HomeMy WebLinkAboutResolution No. 88060 0
RESOLUTION NO. 8806
RESOLUTION OF THE AZUSA CITY COUNCIL APPROVING
A SECTION 108 LOAN GUARANTEE FROM THE UNITED
STATES DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT THROUGH THE LOS ANGELES COUNTY
COMMUNITY DEVELOPMENT COMMISSION
THE AZUSA CITY COUNCIL DOES HEREBY DETERMINE AND
RESOLVE AS FOLLOWS:
SECTION 1. The Azusa City Council ("Council") finds,
determines and declares as follows:
WHEREAS, on February 6, 1989, the City of Azusa
Redevelopment Agency approved a dispostion and development
agreement with De Rosa Properties to redevelop a 3.5 acre
parcel located within the Central Business District ("Site")
in accordance with the Central Business District
Redevelopment Plan, as amended ("Project"); and
WHEREAS, the Site, generally bounded by Foothill
Boulevard on the south, San Gabriel Avenue on the west,
Azusa Avenue on the east and the Atchinson/Topeka and Santa
Fe Railroad right-of-way on the north, is a blighted area
currently comprised of underutilized commercially zoned
properties, deteriorated structures, incompatible land uses
and many vacant lots filled with weeds; and
WHEREAS, the Project consists of the construction of
approximately 54,000 square feet of new commercial and
office space; and
WHEREAS, the Project will provide additional working
and shopping opportunties to area residents and will become
a strong complement to the new residential development
directly to the west;
NOW THEREFORE, as part of its financing plan for the
Project, Council approves a Section 108 Loan Guarantee from
the United States Department of Housing and Urban
Development through the County of Los Angeles Community
Development Commission to assist in funding the project.
SECTION 2. Council certifies that it possesses the
legal authority to approve a Section 108 guaranteed loan in
accordance with Section 570.303 of Community Development Block
Grants (CDBG) regulation at 24 CFR Part 570.
SECTION 3. Council certifies that it possesses the
legal authority to make the pledge of grants (i.e., meet all loan
requirements) required under Section 570.702 of CDBG regulation
at 24 CFR Part 570.
SECTION 4. Council certifies that the City has made
efforts to obtain alternative financing for the Project and that
such financing is not available to cover the estimated project
costs.
SECTION 5. Council certifies that the City will abide
by the federal Uniform Relocation Assistance and Real Property
Acquisition Policies Act of 1970 and, in the event the Project
would entail residential displacement, that the City will adopt a
residential anti -displacement plan highlighting the one-for-one
replacement requirement as outlined in Section 570.606(b)(1) of
CDBG regulation at 24 CFR Part 570.
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SECTION 6. Council directs the Mayor to execute the
grant agreement to execute the promissory notes, the contract,
the participation agreement with the County of Los Angeles, and
other documents as reasonably required to implement the loan
guarantee.
SECTION 7. The Secretary shall certify to the adoption
of this Resolution.
SECTION 8. This Resolution shall be effective
immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 20th day of
February , 1990.
A; LL J
MAYOR
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the City Council of the City of Azusa at a regular
meeting thereof, held on the 20th day of February , 1990, by
the following vote of the Council:
AYES: COUNCILMEMBERS: AVILA, STEMRICH, NARANJO, LATTA, MOSES
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE