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HomeMy WebLinkAbout1976-24 CRA , . . . . . RESOLUTION NO. 76- 24 A RESOLUTION OF THE Cœ~UNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING AN IMPLEMENTATION AGREEMENT BY AND BETWEEN THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, HOUSING AUTHORITY OF THE CITY OF SANTA ANA, AND NATIONAL HOUSING CONSULTANTS, INC., FOR THE CONSTRUCTION OF SANTA ANA TOWERS AND AUTHORIZING THE CHAIR- l4AN AND EXECUTIVE DIRECTOR/RECORDING SECRE- TARY TO EXECUTE THE SAME. BE IT RESOLVED that the Community Redevelopment Agency of the City of Santa Ana hereby' approves that certain "Implementation Agreement", form dated August 24, 1976, by and between the Community Redevelopment Agency of the City of Santa Ana, Housing Authority of the City of Santa Ana and National Housing Consultants, Inc., for the construction of Santa Ana Towers, which Agreement is on file in the office of Executive Director/Recording Secretary, and the Chairman and Executive Director/Recording Secretary are hereby authorized to execute the same. PASSED AND ADOPTED by the Community Redevelopment Agency of the City of Santa Ana at its Special meeting held on the 7th day of September , 1976. ~AdÞ ~ JOHN THE, C irman AT~ RlC..:n~~ Director/Reçording Secretary mg¡¡ ¡;:T ~TH L. GOW, Agency Legal Counsel STATE OF CALIFORNIA) COUNTY OF ORANGE) ss. CITY OF SANTA ANA ) I hereby certify that the foregoing resolution was duly adopted by the Community Redevelopment Agency of the City of Santa Ana, California at a Special meeting thereof, held on the 7th day of September , 1976, by the following vote: AYES: Evans, Garthe, Brandt, Ward, Yamamoto, Ortiz NOES: None ABSENT: Bricken CRA- 3 Ii- . . . . . . /ê~-<lð/!dL.ø,2f/;':<:- g- ¿, .. '. , . ~ JJ"~ (.." \('" ,r 6 , \'J(' J~ -~ ~,tÞ-þ AN IMPLEMENTATION AGREEltENT BY AND BETWEEN THE COl1MUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, HOUSING AUTHORITY OF THE CITY OF SANTA ANA, AND NATIONAL HOUSING CONSULTATNTS,., INC., FOR THE CONSTRUCTION OF S~¡TA ANA TOWERS THIS AGREEMENT, executed this 7 day of ~, 1976, at Santa Ana, Orange County, California, by and between the Community Redevelopment Agency of the CITY OF SANTA ANA, a public body corporate and politié, which, together with any successor, public body or officer hereinafter designated by or pursuant to law, is hereinafter called "Agency", established pursuant to Chapter 2 of the Community Redevelopment Law of the State of California and having its office at 20 Civic Center Plaza, in the City of Santa Ana,. (hereinafter called nCITY"), State of California, and the Housing Authority of the CITY OF S~.TA ANA, a public body corporate and politic (which together with any successor, public body or officer .h~reinafter designated by or pursuant to law, is hereinafter called "Authority"), established pursuant to Chapter 1 of the Housing Authorities Law of the State of California, and NATIONAL HOUSING CONSULTANTS, INC., a corporation organized and existing under the Laws of the 'State of California ,(here- inafter called "Redeveloper"), and hàving an office for the transaction of business at 12735 Ventura Boulevard, Suite 28 in the City of Studio City, California. ! ! ! !! ~ ê. ê. ~ ! !!.: RECITALS: WHERB~S, as of the date of this Aqreement, the real property described in the "legal description of the property" () (ÎÅ '"~,p. , . . . . . which is incorporated herein and attached hereto as Exhibit "A" (hereinafter called "Property") has I;>een conveyed in accordance with and subject to 1) the Grant Deed, recorded in the office the County Recorder of Orange County, California, and on file in the offices of the Secretary of the.Agency and Authority, and incorporated herein by this reference, 2) the Redevelopment Plan, which was approved and adopted by the City Council of the City on July 2, 1973, by Ordinance No. 1173 and the amend- ment to said Redevelopment Plan which was approved and adopted on June 2,1975 by Ordinance No. 1258 of said Council, and 3) .' the Contract for Sale of Land for Private Redevelopment (herein- after