HomeMy WebLinkAboutResolution No. 468RESOLUTION NO. 468
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
AUTHORIZING THE USE OF LOW -AND -MODERATE INCOME
HOUSING FUNDS FOR DEBT SERVICE ON THE SENIOR
CITIZEN CENTER AND MAKING CERTAIN FINDINGS
WITH RESPECT THERETO
THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA HEREBY RESOLVES AS FOLLOWS:
SECTION 1, The Board of Directors of the
Redevelopment Agency of the City of Azusa hereby finds,
determines and declares that:
A. The City Redevelopment Agency has established
the Low -and -Moderate Income Housing Fund by Agency
Resolution No. n,.F which authorizes the Agency
to expend the funds therein for the purpose of
increasing the supply in low -and -moderate income
housing within the entire City of Azusa;
B. Such Fund permits the Agency to acquire land
or building sites, improve land or building sites
with onsite or offsite improvements, construct
buildings or structures, or develop plans, pay
principal and interest on bonds, loans, addances,
or other indebedness, or pay financing or carrying
charges in connection with the improvement of low -
and -moderate income housing;
C. Use of the funds from the Low -and -Moderate
Income Housing Fund to pay the debt service on the
City's Senior Citizen Center will improve and
increase the supply of low -and -moderate income
housing within the City of Azusa in that the Senior
Center provides vital services for low -and -moderate
income senior citizens by way of providing meals
and recreation programs and providing recreation
programs for other low -and -moderate income persons
which, in turn, will enable developers to obtain
variances and density bonuses reducing kitchen
size, open space and recreational areas, thereby
improving their ability to provide low-cost housing
for low -and -moderate income persons; and
D. The use of these funds for the Senior Citizen
Center and for the improvement of low -and -moderate
income housing will benefit both the Central
Business District and West End Redevelopment
Project Areas in that the Senior Center is adjacent
to the Central Business District Redevelopment
Project Area and close to the West End
Redevelopment Project Area, and the City's
extensive free system of transportation will make
the Center accessible to all low -and -moderate
income housing persons within both areas so that
the benefits of the Center can be realized
throughout the City.
SECTION 2. Based upon the findings set forth
above, the Agency hereby authorizes the use of money from
the Low -and -Moderate Income Housing Fund to pay all or part
of the debt service on the Senior Citizen Center of the City
of Azusa. The Executive Director of the Agency is
authorized to take such actions as are necessary to
implement this resolution.
SECTION 3. The Secretary shall certify the
adoption of this resolution.
PASSED, APPROVED AND ADOPTED this 20th day of
June , 1987.
Zd-
I HEREBY CERTIFY that the foregoing Resolution was
duly adopted by the Board of Directors of the Azusa
Redevelopment Agency of the City of Azusa, at a regular
meeting thereof held on the 20th day of ,Tune , 1988•
AYES: BOARD MEMBERS: AVILA, STEMRICH, NARANJO, LATTA,
MOSES
NOES: BOARD MEMBERS: NONE
ABSENT: BOARD MEMBERS: NONE/ -Y,-/
S R ARY
-2-
pmt/RES3628