HomeMy WebLinkAboutRDA RES 535RESOLUTION NO. 535
A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY
APPROVING THE SALE OF 93 SINGLE-FAMILY HOMES IN THE FALCON
CREST DEVELOPMENT IN THE CITY OF PALM DESERT
THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES,
RESOLVES AND ORDERS AS FOLLOWS:
Section 1. The Palm Desert Redevelopment Agency (the "Agency") owns property
located in Project Area No. 3 of the Agency (the "Project Area"), consisting of Tract No. 30795 in
the City of Palm Desert, California, and known as the Falcon Crest development (the
"Property"). The Property will be developed with 93 single-family homes (the "Homes"). The
Agency proposes to sell the Homes only to persons and families of low or moderate income (as
defined in California Health and Safety Code Section 50093, as amended from to time).
In accordance with the Agency's Falcon Crest Program, the Agency proposes to make
deferred-payment loans (the "Agency Loans") and the City of the Palm Desert (the "City")
proposes to make deferred-payment loans (using proceeds of the BEGIN grant from the
California Department of Housing and Community Development)(the "City BEGIN Loans")) to
each purchaser of a Home for the purpose of reducing the purchaser's required down payment
and monthly mortgage costs, so that the total of the sales price, mortgage payments and other
components of the purchaser's housing cost result in the Home being available to the purchaser
at an affordable housing cost (as defined in California Health and Safety Code Section 50052.5,
as amended from time to time).
The Agency proposes to sell each Home, and the Agency proposes to make each
Agency Loan, pursuant to (i) a deposit, receipt, purchase contract and joint escrow instructions
(Affordable Housing) (the "Purchase and Sale AgreemenY'), (ii) an affordable housing restriction
and lien agreement (the "Lien AgreemenY'), (iii) an Agency deed of trust (the "Agency Deed of
TrusY'), and (iv) an Agency promissory note (the "Agency Promissory Note"), and the City
proposes to make each City BEGIN Loan pursuant to (i) a City BEGIN deed of trust (the "BEGIN
Deed of TrusY'), and (ii) a City Promissory Note (the "BEGIN Promissory Note") all substantially
in the form of such documents on file in the offices of the Agency Secretary and City Clerk of the
City.
Section 2. The Purchase and Sale Agreement, the Lien Agreement, the Agency Deed of
Trust, the BEGIN Deed of Trust, the Agency Promissory Note, and the BEGIN Promissory Note,
together with certain related documents and a summary report prepared pursuant to Health and
Safety Code Section 33433 in connection with the sale of the Homes (the "Summary Report"),
have been made available for public inspection in the office of the City Clerk and Agency
Secretary in the manner required by Health and Safety Code Section 33433.
Section 3. Following notice duly given, the Agency and City Council have held a full and
fair public hearing on the proposed sale by the Agency of the Homes to persons and families of
low or moderate income.
Section 4. Based on the evidence presented to the Agency, including the written staff
report, oral and written testimony in this matter, and the Summary Report, the Agency hereby
finds and determines that (i) the sale of the Homes to persons and families of low or moderate
income at an affordable housing cost pursuant to purchase and sale agreements, lien
W:Vlgenda Itams�2006-Nov 16�Falcon CrestU2esolution ot the Palm Desert Redevelopmant Agency Approving sale of homes Nov 16 2006.DOC
RESOLUTION NO. 535
agreements, deeds of trust and promissory notes substantially in the form of the Purchase and
Sale Agreement, Lien Agreement, Agency Deed of Trust, BEGIN Deed of Trust, Agency
Promissory Note, and BEGIN Promissory Note will assist in the elimination of blight in the
Project Area and will provide housing for low and moderate income persons; (ii) the sale of the
Homes pursuant to such purchase and sale agreements, lien agreements, deeds of trust and
promissory notes is consistent with the Agency's Implementation Plan for the Project Area
adopted pursuant to Health and Safety Code Section 33490; and (iii) the consideration for each
Home will be not less than the fair reuse value of the Home at the use and with the covenants
and conditions authorized by the lien agreement.
Section 5. The Agency hereby approves the sale of the Homes at an affordable housing
cost to persons and families of low or moderate income pursuant to purchase and sale
agreements, lien agreements, deeds of trust and promissory notes substantially in the form of
the Purchase and Sale Agreement, Lien Agreement, Agency Deed of Trust, BEGIN Deed of
Trust, Agency Promissory Note, and BEGIN Promissory Note and the Executive Director is
hereby authorized and directed, for and in the name and on behalf of the Agency, to execute
and deliver the purchase and sale agreements and lien agreements in substantially the form of
the Purchase and Sale Agreement and Lien Agreement, with such additions thereto or changes
or insertions therein as may be approved by the Executive Director (such approval to be
conclusively evidenced by such execution and delivery), and the Executive Director is hereby
authorized to determine the sales price and the amount of the Agency Loan for each Home.
Section 6. The Executive Director, the Chairman, the Vice-Chairman, and the Secretary
of the Agency, and their designees, are hereby authorized and directed, jointly and severally, to
execute and deliver any and all necessary documents and instruments and to do all things
which they may deem necessary or proper in order to effectuate the purposes of this Resolution
and the transactions contemplated hereby; and any such actions previously taken by such
officers are hereby ratified, confirmed and approved.
PASSED, APPROVED and ADOPTED this 16th day of November 2006 by the following
vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAI N:
BENSON, KELLY, SPIEGEL, and FERGUSON
NONE
NONE
NONE
JIM F G O ��1-IAIRMAN
ATTFST:
R CHELLE D. KLASSEN, ECRETA Y
PALM DESERT REDEVELOPMENT AGENCY
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W:V+genda Items�2006-Nov 16�Falcon Crest�ResoluGon of the Palm DaseA Redevelopment Agancy Approving sale of homes Nov 16 2006.DOC