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AHA-2008-002RESOLUTION NO. AHA-2008-002 A RESOLUTION OF THE ANAHEIM HOUSING AUTHORITY APPROVING AN AFFORDABLF. HOUSING AGREEMENT AMONG THE AUTHORITY, AND LINCOLN ANAHEIM I HOUSING PARTNERS, L.P., A CALIFORNIA LIMITED PARTNERSHIP, AND LINCOLN ANAHEIM II HOUSING PARTNERS, L.P., A CALIFORNIA LIMITED PARTNERSHIP; AUTHORIZING THE EXECUTIVE DIRECTOR TO NEGOTIATE THE TERMS OF AND ENTER INTO ANY IMPLEMENTATION AGREEMENT(S) CONSISTENT WITH THE AFFORDABLE HOUSING AGREEMENT; AUTHORIZING THE EXECUTIVE DIRECTOR, OR HER DESIGNEE TO EXECUTE AND ADMINISTER SUCH AGREEMENTS; AND MAKING CERTAIN OTHER FINDINGS IN CONNECTION THEREWITH WHEREAS, the Anaheim Housing Authority ("Authority") is a public body, corporate and politic and is duly organized and validly existing under the Housing Authorities Act, California Health & Sai'ety Code Section 34240, et seq., and all successor statutes and implementing regulations thereto ("Housing Authorities Law"); and WHEREAS, the Authority is empowered to enter into agreements and to carry out affordable housing projects and programs benefiting Lower Income and Very Low Income persons, families, and households; and WHEREAS, the Anaheim Redevelopment Agency ("Agency") is a public body, corporate and politic and a California redevelopment agency acting under the California Community Redevelopment Law, Part 1 of Division 24, Section 33000, et seq., of the Health and Safety Code (``Act"); and WHEREAS, the Amended and Restated Redevelopment Plan for the Anaheim Merged Redevelopment Project ': 'as adopted by the City Council of the City of Anaheim by Ordinance Nos. 5913, 5914, 5915, 5916, 5917, 5918, and 6034; and WHEREAS, the Agency receives tax increment revenues pursuant to Section 33670(bl of the Act and is required to deposit not less than thirty percent of the tax increment revenues allocated to the Agency into the Agency's Low and Moderate-Income Housing Fund pursuant to Sections 33333.10, 33333.11, 33334.2 and 33334.6 of the Act and to use such funds in order to increase, improve, and preserve the community's supply of low and moderate-income housing available at an affordable housing cost; and WHEREAS, the Agency is authorized and empowered under the Act to provide funding for the production, improvement, or preservation of affordable housing including the construction of new privately owned apartments and appurtenant improvements with tax increment revenues from the Agency's Housing Fund; and WHEREAS, in furtherance of the objectives of the Authority, Agency, and City to expand and improve the supply of affordable housing for Very Low Income Households and Low Income Households, to develop viable urban communities by providing decent, safe housing and a suitable living environment, and to expand economic opportunities for persons of Very Low and Low Income, Agency has conveyed to Authority certain parcels of real property generally located at 1275-1287 East Lincoln Avenue in the City (``Site") acquired by the Agency with monies from the G:':ASM5303B Pinal Draft -Related Resolu[ion.DOC Housing Fund pursuant to that certain Cooperation Agreement dated as of July 1, 2007 between the Agency and the Authority; and WHEREAS, the Authority and Lincoln Anaheim I Housing Partners, L.P., a California Limited Partnership ("Phase A Developer"), and Lincoln Anaheim II Housing Partners, L.P., a California Limited Partnership ("Phase B Developer") (in this Resolution the Phase A Developer and the Phase B Developer are referred to together as "Developer") desire to enter into an Affordable Housing Agreement; and WHEREAS, the Developer desires to design, plan, construct, complete, and operate a 146-unit multi-family affordable housing rental project in two phases, Phase A and Phase B on the Site ("Project"); and WHEREAS, the Authority desires to convey two ground leasehold interests in the Site, one portion of the Site ground leased as the Phase A Site and the other portion of the Site ground leased as the Phase B Site, to the two limited partnership entities comprising Developer for the construction and long term operation of the applicable Phase of the Project thereon; and WHEREAS, Authority and Developer desire to enter into an Affordable Housing Agreement to carry out the Project; and WHEREAS, Authority has determined there is a continuing and substantial need in the community for additional multi-family apartment units to be available for the longest feasible period to persons and families of Extremely Low Income, Very Low lncome and Lower Income (and Moderate-lncome, as applicable) at an Affordable Housing Cost, as those terms are defined in the herein and ir_ applicable sections of the California Health & Safety Code; and WHEREAS, capitalized terms used in this Resolution are as defined in the Affordable Housing Agreement, unless otherwise defined herein; and WHEREAS, the salient provisions and objectives of the proposed Affordable Housing Agreement among the Authority, the Phase A Developer, and the Phase B Developer include: (1) set forth the terms, conditions, and performance obligations of all parties to carry out the planning, design, construction, and operation of the 146-unit affordable housing Project; (2) provide for Authority's financial participation in both Phase A and Phase B of the Project by providing the Ground Leases and the two Authority Subordinate Loans, each in an initial principal amount not to exceed Five Million Six Hundred Thousand Dollars ($5,600,000.00) (a total Authority Subordinate Loan of $11,200,000) {3) establish acceptable terms, provisions, and rights to cure related to each Authority Ground. Lease to be entered into between the Authority and the Phase A Developer and the Phase B Developer as to each applicable Phase along with related subordination agreement(s) for