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Home My WebLink AboutHA33980 - BPFA - Housing Pgrm Buy-Dwn SUCCESSOR AGENCY OF THE PALM DESERT REDEVELOPMENT AGENCY/PALM DESERT HOUSING AUTHORITY JOINT CONSIDERATION STAFF REPORT REQUEST: APPROVE RESOLUTION NO. HA- 6$ - AND A RESOLUTION NO. SARDAo39 A RESOLUTION APPROVING THE EXECUTION OF A HOUSING PROGRAM BUY-DOWN HOUSING BOND PROCEEDS FUNDING AGREEMENT BETWEEN THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY AND THE PALM DESERT HOUSING AUTHORITY AND TAKING CERTAIN RELATED ACTIONS SUBMITTED BY: Veronica Tapia, Management Analyst II DATE: November 13, 2014 CONTENTS: Resolution No. HA - 68 Resolution No. SARDA- 039 Reimbursement Agreement- �339so Recommendation By Minute Motion that the Oversight Board: 1. Waive further reading and adopt Resolution No. 68 approving the execution of a Housing Program Buy-Down Subsidy Bond Proceeds Funding Agreement between the Successor Agency to the Palm Desert Redevelopment Agency and the Palm Desert Housing Authority and taking certain related action. 2. Approve and authorize the respective Chairmen to execute the Housing Program Buy-Down Subsidy Bond Proceeds Funding Agreement. Backqround The City and Housing Authority staff are currently engaged in negotiations with prospective developers regarding implementation of the Housing Authority's buy-down subsidy programs for low and moderate income housing developments that will include some low and moderate income units. G Vda\Veronica Tapia\Word FileslStaff Reports\Successor Agency\Bond Proceed Agreements\Completed BPFAs\Housing Subsidy BuydownsVSR-Homebuyer Subsidy Reimbursement Agreement 11-13-14.tloc Staff Report Housing Program Buy-Down Subsidy Reimbursement Agreement Page 2 of 2 November 13, 2014 Pursuant to dissolution law, only existing contracts have been eligible for payment from ROPS, until a Finding of Completion is received by the Successor Agency. The DOF issued our Finding of Completion on May 15, 2013, which provides the ability for the Successor Agency to utilize existing bond funds for the purpose in which they were issued; however in order to spend these funds, the project must be included on an approved ROPS. Therefore estimated subsidy needs have been included and approved on 14-15A and also for approval on ROPS 14-15B. Based on the Department of Finance's recent request for such an agreement, expenditures will be reimbursed upon approval of ROPS 14-15B and available after January 1, 2015. Staff recommends approval of the Housing Program Buy-Down Subsidy Bond Proceeds Funding Agreement between the Successor Agency and Housing Authority and taking certain related actions. Fiscal Analvsis The estimated cost for the entire subsidy program is estimated at ($5,000,000) and is listed on ROPS, line 174. Although the Housing Authority would initially advance the funds for this purpose, it is the intention of the Successor Agency to reimburse the Housing Authority for the costs from bond proceeds which include a project for the Buy- Down Subsidies in the bond covenant. Upon approval of ROPS 14-15B, reimbursement will occur after January 1, 2015. Prepar y: � a / /�-� . ��,,�. Veronica Tapia an oore Mana ement Analyst II Director of H/ ousing - �l.f �S.,f Q;'f � ' �.�cc4—�� .��_.��...��. Paul S. Gibson � Director of Finance �'��"��"g"� ��`�r� -``��C -_-�.- � � .-<. .�F... ,r�- , �. L'��&.t:.iY.a. '�'� L�� i .ti.� �3i.�r�.r:�,+.a ��'._3z:Nn pp ov �' � �-�, ��BY H 'CJ � � ous� ,�u-r� � � ,� — � �� n M. Wohlmuth ty Manager/Executive Director of the �/Ef�iF1ED BY: uccessor Agency of the Palm Desert �r� '�ai on file wifih �if C rk's OfficF Redevelopment Agency � Y � ��S� � /�� G:\rda\Veronica Tapia\Word Files\Staff Reports\Successor Agency\Bond Proceed Agree nts\Completed BPF s\Housing S4bsidyR7R7R7uuu��vvvt��downs\ R- o b yer$ubs ReimbursementAgreement 11-13-14.doc �� I�/ \�j�,, � ,I ��. � �o� ; �, , .�C�.