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HomeMy WebLinkAboutRedevelopment Agency - 79 RESOLUTION NO. 79 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH ESTABLISHING EMERALD COVE SENIOR CITIZENS HOUSING FUND AND PROVIDING FOR THE USE THEREOF WHEREAS, the Redevelopment Agency of the City of Huntington Beach (the "Agency") is proceeding to assist the financing of certain multi-family rental property known as the Emerald Cove Senior Citizens Housing Project (the "Pro- ject"), as more fully described in that certain Lease Agreement dated as of May 1, 1984, by and between the Agency and the City of Huntington Beach (the "City"); and WHEREAS, the Agency presently owns certain land adjacent to the Project, (the "Property"), all of which the Agency has heretofore agreed to sell to The William Lyon Company, a California corporation, (the "Company" ) pursuant to that certain Disposition and Development agreement dated as of February 7, 1983, by and between the Agency and the Company; and WHEREAS, the Agency and the City wish to provide that the proceeds of sale of such lands to the Company be deposited in a special fund to be held by the Agency and applied to benefit the Project as provided herein; NOW, THEREFORE, BE IT RESOLVED BY THE REDEVELOPMENT AGENCY of the City of Huntington Beach as follows: Section 1 : Establishment of Special Fund. The Agency hereby establishes a special fund to be known as the "Emerald Cove Senior Citizens Housing Fund" (the "Fund") which shall be held by the Agency and into which shall be depo- sited the proceeds of sale of the Property promptly upon receipt thereof by the Agency. Additional amounts may be deposited by the Agency from time to time in the sole discretion of the Agency. During the term of the Lease Agreement, monies in the Fund shall be held and applied by the Agency solely as provided in Section 2. Section 2: Application of Fund. All amounts derived from the investment of monies in the Fund shall be deposited and retained in the Fund. The Agency shall withdraw amounts from the Fund, from time to time and in such amounts as the Agency shall deem advisable in its sole discretion, and expended solely for one or more of the following purposes and in the following order of priority: ( 1) Reimbursement to City for the expenditure of Housing & Commu- nity Development Block Grant Funds as part of the Emerald Cove Senior Citizens Housing Financing Program. (2) to subsidize any portion of the rents charged by the City to any Lower-Income Tenants (as such term is defined in the Lease Agreement) of the Project, such amounts to be payable by the Agency to the City and applied towards the payment of such rents; or (3) to pay on behalf of the City, or reimburse the City for payment of, any of the obligations of the City under the Lease Agreement including, but not limited to, the obligation of the City to pay Lease Payments thereunder and to pay the costs of operating and maintaining the Project; or (4) to support in any other manner whatsoever the financing, maintenance or operation of the Project or the objective of the City and the Agency to make the Project available to such Lower-Income Tenants. Section 3: Other Uses of Fund. If, in any fiscal year of the Agency, the amounts derived from the investment of monies in the Fund exceed the amounts applied by the Agency under Section 2 hereof, the amount of such excess may in the sole discretion of the Agency be withdrawn from the Fund and applied to any other lawful purpose of the Agency. Section 4: Effective Date. This resolution shall take effect from and after the date of its passage and adoption. PASSED AND ADOPTED this 31st day of May 1984, by the following votes: AYES: Pattinson, MacAllister, Thomas, Kelly, Finley NOES: None ABSENT: Bailey, Mandic ATTEST: L gency lerk Ch rperson APPROVED AS TO FORM: INITIATED AND APPROVED AS TO CONTENT: Agency Counse �_�, Redeve opment Coordinator APPROVED AS TO FORM: Special Agency Counsel APPROVED: iff Executive Office Res. No. 79 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF HUNTINGTON BEACH) I , ALICIA M. WENTWORTH, Clerk of the Redevelopment Agency of the City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Huntington Beach at a meeting of said Redevelopment Agency held on the 31st day of Max 19 84 , and that it was so adopted by the following vote: AYES: Members: Pattinson, MacAllister, Thomas, Kelly, Finley NOES: Members: None ABSENT: Members: Bailey, Mandic Clerk of the Redevelopment Agency of the City of Huntington Beach, Ca.