CC RES 2010-010 RESOLUTION NO. 2010-10
A RESOLUTION OF THE CITY COUNCIL OF RANCHO PALOS
VERDES AUTHORIZING THE TRANSFER OF FUNDS FROM
THE CITY'S IN-LIEU HOUSING FUND TO THE RANCHO PALOS
VERDES REDEVELOPMENT AGENCY FOR THE PROJECT
DESCRIBED IN THE DISPOSITION AND DEVELOPMENT
AGREEMENT BETWEEN THE AGENCY AND AMCAL
MIRANDELA FUND, L.P.
WHEREAS, on March 17, 2009 the City Council and the Rancho Palos
Verdes Redevelopment Agency (the "Agency") adopted Resolution No. 2009-18,
entitled "A Joint Resolution Of The Rancho Palos Verdes Redevelopment
Agency And The City Council Of Rancho Palos Verdes Making Certain Findings
And Approving A Disposition And Development Agreement Between The Rancho
Palos Verdes Redevelopment Agency And Amcal Mirandela Fund, L.P.; and
WHEREAS, on March 20, 2009 the Agency and Amcal Mirandela Fund,
L.P. ("Developer") entered into the Disposition and Development Agreement
("DDA") authorized by Resolution No. 2009-18; and
WHEREAS, pursuant to the DDA, the Agreed to convey certain property
to Developer for the development thereon of a 34-unit senior affordable
apartment project ("Project"), and further agreed to provide certain financial
assistance to the Developer for the Project; and
WHEREAS, as identified in the reports presented to the City Council and
Agency on March 17, 2009, the Agency and City Council contemplated that the
financial assistance would include all available monies in the City's In-Lieu
Affordable Housing Fund; and
NOW, THEREFORE, based on evidence presented to the City Council,
including the written staff report, the City Council does hereby find, determine
and resolve as follows:
Section 1. The above recitals are all true and correct.
Section 2. The use of monies from the City's In-Lieu Affordable Housing
Fund for the Project is consistent with the purpose and intent of Chapter 17.11 of
the Rancho Palos Verdes Municipal Code, in that it facilitates the development of
housing affordable to low and moderate income households.
Section 3. The City Council hereby authorizes the transfer of up to one
million, eight-hundred thousand dollars (the "City Funds") to the Redevelopment
Agency, subject to the restriction that the City Funds may be expended by the
Redevelopment Agency to fund the Agency Loan described in Article 7 of the
DDA, to the extent that monies in the Agency's Affordable Housing Set-Aside
Resolution No. 2010-10
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Fund are not sufficient to fully fund the Agency Loan, and for no other purpose.
The City Funds shall be transferred as needed for disbursements of the Agency
Loan, as determined by the Finance Director.
Section 4. The City Manager and Finance Director are hereby authorized
and directed to do any and all things necessary to implement the transfer of
funds authorized by this Resolution.
PASSED, APPROVED, and ADOPTED this 16th day of February 2010.
4//
ayor
ATTEST:
City Clerk
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES )ss
CITY OF RANCHO PALOS VERDES )
I, Carla Morreale, City Clerk of the City of Rancho Palos Verdes, hereby certify
that the above Resolution No. 2010-10 was duly and regularly passed and
adopted by the said City Council at a regular meeting held on February 16, 2010.
City Clerk
Resolution No. 2010-10
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