R-8294
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CED:DA:jld637/hpc/pc
City council Meeting 9-10-91 Santa Monlca, California
RESOLUTION NUMBER 8294(C[5)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA AUTHORIZING THE CITY MANAGER
TO ENTER INTO AN AGREEMENT TO SECURE A HOUSING
PREDEVELOPMENT OR LAND PURCHASE LOAN FROM THE STATE OF
CALIFORNIA FOR THE PURPOSES OF DEVELOPING 45 UNITS OF
AFFORDABLE HOUSING AT 827-831 ASHLAND AVENUE
WHEREAS, the City of Santa Monica, California (hereinafter
referred to as the "city"), is a public entity established under
the laws of Californla and empowered to own property, borrow
money, and give security for loans; and
WHEREAS, the California Department of Housing and Community
Development
(hereinafter referred to as the II State" )
is
authorized to make loans for the production of affordable housing
for low-income persons; and
WHEREAS, the city wishes to obtaln from the State a housing
predevelopment or land purchase loan for the development of such
housing,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES RESOLVE AS FOLLOWS:
SECTION 1. The City Manager, or hlS or her des 19nee, is
hereby authorized to enter into a loan agreement with the State
ln an amount not to exceed N lne Hundred Twenty-Three Thousand
Dollars ($923,000.00) for the purposes of developing 45 units of
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affordable housing at 827-831 Ashland Avenue, Santa Monica,
california,
and to execute security and other lnstruments
necessary or required by the state to evidence and secure the
agreement.
SECTION 2. The city Clerk shall certify to the adoption of
this Resolution, and thenceforth and thereafter the same shall be
in full force and effect.
APPROVED AS TO FORM:
ROBERT M. MYERS
city Attorney
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Adopted and approved this lOth day of September, 1991.
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~ayor
I hereby certify that the foregoing Resolution No. 8294(CCS)
was duly adopted by the City Council of the City of Santa Monica
at a meeting thereof held on september lOthl 1991 by the
following Council vote:
Ayes: Councilmembers: Genserl Holbrookl Olsen, Vazquez I
Zane, Abdo
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent: Councilmembers: Katz
ATTEST:
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- City Clerk (