HomeMy WebLinkAboutRDA Reso 2003-1809
RESOLUTION NO. 1809
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
CHULA VISTA APPROPRIATING $1,510,000 FROM THE AVAILABLE
BALANCE IN THE LOW AND MODERATE INCOME HOUSING FUND FOR
FINANCIAL ASSISTANCE TO MAIN PLAZA, L.P., FOR THE
DEVELOPMENT AND OPERATION OF MAIN PLAZA
WHEREAS, on August 14, 2001 the City Council and Redevelopment Agency held a joint meeting in
which the City Council adopted Resolution No. 2001-271 and the Redevelopment Agency adopted
Resolution No. 1744 giving final approval to a Loan Agreement and Related Restrictive Covenants, an
Affordable Housing Agreement; and financial assistance in the amount of $1,510,000 from the Low and
Moderate Income Housing Fund to Main Plaza, L.P.("Developer"), for the mixed-use development known
as Main Plaza; and
WHEREAS, the City, the Agency and the Developer have executed the Loan Agreement and
Related Restrictive Covenants effective as of August 14, 2001, and such agreement remains in full force
and effect in accordance with its terms; and
WHEREAS, during the close of the fiscal year 2001-02 budget cycle, the previously approved
$1,510,000 was not rolled over into the current 2002-03 fiscal year and returned to fund balance; and
WHEREAS, such funds are legally encumbered pursuant to the Redevelopment Agency's
obligation under the Loan Agreement and Related Restrictive Covenants; and
WHEREAS, staff is requesting an appropriation of $1,510,000 to finance the project known as
"Main Plaza"; and
WHEREAS, California Health and Safety Code Sections 33334.2 and 33334.6 authorize and direct
the Redevelopment Agency of the City of Chula Vista (the "Agency") to expend a certain percentage of all
taxes which are allocated to the Agency pursuant to Section 33670 for the purposes of increasing,
improving and preserving the community's supply of low and moderate income housing available at
affordable housing cost to persons and families of low- and moderate-income, lower income, and very low
income; and
WHEREAS, pursuant to applicable law the Agency has established a Low and Moderate Income
Housing Fund (the "Housing Fund"); and
WHEREAS, pursuant to Health and Safety Code Section 33334.2(e), in carrying out its affordable
housing activities, the Agency is authorized to provide subsidies to or for the benefit of very low income and
lower income households, or persons and families of low or moderate income, to the extent those
households cannot obtain housing at affordable costs on the open market, and to provide financial
assistance for the construction and rehabilitation of housing which will be made available at an affordable
housing cost to such persons; and
WHEREAS, Developer proposes to construct a mixed use project of 15,000 square feet of
commercial retail and a 106 unit multifamily rental development, with 10 units affordable to very low
households at 50 percent of the Area Median Income (AMI), 41 units affordable to low households at 60
percent of the Area Median Income (AMI) and 55 units affordable to moderate-income households at or
below 120 percent of AMI to be located on the northeast comer of Main Street and Broadway within the
Southwest Redevelopment Project Area ("Project"); and
Redevelopment Agency Resolution No. 1809
Page 2
NOW, THEREFORE, BE IT RESOLVED the Redevelopment Agency of the City of Chula Vista
does hereby approve appropriating $1,510,000 from the available balance in the Low and Moderate
Income Housing Fund for financial assistance to Main Plaza, L.P., pursuant to the Loan Agreement and
Related Restrictive Covenants for the development and operation of Main Plaza.
PRESENTED BY
APPROVED AS TO FORM BY
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A ncy Attorney
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE
CITY OF CHULA VISTA, CALIFORNIA this 14th day of January, 2003 by the following vote:
AYES:
NOES:
Members Davis, Rindone, Salas, McCann, Chair/Mayor Padilla
None
ABSENT:
None
ABSTENTIONS:
None
ATTEST:
Lau A. Madigan
Exec tive Secretary
STATE OF CALIFORNIA)
COUNTY OF SAN DIEGO) ss:
CITY OF CHULA VISTA)
I, Laurie Madigan, 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. 1809 and that the same has not been amended or repealed.
Dated: January 14, 2003