HomeMy WebLinkAboutRDA RES 326RESOLUTION NO. 326
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY
AUTHQRIZING THE EXECUTION OF THE ASSIGNMENT, ASSUMPTION
AND AMENDMENT OF BOND DOCUMENT AND RATIFICATION OF ALL
OTHER DOCUMENTS NECESSARY TO IMPLEMENT THE TRANSFER
OF TITLE FOR DESERT ROSE.
Whereas, pursuant to Section 33334.2 (a) of the California Heaith and
Safety Code, Redevelopment Agencies are required to set aside 20% of Tax Increment
generated from its project areas for the purpose of increasing, improving, and
preserving the community's supply of low and moderate income housing; and
Whereas, in 1990 the Agency entered into a Development and
Disposition Agreement for the purchase of certain real property and the development of
a 161-unit affordable single-family residential project; and
Whereas, by certain Project Development Agreement executed on July
14, 1994 the developer assigned his rights, title and interest in the Development and
Disposition Agreement to Civic Center Barrio Housing Corporation (CCBHC) a non-
profit Corporation, and agreed to construct all the improvements and sell-said
improvements to the non-profit for a fixed price; and
Whereas, The Redevelopment Agency entered into a Housing
` Assistance Agreement with CCBHC for the purpose of assisting the non-profit with the
acquisition of the property, project improvements and the implementation of the
program; and
Whereas, in order to facilitate the implementation and construction of
Desert Rose, CCBHC entered into numerous agreements relative to the issuance of a
Multi-Family Revenue Bond; and
Whereas, it is necessary for the Agency to take possession of the
project including title to the property, irriprovements and prc�grdm ��rp!e�nentation, and
in order to accomplish this, it is further necessary for the Agency to ��c�cute an
Assignment, Assumption and Amendment of Bond Document Agreement with Civic
Center Barrio Housing Corporation (Non-profit), Bank of America (Bond Trustee), First
Interstate Bank of California (Letter of Credit Guarantor); and
Whereas, as a result of the execution of the Assumption Agreement,
the Agency accepts the grant, assignment, transfer and delegation, assumes and
agrees to fully and completely keep, perform, pay, satisfy and discharge all the
indebtedness, duties, obligations and liability, whether matured or unmatured, absolute
or contingent, liquidated or unliquidated, of CCBHC under the bond documents, all in a
manner and to the same extent as if the Agency had originally executed the bond
documents with the b�nk.
Resolution No. ��h
NOW, THEREFORE, THE PALM DESERT REDEVELOPMENT AGENCY
HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS:
Section 1. That the Chairman is authorized to execute the Assignment,
Assumption and Amendment of Bond Document, and the Agency herein ratifies all
other documents necessary to implement the transfer of title on Desert Rose from
CCBHC to the Redevelopment Agency.
APPROVED AND ADOPTED this 28th day of March, 1996.
AYES: BENSON, CRITES, KELLY, SPIEGEL, SNYDER
NOES: NONE
ABSENT: rrort�
ABSTAIN: NONE
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SHEILA r .'2J�'�(LLIGAN, �CRETARY