RDA RES 2009-018 RESOLUTION NO. 2009-18
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.
WHEREAS, the Rancho Palos Verdes Redevelopment Agency (the "Agency") has
been duly created, established and authorized to transact business and exercise its powers
under and pursuant to the Community Redevelopment Law (Part 1 of Division 24 of the Health
and Safety Code of the State of California); and
WHEREAS, the Agency is the owner of certain real property located at the intersection
of Crestridge Road and Crenshaw Boulevard within the City of Rancho Palos Verdes,
consisting of approximately 2.88 acres of land (the "Site"); and
WHEREAS, in order to provide affordable housing, effectuate the provisions of the
Redevelopment Plan for Redevelopment Project Area No. One (the "Redevelopment Plan"),
and achieve the goals of the Implementation Plan for the City of Rancho Palos Verdes, the
Agency proposes to enter into a Disposition and Development Agreement ("DDA") with
AMCAL Mirandela Fund, L.P. (the "Developer") for the sale of the Site and development
thereon of a 34-unit senior affordable apartment project ("Project"), of which 29 will be 1-
bedroom units and 5 will be 2-bedroom units; and
WHEREAS, pursuant to the DDA, 7 units will be restricted to extremely low income
households earning 30% or less of Area Median Income ("AMI"), 9 units will be restricted to
very low income households earning 50% or less of AMI, 9 units will be restricted to lower
income households earning 80% or less of AMI, and 8 units will be restricted to low and
• moderate income households earning 120% or less of AMI; and
WHEREAS, a copy of the DDA and a summary of certain aspects regarding the sale
and development of the Site ("Summary Report") have been made available for public
inspection in the manner required by California Health and Safety Code section 33433; and
WHEREAS, in accordance with the California Environmental Quality Act ("CEQA"), the
State CEQA Guidelines, and the City of Rancho Palos Verdes Guidelines for implementation
of CEQA, the City of Rancho Palos Verdes completed an Initial Study for the Project, which
resulted in the preparation and adoption of a Mitigated Negative Declaration and Mitigation
Monitoring Plan.
NOW, THEREFORE, based on evidence presented to the Agency, including the written
staff report and oral testimony on this matter, the Initial Study and Mitigated Negative
Declaration, and the Summary Report prepared pursuant to California Health and Safety Code
section 33433, the City Council and Agency Board of Trustees do hereby find, determine and
resolve as follows:
Section 1. The above recitals are all true and correct.
Section 2. The sale and development of the Site pursuant to the terms of the DDA is
consistent with the Implementation Plan adopted by the Agency pursuant to Health and Safety
Code section 33490. The sale and development of the Site will fulfill the following objectives
set forth in the Implementation Plan:
1. Preserve, improve and expand housing opportunities for low and moderate
income residents by encouraging the development of new affordable housing
resources.
2. Satisfy the replacement housing requirements of the Community
Redevelopment Law as they relate to any housing units, if any, displaced by
Agency activities.
3. Satisfy inclusionary housing requirements of the Community Redevelopment
Law as they relate to the provision of affordable housing as a percentage of any
new or substantially rehabilitated housing.
4. Meet the fair share regional affordable housing goals for the City of Rancho
Palos Verdes by improving public improvements and community facilities,
removing and preventing blighting conditions and providing affordable housing
resources.
5. Support overall community development, economic development, and
redevelopment/revitalization efforts within the City of Rancho Palos Verdes by
improving public improvements and community facilities, removing and
preventing blighting conditions and providing affordable housing resources.
Section 3. Riggs & Riggs, appraisers, have prepared an appraisal report dated
February 24, 2009 and have concluded that the current estimated value of the Site is
$2,990,000.00. The Developer must purchase the Site for this amount under the terms of the
DDA. Tierra West Advisors, Inc., economic consultants, have examined the proposed
development plan for the Site and have concluded that the proposed Project supports a reuse
value of zero, assuming the risks and obligations as outlined in the DDA. Based on this
information, as set forth in the Summary Report, the consideration for the sale and
development of the Site is not less than the fair reuse value at the use and with the covenants
and conditions and development costs authorized by the sale.
Section 4. The City Council adopted the Mitigated Negative Declaration for the Project
and a Mitigation Monitoring Plan on March 3rd.
Section 5. The Agency Board of Trustees and the City Council hereby approve the
Disposition and Development Agreement between the Agency and AMCAL Mirandela Fund,
L.P., a California limited partnership.
Section 6. The Agency Board of Trustees and the City Council hereby provide that,
with regards to tenants of the Project and in accordance with Health and Safety Code section
50053,for those lower income households with gross incomes that exceed sixty percent (60%)
of the area median income adjusted for family size, the rent shall not exceed thirty percent
(30%) of the gross income of the household; for moderate income households whose gross
incomes exceed one hundred and ten percent (110%) of the area median income adjusted for
family size, the rent shall not exceed thirty percent (30%) of the gross income of the
household.
CC and RDA Resolution No.2009-18
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Section 7. The Executive Director of the Agency is hereby authorized and directed to
do any and all things and to execute and deliver, and the Secretary is hereby authorized to
attest to, the DDA and the instruments referenced therein. The Executive Director is hereby
authorized to approve such changes to the above documents as may be necessary to
effectuate their purpose. The Executive Director is further authorized and directed to do any
and all things necessary to implement the DDA.
PASSED, APPROVED, AND ADOPTED THE 17th day of March 2009.
Mayor
Attest:
4,1
City Clerk
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I, Carla Morreale, the City Clerk of the City of Rancho Palos Verdes, do hereby certify that the
above Resolution No. 2009-18 was duly and regularly passed and adopted by the said City
Council at a regular meeting thereof held on March 17, 2009.
A
City Clerk
PASSED, APPROVED, AND ADOPTED THE 17th day of March 2009.
LIP
AP
Agency Chair
Attest:
/
Agency Secretary
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I, Carla Morreale, Agency Secretary of the Rancho Palos Verdes Redevelopment Agency, do
hereby certify that the above Resolution No. RDA 2009-18 was duly and regularly passed and
adopted by the said Redevelopment Agency at a regular meeting thereoUhelon March 17,
2009.
/7 /,
Agency Secretary
CC and RDA Resolution No. 2009-18
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