R-382
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RESOLUTION NUMBER 382 eRAS}
(Redevelopment Agency SerIes)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA
MONICA APPROVING A PAYMENT AGREEMENT BY AND BETWEEN THE
REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA AND THE PARKING
AUTHORITY OF THE CITY OF SANTA MONICA.
WHEREAS, the Redevelopment Agency has approved the terms and
condItIons of Coastal PermIt A-318-76 as amended governing the
completion of the Ocean Park Redevelopment Project; and
WHEREAS, one of the condItIons of the Coastal PermIt IS that
the Agency IS requIred to cause the rehabIlItatIon and operatIon
of property located at 175 Ocean Park Boulevard as affordable
housIng for persons of low to moderate Income; and
WHEREAS, the ParkIng AuthorIty of the CIty of Santa Monica
IS the owner of the property located at 175 Ocean Park Boulevard;
and
WHEREAS, subJect to receIvIng faIr compensatIon, the ParkIng
Authority of the CIty of Santa MonIca has agreed to lease the
property to the HousIng AuthorIty of the County of Los Angeles
WhICh will rehabIlItate and operate the property; and
WHEREAS, the federal fundIng commltment receIved by the
HousIng Authority of the County of Los Angeles IS not suffICIent
to enable the HousIng AuthorIty of the County of Los Angeles to
compensate the Parking AuthorIty for the faIr market value of the
leasehold; and
WHEREAS,
the Redevelopment Agency has authorIzed
expendItures for the provision of replacement housing pursuant to
ResolutIon Number
380 (RAS) and ResolutIon Number 381(RAS); and
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WHEREAS, the Redevelopment Agency wIll attaln complIance
wIth Its Coastal PermIt oblIgatIons by provIdIng such
. compensatIon to the ParkIng AuthorIty and enablIng the HousIng
Autho~lty of the County of Los Angeles to undertake renovatlon
and operatIon of the property.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1.
The Redevelopment Agency hereby approves the
Payment Agreement by and between the Redevelopment Agency of the
CIty of Santa MonIca and the Parking Authority of the CIty of
Santa Monica.
SECTION 2.
Pursuant to ResolutIon Numbe~ 380 (RAS) and
ResolutIon Number 381 (RAS),
the oblIgatIons of the
Redevelopment Agency under the Payment Agreement descrIbed 10
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SectIon 1 of thIS ResolutIon shall be paId for wIth tax Increment
funds made available pursuant to Health and Safety code sectIon
33334.2 In accordance wIth such resolutIons.
SECTION 3.
The Redevelopment Agency hereby authorIzes the
Executive Director to execute the document.
SECTION 4. The Redevelopment Agency secretary shall certIfy
to the adoption of this Resolutlonand thenceforth and thereafter
the same shall be In full force and effect.
APPROVED AS TO FORM:
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Redevelopment Agency Counsel
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Adopted and approved this 8th day of M y, 1984.
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Chairperson Pro Tempore
I hereby certify that the foregoing Resolution No. 382 (RAS)
was duly adopted by the Redevelopment Agency of the City of Santa
Monica at a meeting thereof held on May 8, 1984 by the following
Agency vote:
Ayes:
Agency Members: Conn, Epstein, Jennings, Press,
Reed and Zane
Noes:
Agency Members: None
Absent:
Agency Members: Chalrperson Edwards
Abstain:
Agency Members: None
ATTEST:
/J <.YL/Jr, / h
By _ ~ :7 /d"ff4~
Secretary