HomeMy WebLinkAboutRDA RES 517RESOLUTION NO. 517
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT
AGENCY SUPPLEMENTING ITS RESOLUTIONS DESIGNATING
THE PALM DESERT HOUSING AUTHORITY AS THE OPERATOR
OF CERTAIN AGENCY-OWNED RENTAL HOUSING PROJECTS IN
THE CITY OF PALM DESERT
THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS,
DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section 1.The Agency is the owner of the following rental housing projects:
One Quail Place, consisting of 384 units
Desert Pointe, consisting of 64 units
Neighbors Apartments, consisting of 24 units
Taos Palms, consisting of 16 units
California Vilias, consisting of 141 units
Laguna Palms, consisting of 48 units
Country Village, consisting of 66 units
Las Serenas, consisting of 150 units
The Pueblos, consisting of 15 units
Catalina Gardens, consisting of 72 units
Palm Village Apartments, consisting of 36 units
La Rocca Vitlas, consisting of 27 units
Section 2.The Agency has designated the Palm Desert Housing Authority as the
operator of the various rental housing projects owned by the Agency and the Agency
hereby confirms such designation and again designates the Housing Authority as
operator of af{ the rental housing projects described in Section 1 hereof, and all of the
rental housing projects hereafter acquired or constructed by the Agency.
Section 3.The Hausing Authority is hereby further authorized to do all acts and
things necessary or appropriate in conneetion with the operation, management,
maintenance, repair and rehabilitation of all such rental housing projects, including but
not limited to entering into an agreement or agreements with a private management
company or companies consistent with federal tax regulations pertaining to tax-exempt
bonds.
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RESOLUTIOlV NO. 51 i
Section 4.To the extent that rental revenues and other income derived by the
Housing Authority from the various rental housing projects described in Sections 1 and
2 hereof are insufficient to cover any of the expenses of operation, management and
maintenance of such units, the Agency hereby covenants to pay to or on behalf of the
Housing Authority from amounts in the low and moderate income housing fund of the
Agency such amounts as may be necessary to cover any shortfalls which may arise
from insufficient rental revenues and other income. The Agency also hereby covenants
to pay to or on behalf of the Housing Authority all expenses of repair and rehabilitation
of such units from moneys derived directly from the low and moderate income housing
fund of the Agency.
Section S.At such time or times as the Treasurer of the Housing Authority
determines that a shortfall exists or is soon anticipated, or that amounts are needed for
repair or rehabilitation, the Treasurer of the Housing Authority shall make a demand on
the Treasurer of the Agency. Such demand shall state the amount of the existing or
anticipated shortfall, or the amounts needed for repair or rehabifitation. Upon receipt of
such demand, the Treasurer of the Agency shall pay to or on behalf of the Housing
Authority the amount stated in such demand from the low and moderate income
housing fund of the Agency. All expenses of repair and rehabilitation of such units shall
be paid by the Housing Authority from moneys derived directly from the low and
moderate income housing fund of the Agency.
Section 6.The Treasurer ofi the Housing Authority and the Treasurer of the
Agency shall cooperate to estabfish such special account or accounts as may be
necessary or desirable to effectuate the purposes of Sections 4 and 5 hereof.
Section 7.The obligation of the Agency to pay amounts to the Housing Authority
pursuant to Sections 4 and 5 hereof shall be subordinate to any obfigations of the
Agency to pay debt service on bonds heretofore or hereafter issued and which are
payable from the Agency's low and moderate income housing fund.
Section 8.The Secretary of the Agency is hereby authorized and directed to
deliver a copy of this Resolution to the Housing Authority and to the Treasurer of the
Housing Authority.
PASSED, APPROVED AND ADOPTED this 9�" day of March, 2006
AYES: aErtsox, CRITES, RELLY, SPIEGEL, and FERGUSON
NOES: xox�
ABSENT:
ABSTAtN
ATTEST:
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