HomeMy WebLinkAboutRDA Reso 1996-1500 RESOLUTION 1500
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF CHULA VISTA APPROVING A $100,000 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 $378,280 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 with the benefit of an additional Agency
commitment towards the development of the 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. Agency Contribution to the Project.
The Agency hereby appropriates One Hundred Thousand Dollars ($100,000) of Low
and Moderate Income Housing Fund monies to be loaned at below market rates for the
development of Project.
Resolution 1500
3. Conditions to Agency Commitment.
The Agency commitment set forth above is conditioned upon and subject to (a) the
subsequent approval of the City/Attorney of a Disposition and Development Agreement for
the Project 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/Attorney 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
Community Develol~ent Direclor
~hri~ Salomone
Ag~,=,y-~t~or ney ~ _~ ~,)
Resolution No. 1500
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, tree and correct copy
of Resolution No. 1500 and that the same has not been amended or repealed.
Dated: ~/~/ ~-a! ~
Chris Salomone /
Executive Secretary