HomeMy WebLinkAboutSA RESO 2014-46RESOLUTION NO. 2014 — 46
RESOLUTION OF THE SUCCESSOR AGENCY
TO THE COMMUNITY DEVELOPMENT COMMISSION
AS THE NATIONAL CITY REDEVELOPMENT AGENCY
AUTHORIZING THE CHAIRMAN TO EXECUTE AN AGREEMENT
FOR MODIFICATION OF OBLIGATIONS WHICH WILL AMEND
THE REGULATORY AGREEMENT, FORGIVE
THE PROMISSORY NOTE, AND TERMINATE THE PARTICIPATION
AGREEMENT WITH PARK VILLAS NATIONAL CITY, L.P.
WHEREAS, the City of National City formed the Community Development
Commission of the City of National City ("CDC'), which has continuously engaged in both
redevelopment activities under the Community Redevelopment Law (Health and Safety Code
sections 33000, et seq.) ("CRL") and housing authority activities under the Housing Authority
Law (Health and Safety Code sections 34200, et seq.); and
WHEREAS, at the time the City of National City formed the CDC, the City also
established the Housing Authority of the City of National City (Ordinance No. 1484, dated
October 14, 1975); and
WHEREAS, the Redevelopment Agency of the City of National City ("Agency")
was established by Ordinance No. 1164, dated April 11, 1967; and
WHEREAS, the CDC was established to enable both the Agency and the Housing
Authority to operate under a single board and single entity; and
WHEREAS, by enactment of Part 1.85 of Division 24 of the Health and Safety
Code, the Agency, was dissolved as of February 1, 2012 such that the Agency was deemed as a
former redevelopment agency under Health and Safety Code section 34173(a); and
WHEREAS, the Agency was succeeded by the Successor Agency to the
Community Development Commission as the National City Redevelopment Agency ("Successor
Agency"); and
WHEREAS, Agency and Park Villas National City, LP, ("Participant') entered into
certain agreements with respect to a $500,000 forgivable loan made by Agency to Participant as
of August 19, 1997 (the "Loan"), via Resolution Number 97-38, as follows:
• A Regulatory Agreement and Declaration of Covenants
and Restriction, dated as of August 19, 1997, executed by Agency and
Participant (the "Agency Regulatory Agreement');
• An Owner Participation Agreement, dated as of August 19,
1997, executed by Agency and Participant (the "Participation Agreement');
• A Promissory Note, dated as of August 19, 1997, in the
principal amount of $500,000.00, executed by Participant to the order of Agency
(the "Note"); and
WHEREAS, said documents relate to the redevelopment and operation of the
268-unit multifamily residential development commonly known as the Park Villas Apartments,
817 Eta Street, National City, San Diego County, California (the "Project'); and
Resolution No. 2014 — 46
Page Two
WHEREAS, Successor Agency, Participant and First Trust of California, National
Association entered into a certain Regulatory Agreement and Declaration of Restrictive
Covenants, dated as of June 1, 1997, and recorded on July 1, 1997 as Instrument No. 1997-
0311773 (the "Bond Regulatory Agreement"), relating to the Project; and
WHEREAS, Participant and the California Tax Credit Allocation Committee
entered into a certain Regulatory Agreement Federal Credits Tax -Exempt Bond Financed
Project dated as of July 31, 1998, and recorded on October 7, 1999 as Instrument No. 1999-
0679835 (the "TCAC Regulatory Agreement"), relating to the Project; and
WHEREAS, Successor Agency and Participant wish to enter into certain
agreements to modify the end date of the Note, clarify the termination dates of the Regulatory
Agreement, extend the length of the TCAC Regulatory Agreement affordability covenants to the
benefit of the Successor Agency, and acknowledge Participant's consent and waiver of claims
to the prior sale of GNMA Collateralized — Park Villa Apartments, Series 1997 Series A Bonds
on the terms and conditions provided in the Agreement for Modification of Obligations.
NOW, THEREFORE, BE IT RESOLVED, by the Successor Agency to the
Community Development Commission as the National City Redevelopment Agency, that the
Chairman is hereby authorized to execute the Agreement for Modification of Obligations on file
with the Secretary of the Successor Agency.
PASSED and ADOPTED this 20th day of May, 2014.
on Morrison, Chairman
ATTEST:
g' c
Micliael R. Dalla, CiY Clerk as
Secretary to the Successor Agency
AS TO FORM:
Silva
cv Counsel
Passed and adopted by the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California, on
May 20, 2014 by the following vote, to -wit:
Ayes: Boardmembers Cano, Morrison, Natividad, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY:
RON MORRISON
Chairman of the Successor Agency to the
Community Development Commission
as the Redevelopment Agency of the
City of National City, California
Qk �
o ..'Xit
City Clerk Servin as Secretary
to the Successor Agency
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2014-46 of the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California,
passed and adopted on May 20, 2014.
By:
City Clerk Serving as Secretary
to the Successor Agency
Deputy