HomeMy WebLinkAboutRedevelopment Agency - 382 REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH
RESOLUTION NO. 382
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
HUNTINGTON BEACH APPROVING AN AFFORDABLE HOUSING
AGREEMENT WITH BTDJM PHASE H ASSOCIATES, LLC, A
DELAWARE LIMITED LIABILITY COMPANY
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
WHEREAS, the Agency desires to enter into an Affordable Housing Agreement with BTDJM
Phase II Associates, LLC, a Delaware limited liability company (the "Developer") by which the Agency
will provide financial assistance to Developer to pay a portion of the costs for the construction of certain
multi-family dwelling units ("Dwelling Units") which shall be restricted for rental and/or sale to and
occupancy by Moderate Income Households and Very Low Income Households upon certain real property
known as 7777 Edinger Avenue,Huntington Beach,California;and
WHEREAS, the Agency shall use funds from its Low and Moderate Income Housing Fund to
finance more than fifty percent of the cost of producing the Dwelling Units;and
WHEREAS, the amount of Agency assistance is necessary because the Developer has made a
good faith attempt but has been unable to obtain commercial or private means of financing the units at the
same level of affordability and quantity due to the costs of production and projected operating income of the
Dwelling Units, as evidenced by the Project Budget, which is an attachment to the Affordable Housing
Agreement;and
WHEREAS,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
WHEREAS,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:
I. 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
determined 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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Redevelopment Agency Res.#382
3. 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.
4. 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 day of October,2010.
Chairman
REVIEWED AND APPROVED: APPROVED AS TO FO RM:
E utiv Director G neral Co el
INITIATED AND APPROVED: KANE,BALLMER&BERKMAN
Agency Special Counsel
Director of Economic Development Susan Y.Cola
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Res. No. 382
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 October 4, 2010 and that it was so adopted by the
following vote:
AYES: Hardy, Green, Bohr, Dwyer, Hansen
NOES: None
ABSENT: Carchio, Coerper
ABSTAIN: None
C&tk of the Redevelopm, t Agency
of the City of Huntington Beach, CA