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2011-07 t. RESOLUTION NO. 2011-07 ` A JOINT RESOLUTION OF THE CITY OF GRAND TERRACE AND THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE,CALIFORNIA,AUTHORIZING THE AGENCY'S PURCHASE OF CITY-OWNED PROPERTY AT 12569 MICHIGAN STREET AND A LOAN REPAYMENT TO THE AGENCY BY THE CITY THROUGH A CREDIT OF THE PURCAHSE PRICE WHEREAS,the City of Grand Terrace(the "City")is the owner of a residentially zoned parcel of property located at 12569 Michigan Street; and WHEREAS, the Community Redevelopment Agency of the City of Grand Terrace (the "Agency") desires to purchase the property to construct or subsidize construction of affordable housing pursuant to Health and Safety Code 33334.2; and WHEREAS,the Agency does have available funds in its Low to Moderate Income Housing Funds to purchase the property from the City; and WHEREAS,the City owes the Community Redevelopment Agency approximately$4.6 Million or less; and WHEREAS,both the City and Agency desire to credit the loan to the City by offsetting the purchase price against the approximate $4.6 Million loan owed by the City to the Agency, thereby reducing the loan amount; and NOW THEREFORE, the City Council and the Board of Directors of the Community Redevelopment Agency of the City of Grand Terrace do hereby jointly resolve as follows: Section 1. The City agrees to sell and the Agency agrees to purchase the property at 12569 Michigan Street for the fair market value of$132,000.00. Section 2. The City and Agency agree to offset and reduce the amount owed to CRA Low to Moderate Income Housing(34)by the City of Grand Terrace General Fund (10)by$132,000.00. PASSED AND ADOPTED by the City Council and Community Redevelopment Agency of the City of Grand Terrace, California at a regular meeting held on the 8th day of March, 2011 by the following vote: kw Resolution 2011- 07 Page 2 ATTEST: City Clerk of the City of Grand Terrace Mayor of the City of Grand Terrace and the City Council thereof and the City Council thereof Secretary of the community Redevelopment Chairman of the Community Agency of the City of Grand Terrace Redevelopment Agency of the City of Grand Terrace Resolution No. 2011-07 I, Brenda Mesa,City Clerk of the City of Grand Terrace, do hereby certify that the foregoing Resolution was introduced and adopted at a regular meeting of the City Council and the Community Redevelopment Agency of the City of Grand Terrace held on the 8th day of March, 2011,by the following vote: AYES: Councilmembers McNaboe, Sandoval and Hays; Mayor Pro Tem Garcia and Mayor Stanckiewitz NOES: None ABSENT: None ABSTAIN: None Brenda Mesa City Clerk/Agency Secretary Approved as to form: 4R. per City and Agenc Attorney