HomeMy WebLinkAbout1997-12 CRA
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RESOLUTION NO. 97-12
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
SANTA ANA AUTHORIZING THE EXECUTION AND DELIVERY OF AN AMENDMENT TO
THE OWNER PARTICIPATION AGREEMENT WITH RESPECT TO THE HENINGER
VILLAGE SENIOR APARTMENTS (FORMERLY THE SYCAMORE APARTMENTS) AND
AUTHORIZING THE EXECUTION AND DELIVERY OF AND APPROVING OTHER RELATED
DOCUEMNTS AND APPROVING OTHER RELATED ACTIONS IN CONNECTION THEREWITH
WHEREAS, the Community Redevelopment Agency of the City of Santa
Ana (the "Agency") has entered into an Owner participation Agreement,
dated March 17, 1987 with Sycamore Retirement Apartments, Ltd., a
California limited partnership (the "Borrower") and TEJV-1, L.P., as
successor-in-interest to the Resolution Trust corporation, as
successor-in interest to Mercury Savings and Loan Association (the
"Owner Participation Agreement"), with respect to the acquisition,
development and ownership of the Heninger village Senior Apartments
(formerly known as sycamore Apartments) (the "Project", a portion of
which is made available to persons of low and moderate income;
WHEREAS, pursuant to the terms and provisions of the Owner
participation agreement, the Agency made a loan to the Borrower for
the purpose of financing, in part, the Project in the amount of
$425,000.00 and the Borrower executed a Promissory Note, dated April
6, 1987 in the principal amount of $425,000.00 (the "Note") in favor
of the Agency;
WHEREAS, in connection with the execution and delivery of the
Owner Participation agreement, the Housing Authority of the City of
Santa Ana (the "Authority") issued and delivered its $3,290,000
aggregate principal amount of Variable Rate Demand Multifamily
Housing Revenue Bonds (Mercury Savings and Loan Association/Sycamore
Apartments Project), the proceeds of which were loaned to the
Borrower for the purpose of financing, in part, the Project;
WHEREAS, the Borrower has requested that the Authority issue and
sell multifamily housing revenue refunding bonds, the principal of
and interest upon which will be secured by payments to be made by the
Borrower (the "Bonds") for the purpose of refunding the Prior Bonds;
WHEREAS, in connection with the issuance and delivery of the
Bonds and in the furtherance of providing low and moderate income
housing, the Borrower has requested the Agency make certain
amendments to the Owner Participation Agreement and the Note to allow
the Borrower to meet its obligations under the Bonds and the Note;
WHEREAS, all conditions, things and acts required to exist, to
have happened and to have been performed precedent to and in the
amendment of the Owner participation Agreement as contemplated by
this resolution and the documents referred to herein exist, have
happened and have been performed in due time, form and manner as
required by the laws of the State of California.
NOW, THEREFORE, BE IT RESOLVED by the Community Redevelopment
Agency of the City of Santa Ana as follows:
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section 1. The Authority hereby
above recitals are true and correct.
finds
declares
that
the
and
Section 2. The First Amendment to Owner Participation Agreement
and the Amended Promissory Note, in the forms presented to this
meeting, are hereby approved. The Chairman, Executive Director,
Assistant Executive Director and Finance Officer of the Agency (the
"Designated Officers") are, and each of them acting alone is, hereby
authorized and directed, for and in the name and on behalf of the
Agency, to execute and deliver the First Amendment to Owner
Participation Agreement, in substantially said form, with such
additions or changes as are necessary or advisable.
section 3. All actions heretofore taken by the officers and
agents of the Agency with respect to the First Amendment to Owner
Participation Agreement and the execution and delivery of the Amended
Promissory Note are hereby approved, confirmed and ratified, and the
proper officers of the Agency, including the Designated Officers, are
hereby authorized and directed, for and in the name and on behalf of
the Agency, to do any and all things and take any and all actions and
deliver any and all certificates, agreements and other documents
which they, or any of them, may deem necessary or advisable in order
to further the purpose hereof.
Section 4. This resolution
immediately upon its adoption.
resolution
shall
take
effect
This
ADOPTED this ~h day of
following vote:
December
1997 by the
AYES: MEMBERS: FRANKLIN, LUTZ, MCGUIGAN, RICHARDSON, PULIDO
NOES: MEMBERS: None
ABSENT: MEMBERS: ESPINOZA, MORENO
ATTEST:
Cy~~
Executive Director
APPROVED AS TO FORM:
i:ðwc' /. ~
jYJoseph W. Fletcher
Agency Attorney
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