�I�'1 C'� RESOLUTION NO. SARDA- 039 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY APPROVING THE EXECUTION OF A HOUSING PROGRAM BUY-DOWN HOUSING BOND PROCEEDS FUNDING AGREEMENT BEl1NEEN THE SUCCESSOR AGENCY AND THE PALM DESERT HOUSING AUTHORITY RECITALS: A. Pursuant to AB X1 26 (which became effective at the end of June 2011) and the California Supreme Court's decision in California Redevelopment Association, et al. v. Ana Matosantos, et al., 53 Ca1.4th 231(2011), the former Palm Desert Redevelopment Agency (the "Former RDA") was dissolved as of February 1, 2012, and the Successor Agency was constituted. B. Pursuant to Section 34175(b) of the California Health and Safety Code ("HSC"), assets of the Former RDA, including all unspent bond proceeds, transferred to the control of the Successor Agency by operation of law. C. Pursuant to HSC Section 34176(b), the City Council of the City of Palm Desert (the "City") adopted Resolution No. 2012-07, electing for the City not to retain the responsibility for performing housing functions previously performed by the Former RDA, and determining that all of the assets, as allowed by law, and all rights, powers, liabilities, duties, and obligations associated with the housing activities of the Former RDA be transferred to the Palm Desert Housing Authority (the "Housing Authority," or in its capacity as the housing successor to the Former RDA, also the "Housing Successor"). D. The Palm Desert Financing Authority (the "Financing Authority") previously issued its Tax Allocation Revenue Bonds (Housing Set Aside Refunding Revenue Bonds), Series 2007, in the principal amount of $86,155,000 (the "2007 Housing Bonds"), pursuant to an Indenture of Trust, dated as of February 1, 2007, by and between the Financing Authority and Wells Fargo Bank, National Association, as trustee (the "2007 Bond Trustee"), for the purpose of financing projects for low and moderate income housing purposes. E. Pursuant to the Loan Agreement, dated as of February 1, 2007 (the "2007 Loan AgreemenY'), by and among the Financing Authority, the Former RDA, and the 2007 Bond Trustee, proceeds of the 2007 Housing Bonds were loaned to the Former RDA (the "2007 Loan"). F. The Former RDA caused a portion of the proceeds of the 2007 Housing Bonds that was received as part of the 2007 Loan to be deposited into a Project Fund (the "2007 Project Fund"), which was established, and is held, by the 2007 Bond Trustee pursuant to the 2007 Loan Agreement. G. There remains a balance in the 2007 Project Fund (the "2007 Housing Bond Proceeds"). 1 RESOLUTION NO. sA-xDa o39 H. HSC Section 34176(g) provides that the Housing Authority, as the Housing Successor, may designate the use of, and commit, the 2007 Housing Bond Proceeds; provided that such use and commitment of 2007 Housing Bond Proceeds are consistent with the bond covenants. I. Pursuant to HSC Section 34177(I), the Successor Agency must prepare a Recognized Obligation Payment Schedule ("ROPS") for each six-month fiscal period ("ROPS Period"). The ROPS must be submitted to the Oversight Board of the Successor Agency (the "Oversight Board") and the State Department of Finance (the "DOF") for approval. J. HSC Section 34176(g) provides that a designation of the use (or commitment) of the 2007 Housing Bond Proceeds must be listed on a ROPS. K. HSC Section 34176(g) provides that the Successor Agency's, the Oversight Board's and the DOF's review of the designations and commitments of 2007 Housing Bond Proceeds by the Housing Authority, as the Housing Successor, shall be limited to a determination that the designations and commitments are consistent with bond covenants and that there are sufficient funds available therefor. L. The Housing Authority has been engaged in negotiation with prospective developers regarding the implementation of the Housing Authority's buy-down subsidy programs for low and moderate income housing developments (the "Buy-Down Subsidy Program"). M. As documented by the Certificate Regarding Compliance with Certain Tax Matters, dated as of February 7, 2007 (the "2007 Tax Certificate"), it was intended, at the issuance of the 2007 Bonds, that moneys deposited in the 2007 Project Fund be used for, among other projects, buy-down subsidies for development of low and moderate income multi-family housing units. N. The Housing Authority desires to use the 2007 Housing Bond Proceeds for the Buy-Down Subsidy Program. O. Pursuant to the previous designation by the Housing Authority, the use of the 2007 Housing Bond Proceeds for the Buy-Down Subsidy Program, in the amount of $2,000,000, is listed on ROPS 14-15B as Item No. 174. P. The Successor Agency and the