HomeMy WebLinkAboutCity Council - 2005-68 RESOLUTION NO. 2 0 0 5-6 8
A RESOLUTION OF THE CITY OF HUNTINGTON BEACH COMMITTING HOME
FEDERAL HOUSING FUNDS TO THE PENDING STUDIOS AT CENTER
AFFORDABLE HOUSING PROJECT
WHEREAS,the City of Huntington Beach(hereinafter the "City") is a program recipient
in the U. S. Department of Housing and Urban Development("HUD")HOME Investment
Partnership Program (hereinafter referred to as the "Program"); and
The Redevelopment Agency of the City of Huntington Beach(the "Agency") has State
mandates to construct affordable housing; and
Affordable housing is needed to provide housing for our citizens; and
Center Partners, LLC has identified an affordable housing project known as the Studios
At Center Project; (the "Project") and
The Agency's funding assistance is required and has been requested by Center Partners to
construct the Project; and
In order to provide the funding assistance, the Agency will require a Disposition and
Development Agreement(DDA) for regulation of the Project; and
HUD has required the City to provide a funding commitment to the Project by October
31, 2005, or HUD will recapture its HOME funds provided to the City; and
The City's HOME funds will be available to the Project, conditioned upon Center
Partners, LLC reaching agreement with the Agency on the DDA,
NOW, THEREFORE, The City Council of the City of Huntington Beach does hereby
resolve as follows:
Resolution No. 2005-68
1. That all of the City's current HOME program funds, in the approximate amount of
$875,600.00, is committed to the Project, conditioned upon Center Partners, LLC reaching
agreement with the Agency on the DDA.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on October 17, , 2005.
Mayor
APPROVED AS TO FORM:
ity Attorney
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REVIEWED AND APPROVED: INITIA ND APPROVED:
City Adhinistrator Director of EcOfomic Development
2
2005 resol:HOME Program Funds for Studios At Center
RLS 2005-348
Res. No. 2005-68
STATE OF CALIFORNIA
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, JOAN L. FLYNN 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 an regular meeting thereof held on the 17th day of
October, 2005 by the following vote:
AYES: Hansen, Coerper, Sullivan, Hardy, Green, Bohr, Cook
NOES: None
ABSENT: None
ABSTAIN: None
CityUlerk and ex-officio rk of the
City Council of the City of
Huntington Beach, California