAC's approval of the tax credit application, in a form approved by City/Agency
staff, and its allocation to the Project of the LIHTC requested thereby.
4. Directions to Staff.
Agency staff is hereby authorized and directed to take any appropriate action
consistent with the purposes of this Resolution including negotiation of a final DDA and
presentation thereof to the City/Agency for its approval.
Presented by Approved as to form by
Resolution No. 1499
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE
CITY OF CHULA VISTA, CALIFORNIA this 21st day of May 1996 by the following vote:
AYES: Members Alevy, Padilla, Rindone, Horton
NOES: None
ABSENT: None
ABSTENTIONS: Member Moot
Shirley Ho~on
Chairman
Chris Salomone
Executive Secretary
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss:
CITY OF CHULA VISTA )
I, Chris Salomone, Executive Secretary to the Redevelopment Agency of the City of Chula
Vista, California DO HEREBY CERTIFY that the foregoing is a full, true and correct copy
of Resolution No. 1499 and that the same has not been amended or repealed.
Ctiris Salomone ~/
Executive Secretary