Housing Authority desire to enter into a Housing Program Buy-Down Housing Bond Proceeds Funding Agreement (the "Agreement," in substantially the form attached as Exhibit A, to provide that the transfer of the 2007 Housing Bond Proceeds to the Housing Authority for use for the Buy-Down Subsidy Program. NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: 2 RESOLUTION NO. sA-RDA o39 Section 1. Recitals. The above recitals, and each of them, are true and correct. Section 2. Housina Program Buy-Down Housing Bond Proceeds Fundinq Aqreement. The Agreement, in the form attached hereto as Exhibit A, is hereby approved. Upon the DOF's approval (or deemed approval) of the Oversight Board's resolution approving the Successor Agency's execution and delivery of the Agreement, each of the Chair of this Board, the Vice Chair of this Board and the Executive Director of the Successor Agency (each, an Authorized Officer"), individually, is hereby authorized to execute and deliver, for and in the name of the Successor Agency, the Agreement, in substantially such form, with changes therein as the Authorized Officer executing the same may approve (such approval to be conclusively evidenced by the execution and delivery thereo�. Section 3. Other Acts. The Authorized Officers and all other officers of the Successor Agency are hereby authorized, 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 to effectuate the purposes of this Resolution and the Agreement. APPROVED and ADOPTED this day of , 2014. AYES: NOES: ABSENT: ABSTAIN: VAN TANNER, CHAIR ATTEST: RACHELLE D. KLASSEN, SECRETARY SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY 3 Resolution No. SA-RDA 039 EXHIBIT A Housing Program Buy-Down Housing Bond Proceeds Funding Agreement (in substantial final form) (see attached) 12812-000 l\l 760890.1 RESOLUTION NO. HA- 68 A RESOLUTION OF THE PALM DESERT HOUSING AUTHORITY APPROVING THE EXECUTION OF A HOUSING PROGRAM BUY-DOWN HOUSING BOND PROCEEDS FUNDING AGREEMENT BETWEEN THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY AND THE HOUSING AUTHORITY RECITALS: A. Pursuant to AB X1 26 (which became effective at the end of June 2011) and the California Supreme Court's decision in California Redevelopment Association, et al. v. Ana Matosantos, et al., 53 Ca1.4th 231(2011), the former Palm Desert Redevelopment Agency (the "Former RDA") was dissolved as of February 1, 2012, and the Successor Agency was constituted. B. Pursuant to Section 34175(b) of the California Health and Safety Code ("HSC"), assets of the Former RDA, including all unspent bond proceeds, transferred to the control of the Successor Agency by operation of law. C. Pursuant to HSC Section 34176(b), the City Council of the City of Palm Desert (the "City") adopted Resolution No. 2012-07, electing for the City not to retain the responsibility for performing housing functions previously performed by the Former RDA, and determining that all of the assets, as allowed by law, and all rights, powers, liabilities, duties, and obligations associated with the housing activities of the Former RDA be transferred to the Palm Desert Housing Authority (the "Housing Authority," or in its capacity as the housing successor to the Former RDA, also the "Housing Successor"). D. The Palm Desert Financing Authority (the "Financing Authority") previously issued its Tax Allocation Revenue Bonds (Housing Set Aside Refunding Revenue Bonds), Series 2007, in the principal amount of $86,155,000 (the "2007 Housing Bonds"), pursuant to an Indenture of Trust, dated as of February 1, 2007, by and between the Financing Authority and Wells Fargo Bank, National Association, as trustee (the "2007 Bond Trustee"), for the purpose of financing projects for low and moderate income housing purposes. E. Pursuant to the Loan Agreement, dated as of February 1, 2007 (the "2007 Loan Agreement"), by and among the Financing Authority, the Former RDA, and the 2007 Bond Trustee, proceeds of the 2007 Housing Bonds were loaned to the Former RDA (the "2007 Loan"). F. The Former RDA caused a portion of the proceeds of the 2007 Housing Bonds that was received as part of the 2007 Loan to be deposited into a Project Fund (the "2007 Project Fund"), which was established, and is held, by the 2007 Bond Trustee pursuant to the 2007 Loan Agreement. G. There remains a balance in the 2007 Project Fund (the "2007 Housing Bond Proceeds"). 