2011-05 RESOLUTION NO.2011- 05
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:
Resolution 2011 05
Page 2
ATTEST:
City Clerk of the City of Grand Terrace Mayor of the City of Grand Terrace
add the City Council,thereof and the City Council thereof
Secretary of the Cdz*rintuni'ty Redevelopment Chairman of the Community
Agent�44c City of Grand Terrace Redevelopment Agency of the City
of Grand Terrace
_- - - Resolution No. 2011-05
I, Brenda'Mesa-Cify 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
wCouncil and the Community Redevelopment Agency of the City of Grand Terrace held
on the 8th day of March, 2011, by the following vote:
AYES: Councilmember 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: _
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�4- W,
John R. Harper
City and Agent Attorney