1981-13 RESOLUTION NO. CRA- 81-13
RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE 'CITY OF GRAND TERRACE , SAN
BERNARDINO COUNTY, CALIFORNIA, APPROVING
AND CONSENTING TO PACESETTER HOMES, INC.
AS SUCCESSOR IN INTEREST TO THE PICO
TERRACE DEVELOPMENT
WHEREAS , on . March 13 , 1981 , the Community Redevelopment
Agency of the City of Grand Terrace issued : $30 ,000 ,000
Residential Mortgage Revenue Bonds , issue of 1981, dated March
1 , 1981, for the purpose of providing mortgage loans for single
family detached residential units within the City 'of Grand
Terrace;
WHEREAS , the Pierce Plaza Company is the developer of the
Pico Terrace Development which is a fifty-five (55) residential
unit development to be built on approximately fifteen ( 15 ) acres
on the corner of Pico Street and Vivienda Ave, in the City of
Grand Terrace;
WHEREAS , based upon prior agreements , the Pierce Plaza
Company is entitled to participate in the . mortgage loans
financed by said residential mortgage revenue bonds;
WHEREAS , Pacesetter Homes, Inc. proposes to acquire all
right, title and interest in said Pico Terrace Development and
proposes to construct fifty-five ( 55) - residential - units in
substantially the same form and location as proposed by the
Pierce Plaza Company;
WHEREAS , the Community Redevelopment Agency has been
advised by Bond Counsel, Tax Counsel and Standard & Poor ' s
Corporation that the residential units proposed iby Pacesetter
Homes, .Inc. are substantially the same as the residential units
proposed by the Pierce Plaza Company; and
WHEREAS , in order for Pacesetter Homes , Inc. to proceed
with the acquisition of the Pico Terrace Development , 'it is
necessary for the Community Redevelopment Agency .to grant its
consent and approval:
NOW, THEREFORE , the Community Redevelopment Agency of the
City of Grand Terrace does hereby RESOLVE, DETERMINE AND ORDER
as follows:
Section 1. That the Community Redevelopment Agency hereby
consents and agrees to ,Pacesetter Homes , Inc. as successor in
interest to the .Pico Terrace Development owned by the Pierce
Plaza Company.
Section 2. That the Community Redevelopment Agency further
consents and agrees that Pacesetter Homes , Inc. shall be
entitled to participate in the residential mortgage revenue bond
program for the construction of fifty-five (55) residential
units in the Pico Terrace Development.
Section 3 . That the foregoing consent and approval is
granted upon the expressed understanding that Pacesetter Homes ,
Inc. shall construct substantially the same number and type of
residential units as proposed by the Pierce Plaza Company and
that Pacesetter Homes, Inc. shall be subject to the same terms
and conditions as the Pierce Plaza Company in obtaining mortgage
loans.
Section 4 . That the Secretary is hereby authorized and
directed to forward a certified copy of this Resolution to
Pacesetter Homes, Inc.
ADOPTED this 10th day of September, 1981.
'Chairmof the ;C;o!��Ly �dq'velopment
Agency o the C nd terrace
ATTEST:
secFreVr_:? :of the Community Redevelopment
--Agency-of--the City of Grand Terrace
(SEAL.)
APPROVED AS TO FORM:
i
C
City Attorney I�
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2 .
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 10th day of September 1981 and that
it was so adopted by the following vote:
AYES: Members: Grant, Petta, Nix, Ripley;
Chairman Tillinghast.
NOES: None
ABSENT: None
Secre ry of the Co'nmunity� =
Redev lopment Agen-cy 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 Resolution No. CRA-81-13
of said Agency, and that the same has not been amended or repealed.
DATED: September 10, 1981
Secr'epEry of the Corimuntty_._
Redevelopment Agency".of"-che
City of Grand Terrace - =
(SEAL)