called "Contractn) dated January 19, 1976, and the Amend- ments to said Contract dated April 29, 1976 and June 24,1976,- entered into by and between Agency, Authority and Redeveloper, copies of which are on file in the offices of Secretary of the Agency and Authority, and are incorporated herein by this reference; and WHEREAS, the Authority and the Redeveloper have agreed to proceed with an undertaking whereby Redeveloper will con- struct 200 units of new leased housing for persons of low and moderate income, which is further subject to an Annual Contri- I;>utions Contract and Agreement to Enter Irlto Housing Assistance Payments Contract executed by and between the Authority and the Redeveloper with the U.S. Department of Housing and Urban Development (hereinafter called "HUD"), copies of which are on file in the office of Secretary of the Authority, and are incorporated herein by this reference; and WHEREAS, the Agency, the Authority and Redeveloper now desire to execute an implementation agreement that sets forth a mutual understanding of certain terms and conditions found within the Contract and the Amendments to said Contract entered into by and between the parties; NOW, THEREFORE, in consideration of the premises.and the mutual obligations of the parties hereto, each of them (lP!, '/' It- does hereby covenant and agree with the other as follows: . 1. INTERPRETATION OF TERMS: Subject to all the terms, covenânts, and conditions of the Grant Deed and subject to all the terms, covenants, and conditions of the Contract, and the amendments executed thereto, the parties hereto agree tô the following interpretation of certain terms and conditions set out in the following Contract sections: (a) Section 601, entitled Limitation Upon Encum- brance of Property, found in Part II (Form HUD-6209B, 9-69) of the Contract, page 12, starting with line 1 and ending on line . 10, contains the provision that "Prior to the completion of the 4IÞ Improvements, as certified by the Agency, neither the Redeveloper nor any successor in interest to the Property or any part there- of shall engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the . Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attach to . the Property except for the purpose of obtaining (a) funds only to the extent necessary for making the Improvements and (b) such additional funds, if any, in an amount not to exceed the Purchase Price paid by the Redeveloper to the Agency. II The parties here- 4IÞ to agree that such additional funds referred to in subparagraph (b), found in Section 601, as stated above, include all loan fees, charges and costs, including but not limited to, lenders' charges, loan origination fees and points, title insurance fees, court costs, and loan brokerage costs. (b) Section 60~ ~ntitled Agency's Option to Pay Mortgage Debt or Purchase Property, found in Part II (Form HUD 6209B 9-69) of the Contract, page 14, provides in part that sub- . ' , sequent to default or breach by the Redeveloper prior to the con- struction of Improvements relating to the Property, where such de- fault or breach continues for a period of sixty (60i days, 4IÞ after the holder of any mortgage on the property has been notified or informed of the default or breach, " \ '1,. í.~. I' Ir 7' ~ the Agency shall have the option of paying to the holder of any mortgage on the Property, the amount of the mortgage debt and secure assignment to itself of the mortgage and the debt ~ secure'd thereby. It is agreed hereto by the parties, that, in that event, the Agency shall exercise said Ìoption by opening an escroW with a banking institution, and delivering such sum in full to the escrow agent .within four (4) months after vesting of ownership in the holder of the mortgage, and if such action is not taken within said four (4) months, then said option specified in Section 605 of the Contract shall cease and terminate. As . used therein, "mortgage" shall be deemed to mean. and include "deed of trust". (c) Section 8, ("Special Provisions"), subsection . (d), ent~tled "Use For Low d.. d t I H." f d - an "0 era e ncome ous~ng, oun in Part I of the Contract, page 13, provides in part that the Property shall not be used for any purpose other than low and moderate income housing for a period of thirty-five'years commencing o~ the date of the Grant Deed. It is agreed hereto by the parties, that the restrictions for low and moderate income housing are subject to the provisions found in Paragraph 4 of the Grant Deed, to,wit: "In the event the beneficiary of such trust deed or any other purchaser obtains title by reason of a trustee's sale or foreclosure sale arising out of Grantee's default on such 4IÞ trust deed (and the promissory note secured thereby) caused in whole or in part by reduction below $318.50 per month. of the rents specified in Section 8 of the Contract, or by the elimination of housing assistance payments by the Santa Ana Housing Authority to or for the benefit of the Crantee, then, and only in that event, the restriction regarding the use of the property for low and moderate income housing shall be of no force or effect . whatsoever". 2. REDEVELOPER; S ASSIGNtmrlT TO SANTA ANA TOWERS, LTD.: The Redeveloper warrants and agrees that it has not ma1e or created, 4IÞ and that it will not, prior to recordation of a Certificate of Completion for the Improvements on the Property, make or create, or suffer to be made or created, any assignment, conveyance, - ,- (i ,? ¡\ ::; - it _I or any other form of transfer of the Property, or any interest therein, excepting the incumbrancing of the Property for purposes of securing interim and permanent financing for the construction . of th- Improvemen ts, and ~ no redeveloper or owner shall be substi- tuted for those named in Redeveloper's proposal and the Contract as amended: provided the Redeveloper, with the writteri-'agree- Rent of the Agency and the Authority attached as an amendment to the Contract, reserves the right at its discretion to join and associate with Santa Ana Towers, LTD., a limited partnership organized under the provisions of Title 2, Chapter 1 of the It California Corporations Code ("Uniform Partnership Act of the State of California") for the purPose of developing the Property, prov~ded at all times prior to the recordation of a Certificate . . of Completion by the Agency for the Property, Redeveloper will remain fully responsible to the Agency, and provided that such limited partnership agrees in writing to be bound by all of the provisions of this Agreement. The parties ;agree that this Agreement shall not constitute any consent of the Authority and Agency to any assignment to a limited partnership by Redeveloper until an amendment to the Contract has been executed between the parties au~horizing the assignment and the limitations tnereto. 3. Except as herein above expresse1y provided, each and every provision of the Agreement for "Contract for Sale 4IÞ of Land for Pr~vate . Development", and the amendments to said Agreement dated April 29,1976 and June 24, 1976, the Agreement to Enter into the Housing Assistance Payment Contract (Project No. CA-O93-03; Contract No. SF-492) shall be and remain in full force and effect, and the parties do hereby ratify said agreements and amendments, as herein above stated as their Agreement. IN WITNESS WHEREOF, the parties hereto have executed this It Agreement on the ~day of ,~.T~ , 1976. COl1MUNITY REDEVELOPlmNT AGENCY OF THE CITY OF SANTA ANA .-?~L 7 '19"8Y~':'/&MI-/< Jo Garth Cha~rman - ~~ Executive Director and Recording Secretary :' ¡; f :: - It AP~RO~D. AS ~ 8 ,,:s;4 cY~ KEITH L. GOW, Agency Counsel Legal wý/ ? , 197f> ATTEST: ' ~<ß.Wd~ . Florence I. Malone, - Recording Secretary '.' ~(lB~ Manuel A. Rede, Executive-- Director and Secretary APPROVED AS TO FORM: d/~ KEITH L. GOW, Hous~ng Authority Legal Counsel ~7ühÁL4? ,1976 ~~ (ì æA? . . . OF THE By NATIONAL HOUSING CONSULTMlTS, INC. BY~~.IJ--'~ Charles L. Peter resident THE FOREGOING iNSTRUMENT is A FULL. TlIUE. AND CORRECT COPY Of THE ORiGiNAL ON FILE IN THIS OFFICE, :~~'CEu;m~N~ ~ ;~f--'~:'~'ÕFŠA~~:9A;~ , ~CE I. MAlONt ~~""""~'~"'~':::.~"'~"'~'~":'=""""- OEPU1Y "