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SR-407-009 . ------ ---. · (!e/NA-i2 Ljo 1-- 000/ JUl 25 1989 -- ~ C/ED:JISG:JG:wp Redevelopment Agency Meeting: 7/25/89 City Council Meeting santa Monica, California TO: Chairperson and Redevelopment Agency Mayor and City Council SUBJECT: City staff Recommendations to (I) Adopt Resolutions Allocating Funds to the Downtown and Ocean Park 1 (a) and 1 (b) Redevelopment Project Low and Moderate Income Housing Trust Fund, (2) Approve Earnest Money Agreements with Community Corporation of Santa Monica for the City-wide Housing Acquisition and Rehabilitation Program. (CHARP) and the Pico Neighborhood Housing Trust Fund (PNHTF), (3) Approve an Agreement with the Pico Neighborhood Association for the Operation of PNHTF, and (4) Approve Revisions to the Program Guidelines for CHARP and PNHTF. FROM: INTRODUCTION This report transmits for adoption resolutions allocating funds to the Downtown and Ocean Park lea) and l(b) Redevelopment project Low and Moderate Income Housing Trust Fund for use in the City-wide Housing Acquisition and Rehabilitation Program as approved in the Fiscal Year 1989-90 Budget. The report recommends approval of standard Agreements with Community Corporation of Santa Monica for the use of CHARP and PNHTF "earnest money" funds, and a standard Agreement with the Pico Neighborhood Association (PNA) for PNHTF program operation. The report also recommends that revisions be made to the Program Guidelines for both the City-wide Housing Acquisition and Rehabilitation Program (CHARP) and the pico Neighborhood Housing Trust Fund (PNHTF) to ensure the efficient operation of the programs. - 1 - ae/~A-,2 JUL 2 5 1989 . . ... BACKGROUND The City-wide Housing Acquisition and Rehabilitation Program (CHARP) and Pico Neighborhood Housing Trust Fund (PNHTF) were created in 1983 to preserve and expand the stock of affordable housing in Santa Monica for low and moderate income households. Since Fiscal Year 1983-84, a total of one hundred fourteen (114) uni ts have been assisted with CHARP funds, and a total of one hundred thirty two (132) units have been assisted with PNHTF funds. The Redevelopment Agency and Ci ty Council have appropriated $525,412 for CHARP and $510,624 for PNHTF in the approved Fiscal Year 1989-90 Budget. In order to utilize redevelopment tax-increment funds for affordable housing development, resolutions finding such development to be of benefit to the redevelopment projects must be adopted by the Agency and the Ci ty Council at the start of each fiscal year. It is also necessary at this time to execute an Agreement with Community Corporation of Santa Monica (CCSM) for the use of $75,000 from CHARP as earnest money deposits. No resolutions of benefit are necessary for the PNHTF Program, as it is funded with federal Community Development Block Grant (CDBG) and Rental Rehabilitation Program funds. However, at the start of each fiscal year it is necessary to execute (1) an Agreement with CCSM for the use of $25,000 from PNHTF as earnest money deposits, and (2) an Agreement with the Pico Neighborhood Association (PNA) defining its role in the PNHTF Program's operation. - 2 - . . The Agency and City first adopted Program Guidelines for the CHARP and PNHTF Programs in 1983, and have revised them periodically since then to both account for changing market condi tions and to ensure the efficient implementation of the programs and the City's housing policies. Further revision of the Guidel ines is necessary at this time to ensure continued participation in the programs by non-profit housing developers, and to comply with new federal regulations relating to lead-based paint hazard abatement and disabled accessibility. DISCUSSION Resolutions of Benefit California redevelopment law allows local Redevelopment Agencies to use tax-increment funds outside of the redevelopment project area which generated them if the expenditure of such funds will be of benefit to the project. Under the provisions of this law, increasing and improving the supply of affordable housing for low and moderate income households outside the project area is considered to be of benefit to the redevelopment projects. state law requires that the Redevelopment Agency adopt resolutions each year formally determining that the use of tax-increment funds in this manner will benefit the redevelopment projects. In addition, the City council must concur in this determination. Therefore, in order to utilize the new redevelopment tax-increment funds appropriated to CHARP in the FY89-90 budget, the attached resolutions must be adopted by the Redevelopment Agency and City council. - 3 - e . California redevelopment law also requires that 