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HomeMy WebLinkAbout14-033 - Resolutions RESOLUTION NO. 14-033 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA APPROVING THE ACQUISITION, DISPOSITION, DEVELOPMENT AND LOAN AGREEMENT BETWEEN THE CITY OF RANCHO CUCAMONGA, IN ITS CAPACITY AS THE HOUSING SUCCESSOR TO THE RANCHO CUCAMONGA REDEVELOPMENT AGENCY, AND 7418 ARCHIBALD LLC ("DEVELOPER") FOR AFFORDABLE HOUSING TO BE DEVELOPED AT 7418 &7422 ARCHIBALD AVENUE, RANCHO CUCAMONGA, CA WHEREAS, the City Council of the City of Rancho Cucamonga (the "City Council") has adopted and amended, from time to time, the Redevelopment Plan for the Rancho Redevelopment Project(the"Redevelopment Plan"); and WHEREAS, the Redevelopment Plan covers the real property in the Rancho Redevelopment Project Area (the"Project Area"); and WHEREAS, the goals for the Redevelopment Plan include alleviation of blighting conditions and the provision of affordable housing for very low, low and moderate income households; and WHEREAS, the City desires to cause the redevelopment of the real property located at 7418 &7422 Archibald Avenue in the City of Rancho Cucamonga (the "Property"); and WHEREAS, the City, in its capacity as the Successor Housing Agency(the "Successor Housing Agency") to the Rancho Cucamonga Redevelopment Agency (the "Dissolved RDA"), intends to enter into an Acquisition, Disposition, Development and Loan Agreement("ADDLA") with 7418 Archibald LLC, a California limited liability company (the "Developer"), for the redevelopment of the Property with a 60-unit housing development that will include 29 units of residential housing affordable to extremely low income, very low income and low income seniors (the "Development"); and WHEREAS, the Development will address the goals and objectives of the Redevelopment Plan by alleviating blighting conditions such as underutilized properties, and by providing additional affordable housing opportunities within the City as detailed in the staff report accompanying this Resolution and incorporated herein (the "Staff Report"); and WHEREAS, the Implementation Plan adopted by the Dissolved RDA with respect to the Redevelopment Plan calls for expanding opportunities for affordable housing within the City; and WHEREAS, the proposed ADDLA and a summary report meeting the requirements of Health and Safety Code Section 33433 (the "Section 33433 Report"), were available for public inspection consistent with the requirements of Health and Safety Code Section 33433; and WHEREAS, on February 19, 2014, the City Council, in its capacity as the Successor Housing Agency and in its capacity as a municipal corporation, held a duly noticed joint public hearing on the proposed ADDLA; and Resolution No. 14-033 - Page 1 of 3 WHEREAS, the City Council has reviewed the Section 33433 Report, the Staff Report and evaluated other information provided to it pertaining to the findings required pursuant to Section 33433. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA that the City Council finds and determines that the above recitals are true and correct and are incorporated herein. BE IT FURTHER RESOLVED that the City Council hereby finds and determines, based upon substantial evidence provided in the record before it, that the consideration for the sale of the Property pursuant to the terms and conditions of the proposed ADDLA, is not less than the fair reuse value of the Property at the use and with the covenants and conditions and development costs authorized by the ADDLA. BE IT FURTHER RESOLVED that the City Council hereby finds and determines that the development and sale of the Property pursuant to the proposed ADDLA will eliminate blight within the Project Area by the development of currently underutilized parcels within the Project Area and providing additional housing opportunities to a range of household incomes, and will serve the Redevelopment Plan goals and objectives as set forth in the Section 33433 Report and the Staff Report. BE IT FURTHER RESOLVED that the City Council hereby finds and determines that the ADDLA is consistent with the Dissolved RDA's most recent Implementation Plan. BE IT FURTHER RESOLVED that the City Council hereby approves the sale of the Property contemplated by the ADDLA, and the ADDLA and all exhibits thereto. A copy of the ADDLA when executed shall be placed on file in the office of the City Clerk. BE IT FURTHER RESOLVED that the City Clerk shall certify to the adoption of this Resolution. BE IT FURTHER RESOLVED that this Resolution shall take effect immediately upon adoption. Resolution No. 14-033 - Page 2 of 3 PASSED, APPROVED, AND ADOPTED this 19th day of February 2014. AYES: Alexander, Michael, Steinorth, Williams NOES: None ABSENT: Spagnolo ABSTAINED: None rC � D Dennis Michael, Mayor ATTEST: ice C. Reynolds, Cit Clerk I, JANICE C. REYNOLDS, CITY CLERK of the City of Rancho Cucamonga, California, do hereby certify that the foregoing Resolution was duly passed, approved and adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting of said City Council held on the 19th day of February 2014. Executed this 201h day of February 2014, at Rancho Cucamonga, California. APPROVED AS TO FORM: RICHARDS, WATSON &GERSHON City Attorney Jv Ja ice C. Reynolds, City CI rk By: �� V Jim Markman Resolution No. 14-033 - Page 3 of 3