AHA-1998-004RESOLUTION NO. AHA98-4
A RESOLUTION OF THE ANAHEIM HOUSING AUTHORITY (I)
APPROVING AND AUTHORIZING THE ACQUISITION AND
SUBSEQUENT SALE OF REAL PROPERTY, ([1) APPROVING AND
AUTHORIZING OTHER ACTIONS RELATED THERETO AND (HI)
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 now proposes (i) to terminate the DDA and (ii) in
accordance with 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"), to sell
the Brookhollow Parcel back to the Authority (the "Brookhollow Parcel Acquisition") for Five
Hundred Thousand Dollars ($500,000)(the "Purchase Price"); and
WHEREAS, as more particularly provided in the Brookhollow Associates Purchase and Sale
Agreement, (i) Two Hundred Thousand Dollars ($200,000) of the Purchase Price payable by the
Authority would be borrowed from The Bank of Tokyo-Mitsubishi, Ltd., Los Angeles Branch
(the "Bank Loan"), which Bank Loan would be secured by, among other things, a first deed of
trust against the Brookhollow Parcel, and (ii) up to One Hundred Thousand Dollars ($100,000)
of the Purchase Price payable by the Authority would be borrowed from Brookhollow Associates
(the "Brookhollow Associates Loan"), which Brookhollow Associates Loan would be secured by
a second deed of trust against the Brookhollow Parcel; and
WHEREAS, concurrently with consideration of this Resolution by the Authority, the Anaheim
Redevelopment Agency (the "Agency") is considering emering into an Owner Participation
Agreement (the "OPA") with Changiz and Rebecca Zomorodian CZomorodian") and Yassini
Management Company, Inc. CYassini") (collectively, the "Developer"); and
WHEREAS, Zomorodian owns certain property adjacent to the Brookhollow Parcel (the
"Zomorodian Parcel"); and