20% of all tax-increment funds received by the Agency annually be used to assist low and moderate income housing activities. This allocation to the CHARP Program, in addition to the Agency IS lease payment for the public housing development at 175 Ocean Park Boulevard and other approve housing-related expenditures for FY89-90, will satisfy the "20% set-Aside" requirement for this fiscal year. Agreement for CHARP "Earnest Moneyn Funds In addition to adopting resolutions of benefit for the CHARP Program, it is necessary at this time to approve and execute an Agreement with Community Corporation of Santa Monica (CCSM) for the use of the $75,000 "Earnest Money" component of CHARP. These funds are to be used (1) for deposits on properties to be purchased for affordable housing projects, and (2) as a revolving fund for reimbursable development expenses which cannot be obtained on a contingency basis. The proposed "Earnest Money" Agreement is in the standard grantee contract form used in the Community Development Program. It is the same Agreement used in previous years, and it includes all appropriate provisions of State law applicable to redevelopment agency activities, as well as the usual City requirements relating to accounting procedures, political activities, and equal employment opportunity. - 4 - . . Agreement for PNHTF tlEarnest Money" Funds Similar to the CHARP Program, it is necessary at this time to approve and execute an Agreement with CCSM for the use of the $25,000 "Earnest Honey" component of PNHTF. These funds are to be used only for deposi ts on properties to be purchased for affordable housing projects. The proposed "Earnest Money" Agreement for PNHTF, like the Agreement proposed for CHARP, is in the standard grantee contract form used in the Community Development Program. It is the same Agreement used in previous years, and it includes all appropriate provisions of Federal law applicable to the use of CDBG funds, as well as the usual city requirements relating to accounting procedures, political activities, and equal employment opportunity. Agreement with Pico Neighborhood Association Along with the Agreement for PNHTF Earnest Money funds, it is necessary at the beginning of each fiscal year to execute an Agreement with the Pico Neighborhood Association (PNA) detailing PNA's role in the operation of the PNHTF Program. The proposed Agreement is the same as that used in previous years. PNAts role in the operation of the PNHTF Program includes reviewing each loan application submitted, meeting with city staff on a regular basis, and annually assessing the housing needs of the pico Neighborhood. Both the Agreement for Program operation and the - 5 - . . PNHTF Earnest Money Agreement were reviewed by the PNA Board on July 13, 1989. Revision of CHARP and PNHTF Program Guidelines Both the CHARP and PNHTF Programs provide thirty-five (35) year deferred payment loans to eligible borrowers for the acquisition, rehabilitation, and/or new construction of affordable housing uni ts for low and moderate income households in Santa Monica. PNHTF funds may only be used within the Pico Neighborhood of Santa Monica. A Regulatory Agreement restricting the rent levels, occupancy, management, and disposition of each assisted property is recorded to secure each Program loan. The proposed revisions to the Guidelines would increase the development fees allowed project sponsors from one and one-half percent (1. 5%) to three percent (3 %) of the total development cost of the assisted project, and increase the maximum per unit loan amount under the PNHTF Program from $35,000 to $40,000. These revisions would not affect any of the proj ect review and approval processes currently in place, and the Program Guidelines would remain unchanged in all other respects. 1. Increase in Allowable Development Fee Increasing the development fee allowed by the Programs is necessary at this time to (1) more adequately reimburse project sponsors for the costs involved in developing affordable housing projects, and (2) make the Programs comparable to similar - 6 - . . affordable housing programs in California and throughout the nation. The costs involved in initiating and carrying-out affordable housing developments have increased dramatically in recent years as projects have become more complex, often including multiple public and private funding sources and the syndication of low income housing tax credits. The actual cost of sponsoring an affordable housing project is currently between 10% and 15% of the total development cost of a proj ect. While the proposed three percent (3%) development fee would still not actually cover the cost of packaging and developing a project, it