2009-05 1
RESOLUTION NO. 2009- 05
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF GRAND TERRACE, CALIFORNIA, AUTHORIZING A
RETROACTIVE REMITTANCE PAYMENT TO
THE CITY OF GRAND TERRACE FOR
SECURITY OF RESIDUAL RECEIPTS FROM SENIOR HOUSING PROJECT
WHEREAS,the City of Grand Terrace has entered into a Regulatory Agreement,
dated October 27, 2005, a Ground Lease, dated September 22, 2005, a First Amendment
to Ground Lease, dated August 1, 2008, and an Assignment and Assumption Agreement
dated January 17, 2006 with a non-profit affordable development corporation in regards
to a senior housing development; and
WHEREAS,the Community Redevelopment Agency of the City of Grand
Terrace (the agency) agency board has entered into a Low and Moderate Income Senior
Housing Residual Receipts Security Agreement with the City of Grand Terrace on
February 24, 2009; and
- WHEREAS, the agency has entered into this agreement to secure sufficient
Residual Receipts to compensate the City for its performance under said Regulatory
Agreement and Ground Lease; and
WHEREAS, the agency obligation starts with the commencement date of the
Regulatory Agreement; and
WHEREAS; the agency board has compensated the City of Grand Terrace for its
obligations under the Regulatory Agreement and Ground Lease for FY 2008-09; and
WHEREAS; the agency board compensation to the City of Grand Terrace for its
obligations under the Regulatory Agreement and Ground Lease may not exceed
$300,000; and
NOW THEREFORE, the Board of Directors of the Community Redevelopment
Agency of Grand Terrace does hereby resolve, declare, determine, and order as follows:
Section 1. City of Grand Terrace should be compensated for its obligations under the
Regulatory Agreement and Ground Lease for FY 2007-08.
Section 2. The proper amount of funds will be appropriated in the Community
Redevelopment Low Mod Housing Fund for compensation to the City.
Section 3. Funds are due and payable to the City on July 1, 2009.
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PASSED, APPROVED, AND ADOPTED this 23ra day of June, 2009.
Attest:
Secretary of the Grand Terrace Community Chairm f the Grand Terrace
Redevelopment Agency Commu ty Redevelopment Agency
Approved as to form;
l
Agency Coun el
Resolution CRA 2009-05
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 Community Redevelopment
Agency of the City of Grand Terrace held on the 23rd day of June, 2009 by the following vote:
AYES: Agency Members Cortes,Miller and Stanckiewitz;Chairman Ferre
NOES: None
ABSENT: Vice-Chairman Garcia
ABSTAIN: None
City Clerk