HomeMy WebLinkAboutRDA Reso 2001-1714
RESOLUTION NO. 1714
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
CHULA VISTA AMENDING RESOLUTION NO. 1673 REGARDING
CONDITIONAL APPROVAL OF A RESIDUAL RECEIPTS LOAN FROM
THE LOW/MODERATE INCOME HOUSING FUND NOT-TO-EXCEED
$1,060,000 TO AVALON COMMUNITIES LLC, FOR THE
DEVELOPMENT OF A MIXED USE PROJECT, INCLUDING 106
AFFORDABLE HOUSING UNITS
WHEREAS, on June 13, 2000, the Agency passed Resolution No. 1673 conditionally
approving financial assistance in the form of a residual receipts loan not-to-exceed $1,060,000 to
Avalon Communities, LLC for the development of a mixed-use project comprised of 106 affordable
multi-family units and 15,000 sq. ft. of retail commercial space; and
WHEREAS, the proposed funding was subject to a Loan Agreement based on certain terms
and conditions; and
WHEREAS, it is necessary to modify some of these terms and conditions to make the
proposed project more competitive for funding and increase the likelihood that it will be built; and
NOW, THEREFORE, BE iT RESOLVED the Redevelopment Agency of the City of Chula
Vista does hereby amend Resolution No. 1673 regarding the conditional approval of a residual
receipts loan to Avalon Communities, LLC to reflect the following modifications:
1. Amend the recitals to modify the project description as follows:
'WHEREAS, Developer now proposes to construct a mixed use project of 15,000 sq. ft. of
commercial retail and 106 apartment units, with 11 units affordable to very low households at
or below 50% of AMI and 95 units affordable to moderate income households at or below
120% of AMI, at the northeast corner of Broadway and Main Street in the City of Chula Vista
("Project")"; and
2. Amend the recitals to modify the potential funding source as follows:
'WHEREAS, Developer is to apply for a tax credit/bond allocation from California Debt Limit
Allocation Committee (CDLAC)"; and
3. Amend the terms and conditions under which conditional loan approval was granted
to reflect a reduction in interest rate from 6% to 3% per annum and reduce payment
of principal and interest on the Agency loan from 90% to 50% of residual receipts.
BE IT FURTHER RESOLVED that the REDEVELOPMENT AGENCY of the City of Chula
Vista does hereby approve the listed amendments.
Resolution No 1714
Page 2
PRESENTED BY
APPROVED AS TO FORM BY
PÁ~~'
Chris Salomone
Director of Community Development
~~+/1Je&~~
Agency Attorney
Resolution No!. 1714
Page 3
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY OF
CHULA VISTA, CALIFORNIA this 20th day of February, 2001 by the following vote:
AYES:
Members Davis, Padilla, Rindone, Salas, and Chair/Mayor Horton
NOES:
None
ABSENT:
None
ABSTENTIONS:
None
¿JIu~~~3ir
Shirley Horto
Chairman
ATTEST:
~~
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,
Califomia DO HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No.
1714 and that the same has not been amended or repealed.
Dated: February 21, 2001
~~~
Chris Salomone
Executive Secretary