would come significantly closer to doing so. In recognition of the substantial costs involved in packaging and developing affordable housing projects, other public agencies allow much higher development fees to the sponsors of projects which they assist. For example, 5-10% development fees are allowed in the City of Chicago and in Saint Paul, Minnesota, a 4-5% fee ($5,000 per unit) is allowed by the national Local Initiatives Support Corporation (LISe), and a 4-6% fee is allowed by the City of San Francisco. These public agencies also provide operating support to local non-profit corporations, as the city of Santa Monica does, but allow higher development fees to both (1) more adequately cover the cost of developing affordable units, and (2) provide an incentive to local non-profit developers to develop as many affordable units as possible. Staff is proposing that the development fees allowed by both the - 7 - . . CHARP and PNHTF Programs be increased to three percent (3%) for these reasons. 2. Increase in PNHTF Maximum Per unit Loan Amount Increasing the maximum per unit loan amount under the PNHTF Program is necessary at this time to compensate for increased project costs resulting from new federal regulations relating to (1) lead-based paint hazard abatement, and (2) accessibility for disabled households. The u.s. Department of Housing and Urban Development (HUD) has recently adopted extensive regulations regarding the inspection, testing, and abatement of lead-based paint hazards in housing rehabilitation projects assisted with federal CDBG funds. These regulations have significantly increased the cost of acquisition and rehabilitation projects assisted by the PNHTF Program, as extensive inspection and abatement procedures are now required to mitigate the hazardous effects of lead-based paint used in buildings constructed prior to 1978. For example, the cost of a thirty-two (32) unit acquisition and rehabilitation project currently being carried-out by CCSM at 2020 Cloverfield Boulevard has been increased by approximately $80,000 by these regulations, or $2,500 per unit. In addition, recent revisions to section 504 of of the federal Rehabilitation Act of 1973 have increased the number of accessibility modifications required in rehabilitation projects assisted by the PNHTF program. Staff estimates that these new - 8 - . . $3,000 per unit. requirements will increase project costs between $2,000 and The PNHTF Program Guidelines specify a maximum project loan amount of $35,000 per unit. In order for non-profit development corporations to comply with the regulations described above in their development of affordable housing units in the Pico neighborhood, staff is recommending that the maximum per unit loan amount be increased to $40,000 at this time. FINANCIAL/BUDGETARY IMPACTS The Fiscal Year 1989-90 budget includes an appropriation of $525,412 for the city-wide Housing Acquisition and Rehabilitation Program. This appropriation is reflected in the following accounts: Funds Requiring Resolutions of Benefit 16-720-264-000-942 18-720-264-128-942 18-720-264-129-942 Downtown Fund Ocean Park l(a) Fund Ocean Park l(b) Fund Subtotal Funds Not Requiring Resolutions of Benefit 16-720-264-731-942 16-720-264-000-942 16-720-264-128-942 16-720-264-129-942 vitale Gilpin Fund Earnest Fund Repayment Earnest Fund Repayment Earnest Fund Repayment Subtotal TOTAL $98,866 $164,400 $60,806 $324,072 $126,340 $37,500 $27,375 $10,125 $201,340 $525,412 The approval of the CHARP Earnest Money Agreement with CCSM will result in the expenditure of $75,000 from the following accounts: - 9 - . . TOTAL $37,500 $27,375 $10,125 $75,000 16-720-264-000-942 18-720-264-128-942 18-720-264-129-942 The Fiscal Year 1989-90 budget includes an appropriation of $510,624 for the Pico Neighborhood Housing Trust Fund. appropriation is reflected in the following accounts: This TOTAL $364,624 $146,000 $510,624 19-720-264-000-930 19-720-264-134-930 CDBG Rental Rehab The approval of the PNHTF Earnest Money Agreement with CCSM will result in the expenditure of $25,000 from account number 19-720-264-000-930. No further financial or budgetary impacts are anticipated as a result of the actions recommended in this report. RECOMMENDATIONS It is recommended that the Redevelopment Agency: (1) Adopt the attached Resolution of the Redevelopment Agency of the city of Santa Monica allocating $98,866 into the Downtown Redevelopment Project Low and Moderate Income Housing Trust Fund to provide funds for CHARP, and finding the provision of affordable housing to be of benefit to the Downtown Redevelopment Project. (2) Adopt the attached Resolution of the Redevelopment Agency of the City of Santa Monica