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HomeMy WebLinkAboutRedevelopment Agency - 296 RESOLUTION NO. 2§6 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH APPROVING A FIRST AMENDMENT TO AFFORDABLE HOUSING AGREEMENT AND AUTHORIZING THE EXECUTION AND DELIVERY THEREOF, AND AUTHORIZING AND DIRECTING THE EXECUTION AND DELIVERY OF DOCUMENTS AND ACTIONS TAKEN IN CONNECTION THEREWITH, ALL WITH RESPECT TO THE FIVE POINTS SENIORS PROJECT WHEREAS, the City of Huntington Beach (the "City")has issued its City of Huntington Beach Variable Rate Demand Multifamily Housing Revenue Bonds (Five Points Seniors Project), Series A of 1991 in the aggregate principal amount of$9,500,000 (the "Bonds") pursuant to an Indenture of Trust (the "Indenture"), dated as of December 1, 1991, by and between the City and Dai-Ichi Kangyo Bank of California, as trustee (the"Trustee"); and The proceeds of the Bonds were used by the City to fund a loan to provide financing with respect to a multifamily rental housing development (the "Project") owned by Five Points Seniors, L.P. (the `Borrower"); and In connection with the financing of the Project with the proceeds of the Bonds, the Redevelopment Agency of the City of Huntington Beach (the "Agency") entered into an Affordable Housing Agreement(Five Points Senior Villas), dated as of November 18, 1991, by and between the Agency and the Borrower(the "Affordable Housing Agreement"); and The Bonds are secured by a letter of credit (the "Letter of Credit") issued by Wells Fargo Bank, N.A. ("Well Fargo"); and The Borrower has requested that substitute credit enhancement and liquidity be provided for the Bonds; and Fannie Mae has agreed to provide substitute credit enhancement and liquidity for the Bonds; and To accomplish the substitution of Fannie Mae's credit enhancement for the Letter of Credit, the Agency has been requested to amend the Affordable Housing Agreement and execute and deliver a First Amendment to Affordable Housing Agreement by and between the Agency and the Borrower(the "First Amendment to Affordable Housing Agreement"); and. All actions to be taken or consents to be given prior to the execution and delivery of the First Amendment to Affordable Housing Agreement, shall be taken or given as required by the Loan Agreement, the Regulatory Agreement and the Indenture, respectively, I SF-99Resolutions:FivePSP RLS 99-141 03/09/99-#1 Ifes: No. NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Huntington Beach as follows: SECTON 1. The First Amendment to Affordable Housing Agreement (the "First Amendment to AHA"), dated as of April 1, 1999,between the Redevelopment Agency of the City of Huntington Beach (the "Agency") and the Borrower, in the form on file with the Secretary, is hereby approved. The Chairperson is hereby authorized and directed, for and in the name and on behalf of the Agency, to execute and deliver the First Amendment to AHA, and the Secretary is hereby authorized to attest the signature of the Chairperson, in substantially said form, with such additions thereto or changes therein as are recommended or approved by the Executive Director and the Director of Administrative Services of the Agency (the "Designated officers"), upon consultation with bond counsel to the Agency, including such additions or changes as are necessary or advisable in accordance with Section 2 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the Agency of the First Amendment to AHA. SECTION 2. The Designated officers are hereby directed, for and on behalf of the Agency, to do any and all things and take any and all actions, including, without limitation, the execution and delivery of any and all amendments or supplements to the documents executed and delivered by the City in connection with the issuance of the Bonds, including, but not limited to, any supplements or amendments to the Affordable Housing Agreement in order to conform such document to the provisions of the Indenture, any and all assignments, certificates, agreements, including, but not limited to an Assignment Agreement, notices, consents, instruments of conveyance and other documents, which they, or any of them, on the advice of bond counsel to the Agency, may deem necessary or advisable in order to effect the amendment of the Affordable Housing Agreement. PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 15th day of March , 1999. Chairman ATTEST: APPROVED AS TO FORM L.�srs+scG40� �.e 1/s/sf Agency Clerk /6,-Agency Counsel REVIEWED AND APPROVED: INXIATED AND APPROVED: Executi e Director ibirecf6r of Economic Deve pme t 2 SF-99Resolutions TivePSP RLS 99-141 03/09/99-#1 Res.No. 296 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 an adjourned regular meeting of said Redevelopment Agency held on the 15 t hday of March, 1999 and that it was so adopted by the following vote: AYES: Bauer, Garofalo, Green, Dettloff, Harman NOES: Sul 1 i van ABSENT: Julien ABSTAIN: None Clerk of the RedeveloEmen Agency of the City of Huntington Beach, Ca.