HomeMy WebLinkAboutCity Council - 5975 RESOLUTION NO. 5975
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF HUNTINGTON BEACH
APPROVING THE FIRST AMENDMENT TO
AN OWNER PARTICIPATION AGREEMENT BETWEEN
THE REDEVELOPMENT AGENCY AND MOLA DEVELOPMENT CORPORATION
FOR THE MAIN-PIER REDEVELOPMENT PROJECT AREA
WHEREAS, the Huntington Beach Redevelopment Agency ( the
"Agency" ) is authorized to conduct redevelopment activities within
the Main-Pier Redevelopment Project Area (the "Project Area" ) , which
activities include the acquisition and conveyance of real property
for private development; and
The Agency has entered into an Owner Participation Agreement
( the "Agreement" ) with Mola Development Corporation, a California
Corporation (the "Developer" ) which Agreement provides for the
Agency ' s approval of a Lender, and the parties wish to amend such
agreement to subordinate the Agency' s interest to a First Trust Deed
and further to secure the Agency's interest with Guarantees by Frank
Mola personally and the Mola Development Corporation, all as set
forth with greater particularity in the First Amendment to the
Agreement (the "Amendment" ) a copy of which is on file in the office
of the City Clerk and is incorporated herein by this reference; and
The City Council of the City ( "City Council" ) and Agency have
conducted a duly noticed joint public hearing regarding the proposed
{ Amendment in accordance with California Health and Safety Code
t
Sections 33431 and 33433; and
_1_
The staff report pertaining to the Amendment, which has been
on display prior to the joint public hearing in accordance with
Section 33433 of the California Health and Safety Code, contains a
detailed description of the provisions of such Amendment .
NOW THEREFORE, the City Council of the City of Huntington
Beach does hereby resolve as follows :
Section 1 : The First Amendment to the Agreement is necessary
and appropriate to finance an economically viable development unit .
Section 2 : The City Council of the City of Huntington Beach
finds and determines, based upon the testimony and information
presented during the public hearing with respect to the First
Amendment to the Agreement, that the consideration for the Amendment
does not impair the Agency 's interest in the project as previously
determined for the Project Area based upon the covenants established
by the Amendment.
Section 3 : The City Council further finds that the
improvements as provided for in the Agreement are of benefit to the
Project Area or the immediate area in which the project is located
and that no other reasonable means of financing such improvements
are available to the community, and approves the Lender, Sumitomo
Bank of California.
Section 4 : The City Council of the City of Huntington Beach
hereby approves the Amendment and all of its provisions including,
-2- 5975
without limitation the Subordination Agreement, the Guarantees, and
all other attachments thereto and authorizes the Chairman and the
City Administrator to execute all documents referenced in the
Amendment, necessary to effectuate the provisions thereof .
PASSED and ADOPTED this 17th day of January ,1989 .
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk City Att"or ey ,_13
r
Special Counsel
REVIEWED AND APPROVED: INITIATED AND APPROVED:
City Administrator --- ector of Redevelopment
—3— 5975
STATE OF CALIFORNIA Res, No. 5975
COUNTY OF ORANGE ss:
CITY OF HUNTINGTON BEACH )
I, CONNIE BROCKWAY, the duly elected, qualified City
Clerk of the City of Huntington Beach, and ex-officio Clerk of the
City Council of said City, do hereby certify that the whole number of
members of the City Council of the City of Huntington Beach is seven;
that the foregoing resolution was passed and adopted by the affirmative
vote of at least a majority of all the members of said City Council
at a regular meeting thereof held on the 17th day
of January , 19 89 , by the following vote:
AYES: Councilmembers:
MacAllister, Mays, Silva, Erskine
NOES: Councilmembers:
Green, Winchell,, Bannister
ABSENT: Councilmembers:
None
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California