allocating - 10 - . . $164,400 into the Ocean Park Redevelopment Project 1 (a) Low and Moderate Income Housing Trust Fund to provide funds for CHARP, and finding the provision of affordable housing to be of benefit to the Ocean Park Redevelopment Project lea). (3) Adopt the attached Resolution of the Redevelopment Agency of the City of Santa Monica allocating $60,806 into the Ocean Park Redevelopment Project 1 (b) Low and Moderate Income Housing Trust Fund to provide funds for CHARP, and finding the provision of affordable housing to be of benefit to the Ocean Park Redevelopment Project l(b). (4) Approve the execution of an Agreement by and between the Redevelopment Agency of the city of Santa Monica and Community Corporation of Santa Monica for $75,000 in CHARP Earnest Money funds. (5) Approve the revision to the Program Guidelines for the City-wide Housing Acquisition and Rehabilitation Program as described in this report. It is recommended that the City Council: (6) Adopt the attached Resolution of the City Council of the City of Santa Monica finding the use of funds in the Downtown Redevelopment Project Low and Moderate Income Housing Trust Fund to be of benefit to the Downtown Redevelopment Project. - 11 - . . (7) Adopt the attached Resolution of the City Council of the City of Santa Monica finding the use of funds in the Ocean Park 1 (a) Redevelopment Project Low and Moderate Income Housing Trust Fund to be of benefit to the Ocean Park lea) Redevelopment Project. (8) Adopt the attached Resolution of the City Council of the city of Santa Monica finding the use of funds in the Ocean Park 1 (b) Redevelopment Project Low and Moderate Income Housing Trust Fund to be of benefit to the Ocean Park l(b) Redevelopment Project. (9) Approve the execution of an Agreement by and between the City of Santa Monica and Community Corporation of Santa Monica for $25,000 in PNHTF Earnest Money funds. (10) Approve the execution of an Agreement by and between the City of Santa Monica and the pico Neighborhood Association for the implementation of the Pico Neighborhood Housing Trust Fund. (11) Approve the revisions to the Program Guidelines for the Pico Neighborhood Housing Trust Fund as described in this report. Prepared by: Jack Gardner, Senior Development Analyst Candy Rupp, Housing Program Manager Department of Community and Economic Development :benefit - 12 - . e (RAS) RESOLUTION NUMBER (Redevelopment Agency series) A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA ALLOCATING $98,866 INTO THE DOWN- TOWN REDEVELOPMENT PROJECT LOW AND MODERATE INCOME HOUSING TRUST FUND TO PROVIDE FINANCING FOR THE CITY WIDE HOUSING ACQUISITION AND REHABILITATION PROGRAM AND FINDING THE PROVISION OF SUCH HOUSING TO BE OF BENEFIT TO THE DOWNTOWN REDEVELOPMENT PROJECT. WHEREAS, the Redevelopment Agency has adopted Resolution Number 378 (RAS) establishing the Downtown Redevelopment Project Low and Moderate Income Housing Trust Fund (the "Housing Trust Fund"); and WHEREAS, in accordance with Resolution Number 378 (RAS), the Redevelopment Agency desires to allocate money to the Hous- ing Trust Fund, NOW THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS: SECTION 1. Pursuant to Resolution Number 378 (RAS), the Redevelopment Agency does hereby allocate the sum of $98,866 into the Housing Trust Fund to be paid into the Housing Trust Fund from property taxes allocated to the Redevelopment Agency pursuant to Health and Safety Code Section 33670 and the Redevelopment Plan for the Downtown Redevelopment Project. SECTION 2. The funds so allocated shall be held in the Housing Trust Fund until expended by the Agency for the purposes set forth in Resolution Number 378 (RAS). - 1 - . . SECTION 3. The Redevelopment Agency hereby elects to make the requirements of Health and Safety Code section 33334.2 ap- plicable to the Downtown Redevelopment proj ect to the extent provided for in Sections 4 and 5 of this Resolution. SECTION 4. The payment of funds into the Housing Trust Fund as required by the Resolution pursuant to said Health and Safety Code Section 33334.2 shall constitute an obligation and indebtedness of the Redevelopment Agency for the Downtown Re- development Project. SECTION 5. Pursuant to Resolution Number 378 (RAS), the Redevelopment Agency hereby finds, determines and resolves that the use of Housing Trust Funds outside of the Downtown Re- development Project is of benefit to the Downtown Redevelopment Project. SECTION 6. The Controller of the Redevelopment Agency is hereby authorized to retain or pay all interest income earned on this allocation into the Housing Trust Fund. The controller of the Redevelopment Agency is further authorized to pay all other income or loan