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Home My WebLink AboutAdopt Resolution 2005-68 Approving Commitment of $875,600 of Council/Agency Meeting Held: Deferred/Continued to: Approved ❑ Conditionally Approved ❑ Denied ity I Vs Sisiature Council Meeting Date: 10/17/2005 Departm ID Number: ED 05-29 CITY OF HUNTINGTON BEACH NO REQUEST FOR CITY COUNCIL ACTION Cz --f r,2 M SUBMITTED TO: HONORABLE MAYOR AND CITY COUN MEMBER ` SUBMITTED BY: PENELOP CULBR TH-GRAFT, DPA, CITY ADMINIS OF : rn 7 tn 4WJ y PREPARED BY: PAUL EMERY, ACTING DIRECTOR OF ECONOMIC Dt;VELO /l a SUBJECT: Approve a Resolution of the City of Huntington Beach Committi g HOME Federal Housing Funds to the Pending Studios at Center Affordable Housing Project F atement of Issue,Funding Source,Recommended Action,Alternative Action(s),Analysis,Environmental Status,Attachment(s) Statement of Issue: The City was recently notified by the U.S. Department of Housing and Urban Development (HUD) that it intends to recapture from all jurisdictions any federal HOME Investment Partnership Program housing funds that have not been committed by October 30, 2005. In order to preserve the City's current balance of $875,6000 of HOME Program funds, the Council is requested to approve the attached resolution, which will commit the balance of these funds to the proposed Studios at Center affordable housing project. The Disposition and Development Agreement (DDA) for the Studios at Center project is anticipated to be submitted to the Redevelopment Agency for consideration in early 2006. Funding Source: $875,600 of HOME Program Funds, Account Numbers 85180401 and 85280401. Recommended Action: Motion to: 1. Approve Resolution No. 2C0,5--68; A Resolution of the City of Huntington Beach Committing HOME Federal Housing Funds to the Pending Studios at Center Affordable Housing Project. Alternative Action(s): Do not approve the attached resolution and direct staff to commit the HOME Program funds to an alternative affordable housing project. REQUEST FOR ACTION MEETING DATE: 10/17/2005 DEPARTMENT ID NUMBER:ED 05-29 Analysis: HUD recently notified the City that it intends to recapture from all jurisdictions any HOME Program housing funds that have not been committed by October 30, 2005. The City currently has a balance of $875,600 of uncommitted HOME Program funds. These funds have been preserved to finance the proposed Studios at Center affordable housing project. The Redevelopment Agency's consideration of a Disposition and Development Agreement (DDA) for the Studios at Center project; however, is contingent upon approval of the currently pending Edinger Corridor Specific Plan, which is anticipated to be submitted to the Council for approval by the end of 2005. Approval of the attached resolution committing HOME funds to the Studios at Center project will preserve these funds for the project until its DDA can be considered for approval. Staff anticipates that this will occur in early 2006. Approval of the proposed resolution at this time will not compel the Agency to approve the proposed DDA for the Studios at Center project. It will only preserve the funds for the project in the event that the DDA is approved by early 2006. Should the Agency not approve the Studios at Center project DDA, the City must then immediately recommit the federal HOME Program funds to an alternative affordable housing project in order to avoid the recapture of these funds by the federal government. Environmental Status: Not Applicable. Attachment(s): NumberCity Clerk's Page • Description 1. Resolution No. <94nS(o6; A Resolution of the City of Huntington Beach Committing HOME Federal Housing Funds to the Proposed Studios at Center Affordable Housing Project. D:\Documents and Settings\bazantd\Local Settings\Temporary Internet Files\OLK87\Home Resolution RCA.doc -2- 10/10/2005 8:43 AM CITY RESOLUTION FATTACH' MEN T 1 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: 6ifAttorney �1 REVIEWED AND APPROVED: INITIA APPROVED: 411 7),f� City AdWiinistrator Director of Ec omic 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 ) 1, JOAN L. FLYNN the duty 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 Mrk of the City Council of the City of Huntington Beach, California RCA ROUTING SHEET INITIATING DEPARTMENT: Economic Development SUBJECT: Approval of Resolution Committing HOME Funds to Studios at Center Affordable Housing Project COUNCIL MEETING DATE: October 17, 2005 RCA ATTACHMENTS STATUS Ordinance (w/exhibits & legislative draft if applicable) Attached ❑ Not Applicable Resolution (w/exhibits & legislative draft if applicable) Attached Not Applicable ❑ Tract Map, Location Map and/or other Exhibits Attached ❑ Not Applicable Attached ❑ Contract/Agreement (w/exhibits if applicable) Not Applicable Signed in full bX the City Attorney) Attached ❑ Subleases, Third Party Agreements, etc. Not Applicable (Approved as to form by City Attome ) Certificates of Insurance (Approved b the City Attorne Attached ❑ ( PP Y Y Y) Not Applicable Attached ❑ Fiscal Impact Statement (Unbudget, over $5,000) Not Applicable Attached ❑ Bonds (If applicable) Not Applicable Attached ❑ Staff Report (If applicable) Not Applicable Commission, Board or Committee Re ort If applicable Attached P ( pp ) Not Applicable s/Conditions for Approval and/or Denial At ElFindin 9 pp Not Applicable EXPLANATION FOR MISSING ATTACHMENTS REVIEWED RETURNED FORWARDED ' Administrative Staff ( ( ) Assistant City Administrator Initial City Administrator initial City Clerk ( ) .EXPLANATION FOR RETURN OF ITEM: Only)(Below Space For City Clerk's Use RCA Author: S. 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