RDA RES 2005-003 RESOLUTION NO. RDA 2005-03
A RESOLUTION OF THE RANCHO PALOS VERDES REDEVELOPMENT AGENCY
EXTENDING THE TIME FOR DEVELOPMENT OF LOW AND MODERATE INCOME
HOUSING ON APPROXIMATELY 19.54 ACRES OF REAL PROPERTY OWNED BY
THE RANCHO PALOS VERDES REDEVELOPMENT AGENCY AND LOCATED AT
CRENSHAW BOULEVARD AND CRESTRIDGE ROAD.
THE BOARD OF THE CITY OF RANCHO PALOS VERDES
REDEVELOPMENT AGENCY HEREBY FINDS, ORDERS, DETERMINES,AND
RESOLVES AS FOLLOWS:
Section 1. The Board of the City of Rancho Palos Verdes
Redevelopment Agency (the "Board") does hereby find, determine and declare that:
A. The Rancho Palos Verdes Redevelopment Agency (the "Agency")
acquired approximately 19.54 acres of property described as Lot 2 of Parcel Map No.
25271, located at Crenshaw Boulevard and Crestridge Road, Rancho Palos Verdes,
California (the "Crestridge Property")for use as low and moderate income housing
utilizing money from the Agency's Low and Moderate Income Housing Fund as
authorized by Health and Safety Code Section 33334.2. The Crestridge Property was
purchased on March 21, 2000.
B. Health and Safety Code Section 33334.16 provides that within five
years from the date a redevelopment agency first acquires an interest in real property
using monies from the Low and Moderate Income Housing Fund, the agency shall
"initiate activities consistent with the development of the property" for low and moderate
income housing.
C. When the Agency acquired the Crestridge Property on March 21,
2000 kir the development of housing affordable to persons and families of low and
moderate income, the Agency also entered into an Exclusive Negotiating Agreement to
develop the property for an apartment project for senior citizens who would fall within
the low or moderate income requirements of the Health and Safety Code. Even though
the Agency approved a second Exclusive Negotiating Agreement with the same
developer, the developer subsequently proposed revising the project so that it would be
a condominium project, rather than an apartment building, and no final agreement ever
was reached between the developer and the Agency.
Section 2. The Board hereby affirms the intention of the Agency that
the Crestridge Property be used for the development of housing affordable to persons
and families of low and moderate income.
Section 3. Pursuant to the authority of Health and Safety Code Section
33334.16 and the findings set forth in this Resolution, the Board hereby extends the
period during which the Agency may retain the Crestridge Property for an additional
period of five (5) years, which additional period shall expire on March 21, 2010.
PASSED, APPROVED AND ADOPTED this 1st day of March 2005.
41%
■..
•
hair
Attest:
.CrkiNariemcNrj
Agency Secretary
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, Carolynn Petru, Agency Secretary of the Rancho Palos Verdes
Redevelopment Agency hereby certify that the above Resolution No. RDA 2005-03 was
duly and regularly passed and adopted by the said Redevelopment Agency at a regular
meeting thereof held on March 1, 2005.
Agency ecretary
Resolution No. RDA 2005-03
Page 2 of 2