1981-03 RESOLUTION NO. CRA 81-03
A RESOLUTION OF THE COMMUNITY REDEVELOP-
MENT AGENCY OF THE CITY OF GRAND TERRACE
APPROVING RULES AND REGULATIONS , COMMIT-
MENT CONTRACTS AND OWNER PARTICIPATION
AGREEMENTS FOR THE RESIDENTIAL MORTGAGE
FINANCING PROGRAM OF THE AGENCY
WHEREAS , the Community Redevelopment Agency of the City of
Grand Terrace (the "Agency" ) is undertaking the implementation
of the redevelopment plan for the Grand Terrace Community
Redevelopment Project as amended; and
WHEREAS , in connection with the implementation of the Grand
Terrace Community Redevelopment Project the Agency desires to
issue residential mortgage revenue bonds for such purpose as
prepared rules and regulations, commitment contracts and owner
participation agreements for the residential mortgage financing
program,
NOW, THEREFORE , the Community Redevelopment Agency of the
City of Grand Terrace DOES HEREBY RESOLVE as follows:
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SECTION 1 . The Rules and Regulations substantially in the
. form of Exhibit "A" attached hereto and incorporated herein are
hereby approved.
SECTION 2. The Commitment Contract among the Agency,
Crocker National Bank, Security Pacific National Bank, the
Griffin Development Co. , a copy of which is attached hereto as
Exhibit "B" and incorporated herein, is hereby approved.
SECTION 3. The Owner Participation Agreement among the
Agency and Griffin Development Co. , a copy of which is attached
hereto as Exhibit "C" and incorporated herein, is hereby
approved.
SECTION 4. The Commitment Contract among the Agency,
Crocker National Bank, Security Pacific National Bank and
Pierce Plaza Company, a copy of which is attached hereto as
Exhibit "D" and incorporated herein, is hereby approved.
SECTION 5: The Owner Participation Agreement between the
Agency and Pierce Plaza Company, a copy of which is attached
hereto as Exhibit "E" and incorporated herein, is hereby
approved.
SECTION 6. The Commitment Contract among the Agency,
Crocker National Bank, Security Pacific National Bank and
Darryl R. Sacks and William J. McKeever, a copy of which is
attached hereto as Exhibit "F" and incorporated herein, is
hereby approved.
SECTION 7. The - Owner Participation Agreement between the
Agency and Darryl R. Sacks and William J. , McKeever, a copy of
which is attached hereto as Exhibit "G" and incorporated
herein, is hereby approved.
SECTION , 8. The Chairman and Secretary are hereby
authorized and directed to execute and attest, respectively,
the above agreements and to make such additions, deletions or
modifications as are necessary to ensure the prompt delivery of
the Bonds.
PASSED, APPROVED and ADOPTED this 26th day of February,
1981 .
Ch4rmah
ATTEST:
"Secret ry-
-2-
A • .
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 foregoing
Resolution was duly adopted by the Community Redevelopment. Agency
of said City at a regular meeting of the Community Redevelopment
Agency held on the 26th day of February 1981 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 Comm nity
Redeve opment Agency of the
(SEAL) City of Grand Terrace
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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 Resolution No. CRA-81-03
of said Agency, and that the same has not been amended. or repealed.
DATED: February 26, 1981
O
Secre ry of the Community
Redevelopment Agency of the
City of Grand Terrace
(SEAL)