R-461
RESOLUTION NUMBER ~ (RAS)
(Redevelopment Agency Senes)
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA
MONICA AUTHORIZING THE CITY OF SANTA MONICA TO ADMINISTER THE
REDEVELOPMENT AGENCY HOUSING SET-ASIDE FUNDS, AUTHORIZING THE
EXECUTIVE DIRECTOR TO ENTER INTO CONTRACTS AND MAKE FINDINGS TO
ALLOW SUBORDINATION OF AFFORDABLE HOUSING LOANS, AND RATIFYING
PAST ADMINISTRATIVE ACTIONS
WHEREAS, the Redevelopment Agency ofthe City of Santa Monica (the "Agency")
has approved redevelopment plans for the Ocean Park 1 a, Ocean Park 1 b, Downtown and
Earthquake Recovery Redevelopment Project Areas whIch result In the allocatIon of taxes
from the Project Areas to the Agency for the purposes of redevelopment, and
WHEREAS. Section 33334.2(a) of the California Community Redevelopment Law
(Health and Safety Code Sections 33000 et seq) reqUires that not less than 20 percent
of all taxes so allocated be used by the Agency for the purposes of Improving, increasing
and preserving the community's supply of low and moderate Income housing available at
an affordable housmg cost, unless certain fmdmgs are made, and
WHEREAS, the City of Santa MOnica (the "City") has adopted Consolidated Rental
Housing Trust Fund GUidelines (the "Guidelines") to provide cntena for financial assistance
to support the acqUIsition, rehabilitation and new constructIon of properties In the
community to preserve and Increase affordable rental housing opportunities through the
expendIture of housmg trust funds admInistered by the CIty, mcludlng the Redevelopment
HousIng Trust Fund comprised of the Agency's allocation of taxes pursuant to Section
33334.2(a) , and
WHEREAS, the City of Santa Monica adopted Resolution 9341 on November 24,
1998 affirming ItS Intention that property acquired or otherwise assisted with
Redevelopment Housing Trust Funds be used for the development of housing affordable
to persons and families of low and moderate Income, and
WHEREAS, SectIon 2 of Article II of the Bylaws of the Agency, adopted on June
11,1968 and revised on May 12,1981 and November 24,1981. state that the Chairperson
of the Agency shaH sign all contracts, deeds and other Instruments made by the Agency,
except as otherwIse authorized by resolution of the Agency, and
WHEREAS, SectIon 33334 14 of the Callforma Community Redevelopment Law
allows for covenants or restrictions Imposed by the Agency to be subordmated under
certain circumstances where the Agency makes a finding that an economically feasible
alternative method of finanCing, refinanCing or assisting the Units on substantially
comparable terms and conditions but without subordination IS not reasonably available,
and
WHEREAS, to facIlitate expenditures of the Redevelopment HOUSing Trust Fund for
affordable hOUSing loans, the Agency deSires to delegate the finding that an economically
feasIble alternative method of finanCing IS not reasonably available wIthout subordinatIOn
to the Executive Director of the Agency
NOW, THEREFORE, BE IT RESOLVED BY THE REDEVELOPMENT AGENCY OF
THE CITY OF SANTA MONICA
SECTION 1 The Agency's allocation of taxes pursuant to Section 33334 2(a) of
California Community Redevelopment Law shall be transferred to the Redevelopment
HOUSIng Trust Fund to be admInistered by the City on the Agency's behalf In accordance
with the GUidelines and California Community Redevelopment Law
SECTION 2 The Agency shall authorize the Executive Director of the Agency to
Sign all contracts, deeds or other Instruments made by the Agency
SECTION 3 The Agency shall authorize the Executive Director to make the
findings, where warranted, to allow subordination of Agency covenants or restrictions
pursuant to Section 33334 14 of the California Community Redevelopment Law
SECTION 4 The Agency ratifies prevIous administrative actions related to loans
made by the City on behalf of the Agency for the past four years
APPROVED AS TO FORM
J!~~
General Counsel
Adopted and approved this 20th of July, 1999
\
~M,I\ 0:7/}A-~
{pam O'Connor. Chair
I hereby certIfy that the foregoIng ResolutIon No 461 (RAS) was duly adopted at
a meeting of the Redevelopment Agency held on the 20th of July, 1999, by the
following vote
Ayes Agency Members Feinstein, McKeown, Rosenstein, Holbrook, Bloom,
Chair Pro Tem Genser, Chair O'Connor
Noes Agency Members None
Abstain Agency Members None
Absent Agency Members None
ATTEST
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~ ~ . fuDhDo..d
Mana M Stewart, Age~y Secretary