repayments or revenues received by the Redevelopment Agency arising from the expenditure of the funds allocated by this Resolution into the Housing Trust Fund and to use those funds to the extent available to supplement Downtown Redevelopment Project Funds needed to fund the allocation described in section 1. - 2 - . . SECTION 7 . The Agency secretary 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 Agency Counsel :radown - 3 - . . RESOLUTION NUMBER (RAS) (Redevelop~ent Agency Series) A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA ALLOCATING $164,400 INTO THE OCEAN PARK REDEVELOPMENT PROJECT 1 (a) LOW AND MODERATE INCOME HOUSING TRUST FUND TO PROVIDE FINANCING FOR THE CITY WIDE HOUSING ACQUISITION AND REHABILITATION PROGRAM AND FINDING THE PROVISION OF SUCH HOUSING TO BE OF BENEFIT TO THE OCEAN PARK REDEVELOPMENT PROJECT lea) . WHEREAS, the Redevelopment Agency has adopted Resol ution Number 389 (RAS) establishing the Ocean Park Redevelopment lea) Low and Moderate Income Housing Trust Fund (the "Housing Trust Fund"); and WHEREAS, the Redevelopment Agency has adopted Resol ution Number 380 (RAS) making part of the requirements of Health and Safety Code Section 33334.2 concerning tax increment expenditures for low and moderate income housing applicable to the Ocean Park Redevelopment Project lea); and WHEREAS, in accordance with Resolution Number 380 (RAS), the Redevelopment Agency desires to allocate money to the city- wide Housing Trust Fund to provide housing at affordable cost for persons and families of low and moderate income. NOW THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS: SECTION 1. Pursuant to Resolution Number 380 (RAS), the Redevelopment Agency does hereby allocate the sum of $164,400 into the Housing Trust Fund to be paid into the Housing Trust - 1 - . . Fund from property taxes allocated to the Redevelopment Agency pursuant to Health and Safety Code Section 33670 and the Redevelopment Plan for the Ocean Park Redevelopment Project 1 (a) . SECTION 2. The funds so allocated shall be held in the Housing Trust Fund until expended by the Agency for the purposes set forth in Resolution Numher 380 (RAS). SECTION 3. The Redevelopment Agency hereby elects to make the requirements of Health and Safety Code Section 33334. 2 ap- plicable to the Ocean Park Redevelopment project 1 (a) to the extent provided for in Sections 4 and 5 of this Resolution. SECTION 4. The payment of funds into the Housing Trust Fund as required by the Resolution pursuant to said Health and Safety Code Section 33334.2 shall constitute an obligation and indebtedness of the Redevelopment Agency for the Ocean Park Re- development Project l(a). SECTION 5. Pursuant to Resolution Number 380 (RAS), the Redevelopment Agency hereby finds, determines and resolves that the use of Housing Trust Funds outside of the Ocean Park Redevelopment Project lea) is of benefit to the Ocean Park Redevelopment project l(a). - 2 - . . SECTION 6. The Controller of the Redevelopment Agency is hereby authorized to retain or pay all interest income earned on this allocation into the Housing Trust Fund. The Controller of the Redevelopment Agency is further authorized to pay all other income or loan repayments or revenues received by the Redevelopment Agency arising from the expenditure of the funds allocated by this Resolution into the Housing Trust Fund and to use those funds to the extent available to supplement Ocean Park Redevelopment Project 1 (a) Funds needed to fund the allocation described in section 1. SECTION 7 . The Agency secretary 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 Agency Counsel :rala - 3 - . . RESOLUTION NUMBER (RAS) (Redevelopment Agency Series) A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA ALLOCATING $60,806 INTO THE OCEAN PARK REDEVELOPMENT PROJECT 1 (b) LOW AND MODERATE IN- COME HOUSING TRUST FUND TO PROVIDE FINANCING FOR THE CITY WIDE HOUSING ACQUISITION AND REHABILITATION PROGRAM AND FINDING THE PROVISION OF SUCH HOUSING TO BE OF BENEFIT TO THE OCEAN PARK REDEVELOPMENT PROJECT 1 (b) . WHEREAS, the Redevelopment Agency has adopted Resolution Number 390 (RAS) establishing the Ocean Park Redevelopment l(b) Low and Moderate Income Housing Trust Fund (the "Housing Trust Fund"); and WHEREAS, the Redevelopment Agency has adopted Resolution NUmber 381 (RAS) making part of the requirements of Health and Safety Code Section 33334.2 concerning tax increment expenditures for low and moderate income housing applicable to the Ocean Park Redevelopment Project l(b): and WHEREAS, in accordance with Resolution Number 381 (RAS), the Redevelopment Agency desires to allocate money to the City- wide Housing Trust Fund to provide housing at affordable