HomeMy WebLinkAboutRedevelopment Agency - 377 REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH
RESOLUTION NO. 377
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH APPROVING AN
AFFORDABLE HOUSING AGREEMENT WITH JHC-
ACQUISITIONS,LLC AND APPROVING THE SALE OF REAL
PROPERTY
WHEREAS,the Redevelopment Agency of the City of Huntington Beach(the"Agency")is
engaged in activities necessary to carry out and implement the Redevelopment Plan for the Merged
Redevelopment Project Area(the "Project Area") of the City of Huntington Beach; and
The Agency desires to enter into an Affordable Housing Agreement with JHC-Acquisitions,
LLC (the "Developer") by which the Agency will sell certain real property located in the Project
Area at 18191 Parktree Circle (the "Property")for Developer's rehabilitation and operation of the
164-unit apartment complex located thereon as affordable rental housing for very low income and
low income senior citizen households for not less than 60 years (the "Project") and by which the
Project will be financed by the Agency's carry back of the Developer's purchase price for the
Property together with tax-exempt mortgage revenue bonds and equity in the form of federal tax
credits; and
It is in the best interests of the City and for the common benefit of the residents and the City
as a whole for the Agency to enter into the Affordable Housing Agreement; and
All other legal prerequisites to the adoption of this Resolution have occurred.
NOW, THEREFORE, BE IT RESOLVED BY THE REDEVELOPMENT AGENCY OF
THE CITY OF HUNTINGTON BEACH AS FOLLOWS:
1. The Agency hereby finds and determines that the foregoing recitals are true and
correct.
2. The Agency has duly considered the terms and conditions of the proposed transaction
and, a duly noticed public hearing having been held, determines that the proposed
Affordable Housing Agreement is in the best interests of the Project Area and 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 and requirements.
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Resolution No. 377
3. The Agency hereby approves the sale of the Property to the Developer and the carry
back of the Developer's purchase price in the amount of$8,000,000.
4. The Agency Executive Director (or designee) and the Agency Chairperson are
authorized to take any action and execute any and all documents and agreements
necessary to implement this Resolution without the necessity of further action by the
Agency except to the extent required by law.
5. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a
regular meeting held thereof on the 21 s t day of September, 2009.
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REVIE D AND APPROVED: APPROVED AS TO FORM:
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Exec five Director \a.Ts��
Ceneral Counsel v UP q. /0
INITIATED AND APPROVED: KANE, BALLMER& BERKMAN
Agency Special C unseI
Director of Economi velopment DeborahVL. Rhoads
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Res. No. 377
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF HUNTINGTON BEACH )
I, JOAN FLYNN, 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 regular meeting of said Redevelopment
Agency held on September 21, 2009 and that it was so adopted by the
following vote:
AYES: Carchio, Dwyer, Green, Bohr, Coerper, Hardy, Hansen
NOES: None
ABSENT: None
ABSTAIN: None
CI k of the Redevelopment Agency
of the City of Huntington Beach, CA