HomeMy WebLinkAboutResolution No. 1000 •
RESOLUTION NO. 100
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA AUTHORIZING THE USE
OF THE LOW AND MODERATE INCOME HOUSING FUND
FOR PURPOSES RELATED TO FINANCING AND
DEVELOPMENT OF PLANS ASSOCIATED WITH
REDEVELOPMENT PLAN AMENDMENT NO. 3.
WHEREAS, the Redevelopment Plan (the "Plan")
for the Azusa Central Business District Redevelopment
Project (the "Project") was adopted on September 18,
1978 by Ordinance No. 2002 of the City Council of the
City of Azusa, and the Plan was amended on July 2, 1979
by Ordinance No. 2077; and
WHEREAS, the Agency intends to issue Mortgage
Revenue Bonds pursuant to Section 33750 et seg. of the
Health and Safety Code, to make available long-term low
interest mortgage loans to finance residential construction
in the Project area; and
WHEREAS, with the adoption of Resolution No. 39
the Agency established the Azusa Central Business District
Low and Moderate Income Housing Fund (the "Housing Fund")
into which funds may be appropriated from time to time,
including but not limited to funds received by the Agency
in connection with the issuance of Mortgage Revenue Bonds
pursuant to Section 33750 of the Health and Safety Code; and
WHEREAS, the Agency may use the funds in the
Housing Fund to carry out the purposes of the Plan, as
amended, by exercising any or all of its powers, including
the following:
a. Acquire land or building sites.
b. Improve land or building sites with
onsite or offsite improvements.
c. Donate land to private or public
persons or entities.
d. Construct buildings or structures.
e. Acquire buildings or structures.
f. Rehabilitate buildings or structures.
g. Provide subsidies to or for the benefit
of persons or families of very low, low
or moderate income.
h. Develop plans, pay principal and interest
on bonds, loans, advances or other
indebtedness, or pay financing or carrying
charges; and
WHEREAS, the Agency has received a request from
Relco Investment Company for the use of up to $125,000 from
the fund in developing plans for amendments to the Central
Business District redevelopment plan and as a good faith
deposit by the developer in his pursuit of Mortgage Subsidy
Bond Allocation; and
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA HEREBY RESOLVES AS FOLLOWS:
1. The Agency hereby approves the use of up
to $125,000 from the Azusa Central Business
District Low and Moderate Income Housing
Fund, as follows:
a. Up to $25,000 to develop plans for the
Central Business District Redevelopment
Project Area Amendment No. 3.
b. $100,000 as a commitment fee towards
an application for an entitlement of
$20,000,000 principal amount of a
Residential Mortgage Revenue Bond.
Relco Investment Company shall be
responsible for all costs, including
the commitment fee, incurred relative
to the issuance of the Mortgage Revenue
Bonds.
ADOPTED AND APPROVED this 1st day of August , 1983,
df
Chaff an of the Redevelopment
Agency of the City of Azusa
I HEREBY CERTIFY that the foregoing resolution was
duly adopted by the Redevelopment Agency of_the City of Azusa
at a regular meeting thereof, held on the 1st day of August
1983, by the following vote of the Agency:
AYES: DIRECTORS:
NOES: DIRECTORS
ABSENT: DIRECTORS
ABSTAIN: DIRECTORS:
DECKER, HART, LATTA
NONE
NONE
CRUZ, MOSES
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