R-7406
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RESOLUTION NO.7406 (CCS)
(CITY COUNCIL SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICA AUTHORIZING AN AGREEMENT TO SELL AIR RIGHTS OVER
PROPERTY AT ll2l-35 THIRD STREET TO RETIREMENT HOUSING
FOUNDATION
WHEREAS, the city of Santa Monica (hereinafter "city") owns
the property at 1121-35 Third Street which is commonly known as
Parking Lot Three (hereinafter "Property"): and
WHEREAS, Retirement Housing Foundation ("RHF") will submit
an application to the United States Department of Housing and
Urban Development (HUD) for a Section 202/8 loan to develop
senior housing units; and
WHEREAS, RHF desires to enter into an Option Agreement with
the city to purchase the air rights over the Property for the HUD
senior housing units; and
WHEREAS, the development of housing units in the air rights
over the Property would be compatible with maintaining the exist-
ing number of public parking spaces for parking purposes; and
WHEREAS, the city desires to sell the air rights over the
Property to RHF for purposes of developing senior housing; and
WHEREAS, the city has caused the notice of such intent to
sell air rights to be published in a local newspaper and posted
notice on the Property providing information on the date and time
of a public hearing; and
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WHEREAS, the City Counoil has held a public hearing at 7:30
p.m. on April 28, 1987 to hear from the public on the proposed
sale of air rights.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
SECTION 1. The City agrees to sell the air rights over the
Property to RHF subject to :
A. Receipt of funding commitment from HUD for a section
202/8 loan for development of senior housing in the air rights
over the Property.
B. Compliance with the provisions of the Subdivision Map
Act, Government Code Sections 66410 et.seq., and local ordinance
adopted pursuant thereto, pertaining to the subdivision of the
property air rights, upon submission of a development review
application.
c. Execution of a Development and Disposition Agreement
between the city and RHF.
SECTION 2. The City agrees to provide up to $l,OOO,OOO to
pay for those development costs for items required by the City
but not included in the Section 202/8 Loan, including struotured
parking, amenities, and other oost-containment items that HUD may
identify, subject to:
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A. RHF' s receipt of a funding oommi tment from HUD for a
Section 202/8 Loan for development of senior housing in the air
rights over the Property.
B. Execution of a Development and Disposition Agreement
between the City and RHF.
SECTION 3. Municipal Code Section 2508A provides that the
sale of real property shall be by notice inviting bids unless the
city Council finds that advertising for bids would not be in the
best interests of the City. The City council finds that adver-
tising for bids would not be in the best interests of the City
because:
(1) The City has determined that the development of rental
housing units for low-income seniors is of benefit to the City of
Santa Monica,
(2) The City has identified the HUD Section 202/8 loan pro-
gram as the most suitable source of funding necessary in order to
develop such housing, and this funding is available only to
qualified non-profit developers; and
(3) The City has found RHF to be the most suitably
qualified non-profit developer, with experience in working with
the HUD Section 202/8 loan program, to develop such housing in
Santa Monica.
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SECTION 4. The city Clerk shall oertify to the adoption of
this resolution, and thenceforth and thereafter the same shall be
in full force and effect.
Approved as to form:
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Robert M. Myers
City Attorney
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Adopted and approved this 28th day of April, 1987.
I hereby certify that ~ e foregoing Resolution No. 7406(CCS)
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was duly adopted by the cit council of the City of Santa Monica
at a meeting thereof held on April 28 t 1987 by the following
council vote:
Ayes: Councilmembers:
Jennings, Finkel, A. Katz, H.
Katz, Reed, Zane and Mayor Conn
Noes: Councilmembers:
None
Abstain: Councilmembers:
None
Absent: Councilmembers:
None
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ATTEST: - _
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ci ty Clerk:': -- ..