HomeMy WebLinkAbout2008-09-09 - RESOLUTIONS - USE AGENCY FUNDS HIDAWAY (2)RESOLUTION NO. RDA 08-11
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SANTA CLARITA APPROVING THE USE OF AGENCY LOW/MOD FUNDS
FOR THE ACQUISITION AND REHABILITATION OF HIDAWAY
APARTMENTS AT 27077 HIDAWAY AVENUE, SANTA CLARITA
SECTION 1. RECITALS
WHEREAS, Mercy Housing California (the "Sponsor") wishes to acquire and
rehabilitate the apartment building known as the Hidaway Apartments, located at 27077 Hidaway
Avenue, Santa Clarita (the "Property") and record an affordability covenant to provide 66 units
of family affordable housing; and
WHEREAS, the Agency finds that there is a need for affordable family housing within
the City of Santa Clarita; and
WHEREAS, the Agency further finds that the Property as it currently exists is blighted
due to its deteriorated condition—which deteriorated condition predates the acquisition of the
Property by the Sponsor; and
WHEREAS, Sponsor has explored the possibility of conventional financing for the
renovation, and has determined that only limited financing would be available due to the limited
income which would be generated from rental revenue if the Property was operated as an
affordable family project; and
WHEREAS, after exploring all other public funding options, Sponsor has determined
that additional funds are need to complete the acquisition and rehabilitation of the Property; and
WHEREAS, the Agency wishes to assist in the acquisition and renovation in exchange
for operation of the Property as an affordable family project for not less than 55 years.
NOW THEREFORE, THE SANTA CLARITA REDEVELOPMENT AGENCY
BOARD DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 2•. Based upon the recitals herein, the staff report, the written materials and proposed
Terms and Conditions presented with the staff report, and information presented orally to the
Agency Board, the Agency Board does hereby determine, pursuant to Health and Safety Code
Section 33334.2(g), that the use of Agency low/mod set-aside funds outside of the Project Area,
as contemplated by the acquisition and rehabilitation of the Property is of benefit to the Project
Area by virtue of the creation of affordable housing and the elimination of a blighted property
within the City of Santa Clarita. Renovation of the Property will increase the City's overall stock
of affordable housing.
SECTION 3. The Agency Board further finds, pursuant to Health and Safety Code Section
33334.30) that the Sponsor has made good faith efforts to obtain private or commercial financing
for purposes of acquiring and renovating the Property, but is unable to obtain such financing to
maintain the level of affordability and quantity of units contemplated herein.
SECTION 4. The Secretary shall certify to the adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED this 9th day of September, 2008.
ATTEST:
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SECRETARY
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA)
I, Sharon L. Dawson, MMC, Secretary of the Santa Clarita Redevelopment Agency, do
hereby certify that the foregoing Resolution was duly adopted by the Santa Clarita
Redevelopment Agency at a regular meeting thereof, held on the 9th day of September, 2008, by
the following vote:
AYES: AGENCYMEMBERS: Weste, Ferry, McLean, Ender, Kellar
NOES: AGENCYMEMBERS: None
ABSENT: AGENCYMEMBERS: None
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SECRETARY
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
CERTIFICATION OF
CITY COUNCIL RESOLUTION
I, Sharon L. Dawson, City Clerk of the City of Santa Clarita, do hereby certify that this is a true
and correct copy of the original Resolution RDA 08-11 adopted by the City Council of the City
of Santa Clarita, California on September, 2008, which is now on file in my office.
Witness my hand and seal of the City of Santa Clarita, California, this day of
2008.
Sharon L. Dawson, MMC
City Clerk
By
Susan Caputo, CMC
Deputy City Clerk
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