cost for persons and families of low and moderate income. NOW THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS: SECTION 1. Pursuant to Resolution Number 381 eRAS), the Redevelopment Agency does hereby allocate the sum of $60,806 into the Housing Trust Fund to be paid into the Housing Trust - 1 - e . Fund from property taxes allocated to the Redevelopment Agency pursuant to Health and Safety Code section 33670 and the Re- development Plan for the Ocean Park Redevelopment Project 1(b). SECTION 2. The funds so allocated shall be held in the Housing Trust Fund until expended by the Agency for the purposes set forth in Resolution Number 381 (RAS). SECTION 3. The Redevelopment Agency hereby elects to make the requirements of Health and Safety Code section 33334.2 ap- plicable to the Ocean Park Redevelopment Project l(b) to the extent provided for in sections 4 and 5 of this Resolution. SECTION 4. The payment of funds into the Housing Trust Fund as required by the Resolution pursuant to said Health and Safety Code section 33334.2 shall constitute an obligation and indebtedness of the Redevelopment Agency for the Ocean Park Re- development Project 1(b). SECTION 5. Pursuant to Resolution Number 381 (RAS), the Redevelopment Agency hereby finds, determines and resolves that the use of Housing Trust Funds outside of the Ocean Park Redevelopment Project l(b) is of benefit to the Ocean Park Redevelopment Project l(b). - 2 - . . SECTION 6. The Controller of the Redevelopment Agency is hereby authorized to retain or pay all interest income earned on this allocation into the Housing Trust Fund. The Controller of the Redevelopment Agency is further authorized to pay all other income or loan repayments or revenues recei ved by the Redevelopment Agency arising from the expenditure of the funds allocated by this Resolution into the Housing Trust Fund and to use those funds to the extent available to supplement Ocean Park Redevelopment Project 1 (b) Funds needed to fund the allocation described in section 1. SECTION 7. The Agency secretary 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 Agency Counsel :ralb - 3 - . . (CCS) RESOLUTION NUMBER (CITY COUNCIL SERIES) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA FINDING AND DETERMINING THAT THE USE OF FUNDS IN THE DOWNTOWN REDEVELOPMENT PROJECT LOW AND MODERATE INCOME HOUSING TRUST FUND WILL BE OF BENEFIT TO THE DOWNTOWN REDEVELOPMENT PROJECT. WHEREAS, it is the policy of this locality to assure an adequate supply of standard housing affordable to low and moderate income persons and families; and WHEREAS, the Downtown Redevelopment Project has been established in the city of Santa Monica in the area bordered by Broadway, Fourth Street, Colorado, and Second street; and WHEREAS, the Downtown Redevelopment Proj ect has been fully developed with a commercial facility; and WHEREAS, the Redevelopment Agency of the City of Santa Monica has established a Downtown Redevelopment Project Low and Moderate Income Housing Trust Fund pursuant to Health and Safety Code Section 33334.2 for the purpose of increasing and improving the supply of low and moderate income housing available at affordable costs within the City of Santa Monica; and WHEREAS, Health and Safety Code Section 33334.2 requires that ~he City Council concur with the Redevelopment Agency's finding that the use of the funds will be of benefit to the redevelopment project area when the funds will be expended outside the boundaries of the redevelopment project area; and - 1 - . . WHEREAS, the Redevelopment Agency has investigated the housing needs of project area employees and has determined that increasing and improving the supply of low and moderate income housing available at affordable costs outside of the project area will benefit the Downtown Redevelopment Project by expanding housing opportunities for the Downtown Redevelopment Project labor force within a reasonable distance from the project; and WHEREAS, on December 13, 1983 the Redevelopment Agency adopted Resolution Number 378 establishing the Downtown Redevelopment Project Low and Moderate Income Housing Trust Fund (the "Housing Trust Fund"): and WHEREAS, on December 13, 1983 the city Council adopted Resolution Number 6787 (CCS) concurring in the establishment of such fund and finding that it is of benefit to the project: and WHEREAS, on July 25, Resolution Number Housing Trust Fund, 1989 the Redevelopment Agency adopted (RAS) allocating $98,866 to the NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS: SECTION L The city Council finds and determines that the Downtown Redevelopment Project will benefit by the use of funds in the Housing Trust Fund in accordance with Health and Safety Code Section 33334.2 - 2 - . . 