ARA1998-07RESOLUTION NO. ARA98-7
A RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY (1)
APPROVING AND AUTHORIZING THE EXECUTION OF THE OWNER
PARTICIPATION AGREEMENT BY AND BETWEEN THE ANAHEIM
REDEVELOPMENT AGENCY AND, JOINTLY, THE YASSINI
MANAGEMENT COMPANY, INC. AND CHANGIZ AND REBECCA
ZOMORODIAN AND (1I) MAKING CERTAIN FINDINGS IN
CONNECTION THEREWITH
WHEREAS, pursuant to that certain Disposition and Development Agreement, dated as of
August 15, 1989, by and between the Anaheim Housing Authority (the "Authority"), and
Brookhollow Apartments (Anaheim) Associates ("Brookhollow Associates"), as amended and
restated (the "DDA"), the Authority sold to Brookhollow Associates, for development of an
affordable apartment complex, that certain real property consisting of approximately three and
seventy-nine hundredths (3.79) acres generally located at the northeast comer of Brookhurst
Street and Crescent Avenue in the City of Anaheim (the "Brookhollow Parcel"); and
WHEREAS, Brookhollow Associates, for reasons beyond its control, was unable to complete
the development required by the DDA; and
WHEREAS, concurrently with consideration of this Resolution by the Agency, the Anaheim
Housing Authority is considering purchasing the Brookhollow Parcel back from Brookhollow
Associates (the "Brookhollow Parcel Acquisition") pursuant to that certain Purchase and Sale
Agreement by and between Brookhollow Associates and the Authority dated as of September 1,
1998 and on file in the office of the Secretary of the Authority (the "Brookhollow Associates
Purchase and Sale Agreement"); and
WHEREAS, concurrently with its consideration of the Brookhollow Associates Pumhase and
Sale Agreement, the Authority is considering selling the Brookhollow Parcel (the "Brookhollow
Parcel Sale") to the Yassini Management Company, Inc. ("Yassini") pursuant to that certain
Purchase and Sale Agreement by and between the Authority and Yassini dated as of September 1,
1998 and on file in the office of the Secretary of the Authority (the "Yassini Purchase and Sale
Agreement"); and
WHEREAS, Changiz and Rebecca Zomorodian (jointly, "Zomorodian") own certain property
adjacent to the Brookhollow Parcel (the "Zomorodian Parcel"); and
W!tEREAS, Zamorodian and Yassini (collectively, the "Developer") have proposed that the
Anaheim Redevelopment Agency (the "Agency") enter into that certain Owner Participation
Agreement dated as of September 1, 1998 by and between the Agency and the Developer and on
file with the Agency Secretary (the "OPA"); and