HomeMy WebLinkAboutCC Resolution 9758 (Marin Housing)CITY OF SAN RAFAEL
RESOLUTION NO. 9758
RESOLUTION AUTHORIZING THE CITY TO
ASSIGN TO THE REDEVELOPMENT AGENCY THE
RIGHTS AND OBLIGATIONS OF THE CITY UNDER
LOAN AGREEMENTS BETWEEN THE CITY AND
MARIN HOUSING DEVELOPMENT CORPORATION
BE IT RESOLVEL by the City Council of the of the City of San
Rafael as follows:
WHEREAS, the City previously authorized by Resolution No.
8198 the making of a $100,000 to loan to Marin Housing
Development Corporation, a California nonprofit corporation, to
undertake the rehabilitation of the Sundance Apartments, a 28 -
unit residential housing project located at 95 Medway Road in San
Rafael (the "Property"); and
WHEREAS, pursuant to Resolution No. 8198, the City entered
into a City Loan Agreement dated July 14, 1989, and an Amendment
to City Loan Agreement dated July 2, 1990 with Marin Housing
Development Corporation (the "Loan Agreement"); and
WHEREAS, after the Property was rehabilitated, the housing
units in the Property were made available to and continue to be
made available to low and moderate income households; and
WHEREAS, the Property is within the area governed by the
Redevelopment Plan for the Central San Rafael Redevelopment
Project, and continuation of the.availability of the Property as a low
and moderate incomehousing resource furthers the objectives of
the housing policies of the San Rafael Redevelopment Agency (the
"Agency"); and
WHEREAS, the Agency desires to assist in the continued
availability of this low and moderate income housing resource at
the Property by assuming the City's obligations under the Loan
Agreement; and
WHEREAS, the Agency is authorized by Health and Safety Code
Section 33603 to invest funds not required for immediate
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disbursement in any property or securities in which banks may
legally invest money subject to their control; and
WHEREAS, assumption of the Loan Agreement, secured by a deed
of trust, would be an investment of the Agency's Low and Moderate
Income Housing Fund authorized by Health and Safety Code Section
33603; and
WHEREAS, the income to the lender generated by the Loan
Agreement, when returned to the Low and Moderate Income Housing
Fund, will increase the Low and Moderate Income Housing Fund and
thereby enable the Agency to undertake additional low and
moderate income housing activities which would not be possible
but for the income generated from the Loan Agreement; and
WHEREAS, the City desires to assign its rights and
obligations under the Loan Agreement to the Agency.
NOW, THEREFORE, IT IS HEREBY RESOLVED as follows:
Section 1. The City Council hereby authorizes the City enter
into an agreement with the Agency which shall provide for the
Agency to assume the rights and obligations of the City under the
Loan Agreement and the Amended And Restated Promissory Note
Secured By Deed of Trust entered into pursuant to the Loan
Agreement, and to purchase from the City its interest in the Loan
Agreement and Amended And Restated Promissory Note Secured By
Deed of Trust for consideration in the amount of $100,000.
Section 2. The $100,000 proceeds to the City from the assignment
provided for in Section 1 of this Resolution shall be returned to
the City's Housing Fund for the implementation the housing
policies of the City.
Section 3. The City Council hereby authorizes the City Manager
or his designee to take all necessary actions and execute
agreements and other documents required to implement the
assignment of the Loan Agreement from the City to the Agency.
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I, JEANNE M. LEONCINI, City Clerk of the City of San Rafael,
hereby certify that the foregoing Resolution was duly and
regularly introduced and adopted at a regular meeting of the City
Council held on the 16th day of December, 1996, by the following
vote:
AYES: COUNCI:LMEMBERS: Cohen, Hellen, Miller, Phillips & Mayor Boro
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBFRS: None
JEANNEIM. LEONCINI,�yClerk
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