1 RESOLUTION NO. 68 H. HSC Section 34176(g) provides that the Housing Authority, as the Housing Successor, may designate the use of, and commit, the 2007 Housing Bond Proceeds; provided that such use and commitment of 2007 Housing Bond Proceeds are consistent with the bond covenants. I. Pursuant to HSC Section 34177(I), the Successor Agency must prepare a Recognized Obligation Payment Schedule ("ROPS") for each six-month fiscal period ("ROPS Period"). The ROPS must be submitted to the Oversight Board of the Successor Agency (the "Oversight Board") and the State Department of Finance (the "DOF") for approval. J. HSG Section 34176(g) provides that a designation of the use (or commitment) of the 2007 Housing Bond Proceeds must be listed on a ROPS. K. HSC Section 34176(g) provides that the Successor Agency's, the Oversight Board's and the DOF's review of the designations and commitments of 2007 Housing Bond Proceeds by the Housing Authority, as the Housing Successor, shall be limited to a determination that the designations and commitments are consistent with bond covenants and that there are sufficient funds available therefor. L. The Housing Authority has been engaged in negotiation with prospective developers regarding the implementation of the Housing Authority's buy-down subsidy programs for low and moderate income housing developments (the "Buy-Down Subsidy Program"). M. As documented by the Certificate Regarding Compliance with Certain Tax Matters, dated as of February 7, 2007 (the "2007 Tax Certificate"), it was intended, at the issuance of the 2007 Bonds, that moneys deposited in the 2007 Project Fund be used for, among other projects, buy-down subsidies for development of low and moderate income multi-family housing units. N. The Housing Authority desires to use the 2007 Housing Bond Proceeds for the Buy-Down Subsidy Program. O. Pursuant to the previous designation by the Housing Authority, the use of the 2007 Housing Bond Proceeds for the Buy-Down Subsidy Program, in the amount of $2,000,000, is listed on ROPS 14-156 as Item No. 174. P. The Successor Agency and the Housing Authority desire to enter into a Housing Program Buy-Down Housing Bond Proceeds Funding Agreement (the "Agreement," in substantially the form attached as Exhibit A, to provide that the transfer of the 2007 Housing Bond Proceeds to the Housing Authority for use for the Buy-Down Subsidy Program. NOW, THEREFORE, THE PALM DESERT HOUSING AUTHORITY DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: RESOLUTION NO. bs Section 1. Recitals. The above recitals, and each of them, are true and correct. Section 2. Housinq Program Buy-Down Housinq Bond Proceeds Fundinq Aareement. The Agreement, in the form attached hereto as Exhibit A, is hereby approved. Each of the Chair of this Board, the Vice Chair and the Executive Director (each, an Authorized Officer"), individually, is hereby authorized to execute and deliver, for and in the name of the Housing Authority, the Agreement, in substantially such form, with changes therein as the Authorized Officer executing the same may approve (such approval to be conclusively evidenced by the execution and delivery thereo�. Section 3. Other Acts. The Authorized Officers and all other officers of the Housing Authority are hereby authorized, 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 to effectuate the purposes of this Resolution and the Agreement. Any actions previously taken by officers of the Housing Authority consistent with the purposes of this Resolution and the Agreement are hereby ratified and confirmed. APPROVED and ADOPTED this day of , 2014. AYES: NOES: ABSENT: ABSTAIN: VAN TANNER, Cx�IxM�N ATTEST: RACHELLE D. KLASSEN, SECRETARY PALM DESERT HOUSING AUTHORITY Resolution No. 68 EXHIBIT A Housing Program Buy-Down Housing Bond Proceeds Funding Agreement (in substantial final form) (see attached) Contract No. HA33980 HOUSING PROGRAM BUY-DOWN SUBSIDY HOUSING BOND PROCEEDS FUNDING AGREEMENT This HOUSING PROGRAM BUY-DOWN HOUSING BOND PROCEEDS FUNDING AGREEMENT (this "Agreement"), dated as of , 2014, is entered into by and between the Palm Desert Housing Authority (the "Housing Authority") and the Successor Agency to the Palm