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HomeMy WebLinkAboutRedevelopment Agency - 167 AGENCY RESOLUTION NO. 167 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH APPROVING THE FIRST AMENDMENT TO AN OWNER PARTICIPATION AGREEMENT BETWEEN THE MOLA DEVELOPMENT CORPORATION AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH WHEREAS, the Huntington Beach Redevelopment Agency (hereinafter referred to as the "Agency" ) under the provisions of the California Community Redevelopment Law, Section 33000 et seq. of the California Health and Safety Code, is engaged in activities necessary for the development of Main-Pier Redevelopment Project Area (hereinafter referred to as the "Project Area" ) ; and Mola Development Corporation and the Agency have *previously entered into an Owner Participation Agreement ( the "Agreement" ) , and now wish to enter into a First Amendment to the Owner Participation Agreement ( the "Amendment" ) ; and The Agency has determined that Sumitomo Bank of California ( the "Lender" ) is acceptable to the Agency and that the proposed Amendment contains all the provisions, terms and conditions to protect the Agency's interest, and the Developer and Frank Mola personally possess the qualifications and financial resources necessary to guarantee performance of the provisions thereof in accordance with the Amendment; and The Agency and the City Council of the City of Huntington Beach have held a joint public hearing on the proposed Amendment pursuant to published notice as required by state law; and -1- l C_7 The staff report and opinion letter from Keyser Marston, Financial Consultants 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 the Amendment; and The evidence presented by staff reveals that : a°. The buildings, facilities, structures, or other improvements being financed by the Lender are of benefit to the project area and consistent with the Agreement; and b. No other reasonable means of financing such buildings, facilities, structures, or other improvements are available to the community except by such amendment; and C . The Agency has duly considered all terms and conditions of the proposed Amendment, and believes that provisions therein along with the Guarantees attached thereto are in the best interests of the City and the health, safety, morals and welfare of its residents, and in accord with the public purposes and provisions of applicable state and local law requirements; and d . The Agency and the City have received, considered, and approved the report of the Agency staff on the proposed Amendment . NOW, THEREFORE, the Agency does hereby find, determine, order and resolve as follows : h SECTION 1 . The recitals set forth above are true and .correct . SECTION 2 . That the Amendment is justified based upon the -2- 167 Personal and Corporate Guarantees attached thereto in favor of the Agency. SECTION 3 . The Amendment providing for the subordination of the Agency' s interest and the acceptance of the corporate and personal guarantees as described in the Amendment is hereby approved. SECTION 4 . The Chairman and the Agency Secretary are hereby authorized to execute the Amendment and any ancillary documents relating thereto and to take any and all other actions necessary or convenient to give effect to this resolution. PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on 17th day of January , 1989 . Chairman ATTEST: APPROVED AS TO FORM: . 4y,,*4� Agency Clerk Agency Counsel /' q ADepu y y Administrator pecial Agency Co el Executive Director -3- 167 Res. No. 167 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF HUNTINGTON BEACH) I, CONNIE BROCKWAY, 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 17th day of January 1989 , and that it was so adopted by the following vote: AYES: Members: MacAllister, Mays, Silva, Erskine NOES: Members: Green, Winchell , Bannister ABSENT: Members: None Clerk of the RedevelopmentwAgency of the City of Huntington Beach, Ca.