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 :ccdown - 3 - . . RESOLUTION NUMBER (CCS) (CITY COUNCIL SERIES) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA APPROVING THE PROVISION OF LOW AND MODERATE INCOME REPLACEMENT HOUSING AND FINDING THAT EXPENDITURE FOR SUCH HOUSING WILL BE OF BENEFIT TO THE OCEAN PARK REDEVELOPMENT PROJECT lea). WHEREAS, it is the policy of this locality to assure an adequate supply of standard housing affordable to low and moderate income persons and families; and WHEREAS, the Ocean Park Redevelopment Project lea) (hereinafter t1projecttl) has been established in the city of Santa Monica; and WHEREAS, the Ocean Park Redevelopment proj ect caused the demolition of more than 700 units of housing; and WHEREAS, the Redevelopment Agency of the city of Santa Monica seeks to invoke the provisions of Health and Safety Code Section 33334.2 for the purpose of replacing the suppy of housing demolished due to redevelopment activity; and WHEREAS, Health and Safety Code Section 33334.2 requires that the City Council concur with the Redevelopment Agency's finding that the use of the funds will be of benefit to the redevelopment project area when the funds will be expended outside the boundaries of the redevelopment project area; and - 1 - e . WHEREAS, the Redevelopment Agency has determined that replacing the supply of low and moderate income housing available at affordable costs outside of the project area will benefit the Ocean Park Redevelopment Project; and WHEREAS, on May 8, 1984, the Redevelopment Agency adopted Resolution Number 380 (RAS) establishing the Ocean Park Redevelopment Project lea) Low and Moderate Income Housing Trust Fund (the "Housing Trust Fund"); and WHEREAS, on May 8, 1984, the City council adopted Resolution Number 6855 (CCS) concurring in the establishment of such fund and finding that it is of benefit to the project; and WHEREAS, on July 25, 1989, the Redevelopment Agency adopted Resolution Number (RAS) allocating $63,058 to the Housing Trust Fund, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS: SECTION l. The city Council finds and determines that the Ocean Park Redevelopment Project lea) will benefit by the use of funds in the Housing Trust Fund in accordance with Health and Safety Code Section 33334.2. - 2 - . . 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 :ccla - 3 - . . RESOLUTION NUMBER (CCS) (CITY COUNCIL SERIES) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA APPROVING THE PROVISION OF LOW AND MODERATE INCOME REPLACEMENT HOUSING AND FINDING THAT EXPENDITURE FOR SUCH HOUSING WILL BE OF BENEFIT TO THE OCEAN PARK REDEVELOPMENT PROJECT l(b). WHEREAS, it is the policy of this locality to assure an adequate supply of standard housing affordable to low and moderate income persons and families; and WHEREAS, the Ocean Park Redevelopment project l(b) (hereinafter 'lprojectU) has been established in the City of Santa Monica; and WHEREAS, the Ocean Park Redevelopment Project caused the demolition of more than 700 units of housing; and WHEREAS, the Redevelopment Agency of the City of Santa Monica seeks to invoke the provisions of Health and safety Code Section 33334.2 for the purpose of replacing the suppy of housing demolished due to redevelopment activity; and WHEREAS, Health and Safety Code Section 33334.2 requires that the city council concur with the Redevelopment Agency's finding that the use of the funds will be of benefit to the redevelopment project area when the funds will be expended outside the boundaries of the redevelopment project area; and - 1 - . . WHEREAS, the Redevelopment Agency has determined that replacing the supply of low and moderate income housing available at affordable costs outside of the project area will benefit the Ocean Park Redevelopment Project; and WHEREAS, on May 8, 1984, the Redevelopment Agency adopted Resolution Number 381 (RAS) establishing the Ocean Park Redevelopment project l(b) Low and Moderate Income Housing Trust Fund (the "Housing Trust Fund"); and WHEREAS, on May 8, 1984, the City Council adopted Resolution Number 6856 (CCS) concurring in the establishment of such fund and finding that it is of benefit to the project; and WHEREAS, on July 25, 1989, the Redevelopment Agency adopted Resolution Number (RAS) allocating $162,148 to the Housing Trust Fund, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS: SECTION 1. The City council finds and determines that the Ocean Park Redevelopment Project l(b) will benefit by the use of funds in the Housing Trust Fund in accordance wi th Health and Safety Code Section 33334.2. - 2 - . . . 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 :cclb - 3 -