Desert Redevelopment Agency (the "Successor Agency," and together with the Authority, the "Parties"). RECITALS: A. Pursuant to AB X 1 26 (which became effective at the end of June 2011) and the California Supreme Court's decision in California Redevelopment Association, et al. v. Ana Matosanios, et al., 53 Ca1.4th 231(2011), the former Palm Desert Redevelopment Agency (the "Former RDA") was dissolved as of February 1, 2012, and the Successor Agency was constituted. B. Pursuant to Section 34175(b) of the California Health and Safety Code ("�-ISC"), assets of the Former RDA, including all unspent bond proceeds, transferred to the control of the Successor Agency by operation of law. C. Pursuant to HSC Section 34176(b), the City Council of the City of Palm Desert (the "City") adopted Resolution No. 2012-07, electing for the City not to retain the responsibility for performing housing functions previously performed by the Former RDA, and determining that all of the assets, as allowed by law, and all rights, powers, liabilities, duties, and obligations associated with the housing activities of the Former RDA be transferred to the Housing Authority (the I�ousing Authority, acting in such capacity, being also referred to in this Agreement as the "Housing Successor"). D. The Palm Desert Financing Authority (the "Financing Authority") previously issued its Tax Allocation Revenue Bonds (Housing Set Aside Refunding Revenue Bonds), Series 2007, in the principal amount of$86,155,000 (the "2007 Housing Bonds"), pursuant to an Indenture of"l�rust, dated as of February 1, 2007, by and between the Financing Authority and Wells Fargo Bank, National Association, as trustee (the "2007 Bond Trustee"), for the purpose of financing projects for low and moderate income housing purposes. E. Pursuant to the Loan Agreement, dated as of February 1, 2007 (the "2007 Loan Agreement"), by and among the l;inancing Authority, the Former RDA, and the 2007 Bond Trustee, proceeds of the 2007 Housing Bonds were loaned to the Pormer RDA (the "2007 Loan"). F. The Former RDA caused a portion of the proceeds of the 2007 Housing Bonds that was received as part of the 2007 Loan to be deposited into a Project Fund (the "2007 Project Fund"), which was established, and is held, by the 2007 Bond Trustee pursuant to the 2007 Loan Agreement. G. There remains a balance in the 2007 Project Fund (the "2007 Housing Bond Yroceeds"). -1- izs�2.000t�in,oa�.i Contract No. HA 33980 H. HSC Section 34176(g) provides that the Housing Authority, as the Housing Successor, may designate the use of, and commit, the 2007 Housing Bond Proceeds; provided that such use and commitment of 2007 Housing Bond Proceeds are consistent with the bond covenants. I. Pursuant to HSC Section 34177(1), the Successor Agency must prepare a Recognized Obligation Payment Schedule ("ROPS") for each six-month fiscal period ("ROPS Period"). The ROPS must be submitted to the Oversight Board of the Successor Agency (the "Oversight Board") and the State Department of Finance (the "DOF") for approval. J. HSC Section 34176(g) provides that a designation of the use (or commitment) of the 2007 Housing Bond Proceeds must be listed on a ROPS. K. HSC Section 34176(g) provides that the Successor Agency's, the Oversight Board's and the DOF's review of the designations and commitments of 2007 Housing Bond Proceeds by the Housing Authority, as the Housing Successor, shall be limited to a determination that the designations and commitments are consistent with bond covenants and that there are sufficient funds available therefor. L. The Housing Authority has been engaged in negotiation with prospective developers regarding the implementation of the Housing Authority's buy-down subsidy programs for low and moderatc income housing developments (the "Buy-Down Subsidy Yrogram"). M. As documented by the Certificate Regarding Compliance with Certain Tax Matters, dated as of February 7, 2007 (the "2007 'l�ax Certificate"), it was intended, at the issuance of the 2007 Bonds, that moneys deposited in the 2007 Project Fund be used for, among other projects, buy-down subsidies for development of low and moderate income multi-family housing units. N. The Housing Authority desires to use the 2007 Housing Bond Proceeds for the Buy-Down Subsidy Program. O. The