1980-04 RESOLUTION NO. CRA-80-4
A RESOLUTION OF THE COMMUNITY REDEVELOP-
MENT AGENCY OF THE CITY OF GRAND TERRACE
RELATING TO AVAILABILITY OF FINANCIAL
ASSISTANCE UNDER THE AGENCY'S RESIDENTIAL
MORTGAGE FINANCING PROGRAM.
WHEREAS, the legislature of the State of California has
authorized redevelopment agencies to make or purchase low-
interest rate construction loans for new residential construc-
tion in redevelopment project areas in order to encourage
investment within and to upgrade such areas and has author-
ized redevelopment agencies to issue bonds to finance such
loans; and
WHEREAS, Griffin Development Company and the Griffin
Homes Partnership, The Honey Hills Development Company, The
CLW Company, Newport Equities Trust and William J. McKeever
and Darryl R. Sacks (the "Developers' ) , have proposed to
the Agency that the Agency, in connection with its residential
financing program for the Grand Terrace Community Redevelopment
Project' Area make available financial assistance for the
Developers' projects located within such Redevelopment Project
Area; and
WHEREAS, the Agency, with the aid of its Staff, has
reviewed the Developers' proposals and has determined that,
subject to the hereinafter stated qualifications, the pro-
viding of such financial assistance is in the public interest;
NOW, THEREFORE, THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF GRAND TERRACE DOES HEREBY FIND, DETERMINE AND
ORDER, as follows:
1. Subject to completion of proceedings and other
matters relating thereto to the full satisfaction of the
Agency, the Agency shall provide financing assistance to the
Developer in the form of construction loans in a total
aggregate amount not to exceed FORTY MILLION DOLLARS for
the Developers' project. Such financing shall be provided
in conjunction with and in addition to the providing of
permanent financing by the Agency for the individual pur-
chases of the residential units.
2. Based on the foregoing, it is understood that
the availability of such financial assistance is a sub-
stantial inducement to the Developer to undetake such
project in the manner described in such proposal .
3. The Chairman and the Staff of the Agency are
hereby authorized and directed to take whatever further
action relating to the aforesaid financial assistance is
'deemed reasonable and desirable in accordance with the
laws of the State, and within the limitations of any
applicable laws of the United States of America.
APPROVED AND ADOPTED this 5th day of June , 1980.
Chairman the t� y
Redevel pmen gency of the
City of and Terrace
ATTEST-:
3
Secr Mary- of the redevelop-
" ment'�Agency
Approved as to form:
f
City Attorney '
-2-
STATE OF CALIFORNIA )
r COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, MYRNA LINDAHL, Secretary of the City of Grand Terrace
Community Redevelopment Agency, DO HEREBY CERTIFY that the
foregoing resolution was duly adopted by the Community Redevelop-
ment Agency held on the 5th day of June , 1980, and
that it was so adopted by the following vote:
AYES: Members Grant, Petta, Nix, Rigley;
Chairman Tillinghast
NOES: None
ABSENT: None
Secret y of the Community
Redeve opment Agency of -the
City of Grand terrace---' -' -
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, MYRNA LINDAHL, . Secretary of the City of Grand Terrace
Community Redevelopment Agency, DO HEREBY CERTIFY that the
above and foregoing is a full, true and correct copy of Reso-
lution No. CRA 80-4 of said Agency, and that the same has
not been amended or repealed.
DATED: June 5, 1980
SecrO-� the C'omtnunit
Y Y
Redevelopment Agency cif 'the -
City of Grand Ter-ace _ =
(SEAL)