HomeMy WebLinkAboutReso 437_CCv0001.pdf RESOLUTION NO. 437
A RESOLUTION OF THE BOARD OF THE REDEVELOPMENT AGENCY
OF THE CITY OF REDLANDS APPROVING AN AMENDMENT TO THAT
CERTAIN REGULATORY AGREEMENT AND DECLARATION OF
RESTRICTIVE COVENANTS DATED AS OF JULY 20, 1999
WHEREAS, the Redevelopment Agency of the City of Redlands (the "Agency") is a
public body corporate and politic organized and existing under the laws of the State of
California, and is authorized pursuant to the Community Redevelopment Law (Health and Safety
Code section 33000 et seq.) to enter into agreements for development within its project areas;
and
WHEREAS, in 1999, the Agency entered into a Regulatory Agreement and Declaration
of Restrictive Covenants (the "Redlands Regulatory Agreement") to transfer certain property to
Mountain View Acres, Inc. ("MVA") in connection with the construction of a senior housing
development; and
WHEREAS, the MVA development is comprised of several buildings, one of which is
the Citrus Place Apartments Project, a 55 unit seniors complex located at 301 West
Mountainview Circle (the"Project"); and
WHEREAS, Red Mortgage Capital, Inc. ("Lender") has agreed to provide the permanent
mortgage loan for the financing of the Project as long as mortgage insurance is provided by U.S.
Department of Housing and Urban Development ("HUD"), and MVA has secured a commitment
from HUD to provide mortgage insurance on the permanent financing of the Project; and
WHEREAS, in order for HUD to approve the loan: (1) the Project must be transferred to
a single purpose entity, and (2) all existing liens on the Project must be subordinated to the HUD
note, mortgage and regulatory agreement which will be recorded against the Project at closing;
and
WHEREAS, MVA has requested that the Agency enter into that certain Amendment to
Regulatory Agreement and Declaration of Restrictive Covenants (the "Amendment") in order to
subordinate the Redlands Regulatory Agreement and conform certain terms therein to the terms
required by HUD; and
WHEREAS, the Agency desires to approve the Amendment to Regulatory Agreement
and Declaration of Restrictive Covenants at this time;
NOW, THEREFORE, THE BOARD OF THE REDEVELOPMENT AGENCY OF THE
CITY OF REDLANDS HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS
FOLLOWS:
RDA Resolution 437
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Section 1. Recitals. The Recitals contained herein are true and correct and are hereby
incorporated herein by this reference.
Section 2. Approval of Amendment. The Agency hereby approves the Amendment in
the form attached hereto with such changes thereto as may be approved by the Chairman,
Executive Director or such other authorized officer of the Agency when such terms and
conditions have been ascertained. The Agency hereby further authorizes and directs that the
form of Amendment be converted into the final form thereof together with such changes or
modifications as deemed necessary or desirable by the Chairman, Executive Director or such
other authorized officer of the Agency. The Chairman, Executive Director or such other
authorized officer of the Agency is hereby authorized and directed to execute and deliver, and
the Secretary or Assistant Secretary is hereby authorized and directed to attest to, the final form
of Amendment when the same has been prepared for and in the name of the Agency.
Section 3, Official Action. The Chairman, Executive Director, Secretary and any and
all other officers of the Agency are hereby authorized and directed, for and in the name and on
behalf of the Agency, to do any and all things and take any and all actions, including execution
and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents,
instruments of conveyance, warrants and other documents, which they, or any of them, may
deem necessary or advisable in order to consummate the execution of the Amendment as
described herein. Whenever in this Resolution any officer of the Agency is authorized to execute
or countersign any document or take any action, such execution, countersigning or action may be
taken on behalf of such officer by any person designated by such officer to act on his or her
behalf in the case such officer shall be absent or unavailable. The Agency hereby appoints its
Chairman and Executive Director as agents of the Agency for purposes of executing any and all
documents and instruments which any officer of the Agency is authorized to execute hereunder.
Section 4. Effective Date. The Secretary shall certify to the adoption of this Resolution
which shall be in full force and effect immediately upon its adoption.
ADOPTED AND APPROVED this 1st day of September, 2009.
-76/ . . "
Jong-larrison, Chairman
ATTEST:
Lorrie Po zer, Secrct‘ (50--)
RDA Rcsoluiion 437
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1, Lorrie Poyzer, Secretary of the Redlands Redevelopment Agency, do hereby certify that the
foregoing resolution was passed and adopted at a regular meeting of the Redevelopment Agency
of the City of Redlands held on the 1st day of September, 2009 by the following vote:
AYES: Board Members Gilbreath, Gallagher, Aguilar, Bean: Mayor Harrison
NOES: None
ABSENT: None
ABSTAIN: None
SeereJarY, RedeveloP- etli Agency
RDA Resolution 437
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