Successor Agency has prepared and submitted to the Oversight Board and the DOF, a ROPS ("ROPS 14-15B") for thc six-month fiscal period commencing January 1, 2015 (the "ROPS 14-i5B Period"). P. Pursuant to the previous designation by the Housing Authority, the use of the 2007 Housing Bond Proceeds for the Buy-Down Subsidy Program, in the amount of$2,000,000, is listed on ROPS 14-15B as Item No. 174. Q. The Successor Agency and the Housing Authority desire to enter into this Agreement, to provide that the transfer of the 2007 Housing Bond Proceeds to the Housing Authority for use for the Buy-Down Subsidy Program. R. Resolution No. adopted by the Oversight Board on , 2014 approving the Successor Agency's execution and delivery of this Agreement was approved [deemed approved] by the DOF pursuant to HSC Section 34179(h) on , 2014. -2- 12812.0001\1760471.1 Contract No. HA33980 NOW, THEREFORE, THE PARTIES DO HEREBY AGREE AS FOLLOWS: Section 1. At the commencement of the ROPS 14-15B Period, the Successor Agency shall transfer $2,000,000 from the 2007 Housing Bond Proceeds (as indicated in Item No. 174 of ROPS 14-15B) to the Housing Authority. Section 2. From time to time, the Housing Authority may make future designations for additional transfer of 2007 Housing Bond Proceeds to provide additional funding for the Buy-Down Subsidy Program (the dollar amount of each such designation being referred to below as the "Additional Designated Amount"). Whenever the Successor Agency receives such designation from the Housing Authority, to the extent that sufficient unspent 2007 Housing Bond Proceeds remain available, the Successor Agency shall list the Additional Designated Amount on the ROPS for the next available ROPS Period. Upon obtaining the Oversight Board's and the DOF's approval for such ROPS item(s), the Successor Agency shall transfer, or caused to be transferred, to the Housing Authority the Additional Designated Amount from the 2007 Housing Bond Proceeds as soon as practicable upon the commencement of the applicable ROPS Period. Section 3. lf the llousing Authority, at a future date, determines that the amount of� 2007 Housing Bond Proceeds transferred to it under this Agreement exceeds the actual amount it will use for the Buy-Down Subsidy Program, the Housing Authority may either(i) return such cxcess 2007 Housing Bond Proceeds to the Successor Agency, or (ii) maintain such excess in an account of the Housing Authority and apply such excess towards other low and moderate income housing projects in a manner that complies with the covenants set forth in the 2007 Loan Agreement and the 2007 Tax Certificate regarding use of Housing Bond Proceeds. Section 4. Each Party shall maintain books and records regarding its duties pursuant to this Agreement. Such books and records shall be available for inspection by the officers and agents of the other Party at all reasonable times. Section 5. "I'he Parties agree to take all appropriate steps and execute any documents which may reasonably be necessary or convenient to implement the intent of this Agreement. Section 6. This Agreement may be amended from time to timc by written instrument executed by both Parties. Section 7. No official, agent, or employee of the Successor Agency or the Housing Authority, or members of the governing board of the Housing Authority, or members of the Successor Agency Board of Directors or members of the Oversight Board shall be individually or personally liable for any payment hereunder in the event of any default or breach by the Successor Agency or the Housing Authority, or for any amount which may otherwise become due to the Housing Authority or Successor Agency, or successor thereto, or on any obligations under the terms of this Agreement. Section 8. This Agreement is made in the State of California under the Constitution and laws of the State of California, and is to be so construed. -3- 12812.0001\l 76047 l.I Contract No. HA33980 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized officers. SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY By Executive Director ATTF,ST: Secretary PALM DESERT HOUSING AUTHORITY By Chair ATTEST: Board Secretary APPROVED: OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY By Date: Chair -4- 12812.0001\1760471.1