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HomeMy WebLinkAbout438 RDA_CCv0001.pdf RESOLUTION NO. 438 A RESOLUTION OF THE BOARD OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS APPROVING A SECOND AMENDMENT TO THAT CERTAIN REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS DATED AS OF JULY 20, 1999 AND RESCINDING RESOLUTION NO. 437 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 previously prepared and requested that the Agency enter into a First 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, by Resolution No. 437, the Agency's Board subsequently approved the Amendment and such Amendment was recorded in the official records of the County of San Bernardino; and WHEREAS, on October 26, 2009, MVA presented the Agency's staff with a Second Amendment to Regulatory Agreement and Declaration of Restrictive Covenants (the "Second I Amendment") to correct errors in the legal description for the Project which were extant in the Amendment, and WHEREAS, the Agency now desires to approve the Second Amendment; and authorize the Executive Director of the Agency to approve the execution of documents relating to the recordation of the Amendment or the Second Amendment; NOW, THEREFORE, THE BOARD OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section 1. Recitals. The Recitals contained herein are true and correct and are hereby incorporated herein by this reference. Section 2. Approval of Second Amendment. The Agency hereby approves the Second 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 Second 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 Second 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 Second Amendment or described herein, or which are associated with the recordation of either the Amendment or the Second Amendment. 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. 2 Section 5. Resolution No. 437 is hereby rescinded. ADOPTER. SIGNED AND APPROVED this 3rd day of November, 2009. n Harrison, Chairman Redevelopment Agency of the City of Redlands ATTEST: Lorrie,�oyzer, Sece�", 1, Lorrie Poyzer, Secretary of the Redlands Community Redevelopment Agency, do hereby certify that the foregoing Resolution No. 438 was passed and adopted at a regular meeting of the Redevelopment Agency of the City of Redlands held on the 3rd day of November, 2009 by the following vote: AYES: Councilmernbers Gilbreath, Gallagher, Aguilar, Bean; Mayor Harrison NOES: None ABSENT: None ABSTAIN: None Lom*e,,,Poyzer, Seer Redevelopment Agency'4 the City of Redlands 3