HomeMy WebLinkAboutRDA Reso 2010-2026RDA RESOLUTION NO. 2010-2026
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF CHULA VISTA AUTHORIZING THE EXECUTIVE
DIRECTOR TO MODIFY SUBORDINATION TERMS OF A
LOAN AGREEMENT BY AND BETWEEN THE
REDEVELOPMENT AGENCY AND LANDINGS II, L.P. AND
EXECUTE ALL OTHER AGREEMENTS AND DOCUMENTS
NECESSARY FOR THE FINANCING OF THE LANDINGS II
AFFORDABLE APARTMENT PROJECT
WHEREAS, Landings II, L.P. (the "Developer") proposes to construct a 143-unit multifamily
rental development, with units affordable to lower income households within the Winding Walk
master planned community on a vacant site (Lot 1 of Map No. 15479) located at the north west
corner of Discovery Road and Crossroads Street in the City of Chula Vista ("Project," or "Landings
II"); and
WHEREAS, the City's Housing Authority intends to issue its Housing Authority of the City
of Chula Vista Multifamily Housing Revenue Bonds (Landings II Apartments) Series 2010A-1
through A-3 in an aggregate principal amount not to exceed $30,000,000 (collectively, the "Bonds")
to finance the costs of the Project and which Series 2010A-1 and Series 2010A-2 are senior in
priority of payment; and
WHEREAS, Developer has received a reservation for four percent (4%) tax credits from the
Tax Credit Allocation Committee (TCAC); and
WHEREAS, on May 4, 2010, pursuant to Resolution No. 2010-2021, the Redevelopment
Agency approved financial assistance in an amount not to exceed $4,000,000 from the Agency's
Low and Moderate Income Housing Fund (the "Housing Fund"), subordinate in priority payment to
the Series 2010A-1 and 2010A-2 Bonds, for the development ofthe Project and authorized execution
of a Loan Agreement; and
WHEREAS, modifications to the Loan Agreement for the Housing Funds are necessary for
the subordination of the Loan to debt service on the Series 2010A-1 and 2010A-2.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
Chula V ista that it authorizes the Executive Director to execute the Loan Agreement by and between
the Agency and the Developer, in substantially the form previously presented to the Agency, and
make such modifications, changes or additions to the Loan Agreement and other documents and
agreements, in consultation with the Office ofthe Agency Attorney, as may be necessary or advisable
for the financing of the Landings II Affordable Apartments. The approval of any modification,
change or addition to any of the agreements and documents shall be evidenced conclusively by the
execution and delivery thereof by the Executive Director.
RDA Resolution No. 2010-2026
Page 2
Presented by
Gary H lbert, .E., ICP
Deputy City anager/Director of
Development Services
Approved as to form by
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency ofthe City of Chula
Vista, California, this 8th day of June 2010, by the following vote:
AYES: Agency Members: Bensoussan, Castaneda, Ramirez, Thompson and Cox
NAYS: Agency Members: None
ABSENT: Agency Members: None
I
Cheryl Cox, 'hairperson
ATTEST:
Eric Crockett, Secretary
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Eric Crockett, Secretary of the Chula Vista Redevelopment Agency, do hereby certify that the
foregoing RDA Resolution No. 2010-2026 was duly passed, approved, and adopted by the
Redevelopment Agency at a regulaz meeting held on the 8th day of June 2010.
Executed this 8th day of June 2010.
G~(.~
ric Crockett, Secretary