construction and permanent financing for each Phase of the Project; (4) proceed with the Project in two Phases; and (5) authorize the Authority Executive Director to negotiate and enter into the necessary Implementing Agreement(s) by, between, and/or among the Authority, the Phase A Developer and the Phase B Developer to carry out the Project in two Phases, so long as (a) such Implementing Agreements are consistent with the terms and provisions of the Affordable Housing Agreement, (b) Authority's financial participation in the Project, Phase A and Phase B, shall in no event exceed of $5,600,000 for each Phase, and (c) the Project and all 146 Housing Units constructed on the Site shall be subject to recorded affordable housing covenants and restrictions that obligate use, operation, property management, occupancy, and occupancy standards only for persons and families of 30%AMI Very Low Income Households, 40% AMI Very Low Income Households, 50% G' WSM8303B Pinal Draft -Related Resolution.DOC AMI Very Low Income Households, 55% AMI Low Income Households, and 60% AMI Low Income Households, Extremely Low Income, Very Low Income, and Lower Income (and/or Moderate Income, as applicable) at an Affordable Housing Cost for not less than 65 years and that such restrictions fully comply with all applicable federal, state, and local laws required and arising from the funding source(s) committed to the Site; and WHEREAS, the Affordable Housing Agreement is in the vital and best interest of the Authority and the City of Anaheim, and the health, safety and welfare of its residents, and is of benefit to the Agency and its Merged Project Area and is contemplated by the Agency's Implementation Plan for the Merged Project Area adopted and in place pursuant to Section 33490 of the CRL; and WHEREAS, pursuant to Section 21159.23 of the Public Resources Code, the Project is exempt from the California Environmental Quality Act (CEQA) and in this regard, the City's General Plan designation for the Site was undertaken and completed as a part of the City's Environmental Impact Report No. 330 and the City-wide General Plan update that occurred in 2004. On May 25, 2004, the City Council considered and approved Resolution No. 2004-94 that certified Final EIR No. 330 and City Council Resolution No. 2004-95 that approved a comprehensive update of the Anaheim General Plan; and WHEREAS, pursuant to the Housing Authorities Law, in particular Section 34312.3, the Authority duly noticed a public hearing on the Affordable Housing Agreement and the Ground Leases contemplated therein; and WHEREAS, notice of the public hearing was published once a week for successive weeks prior to the public hearing in the Orange County Register, a newspaper of general circulation in the community; and WHEREAS, on March 18, 2008 at a noticed public meeting and hearing, the Authority Board reviewed and evaluated all of the information, testimony, and evidence presented during the hearing and considered the Affordable Housing Agreement, including all attachments thereto, and a summary report regarding the Project; and WHEREAS, the Authority has duly considered all terms and conditions of the proposed Affordable Housing Agreement and believes that the Project is in the best interests of the City of Anaheim and the health, safety, and welfare of its residents, and in accord with the public purposes and provisions of applicable state and local laws and requirements. NOW, THEREFORE, BE IT RESOLVED BY THE ANAHEIM HOUSING AUTHORITY: Section 1. Authority finds and determines the foregoing recitals are true and correct and are a substantive part of this Resolution. Section 2. Authority hereby approves the Affordable Housing Agreement among the Authority, the Phase A Developer, and the Phase B Developer with such changes mutually agreed upon by the Authority Executive Director (or her duly authorized representative), the City Attorney, and the Phase A Developer and the Phase B Developer as are minor and in substantial conformance with the form of the Affordable Housing Agreement which has been submitted herewith. The Authorit}' Executive Director and the Authority Secretary/City Clerk are hereby authorized to GaASA18303B Final Draft-Related ResolutioaDOC execute and attest the Affordable Housing Agreement, including any related attachments, on behalf of Authority. In such regard, the Authority Executive Director (or her duly authorized representative) is authorized to sign the final version of the Affordable Housing Agreement after completion of any such non-substantive, minor revisions. Copies of the final form of the Affordable Housing Agreement, when duly executed and attested, shall be placed on file in the office of the City Clerk. Further, the Authority Executive Director (or her duly authorized representative) is authorized to implement the Affordable Housing Agreement and take all further actions and execute all documents referenced therein and/or necessary and appropriate to carry out the Project, both Phase A and Phase B, as provided for and within the Affordable Housing Agreement, including any and all Implementation Agreement(s). The Authority Executive Director (or her duly authorized representative) is hereby authorized to the extent necessary during the implementation of the Affordable Housing Agreement and any Implementation Agreement(s) to make technical or minor changes and interpretations thereto after execution, as necessary to properly implement and carry out the Affordable Housing Agreement and any Implementation Agreement(s), provided any and all such changes shall not in any manner materially affect the rights and obligations of the Authority or the maximum funding provided under the Affordable Housing Agreement approved hereby. Section 3. In addition to the authorization of Sections 2 above, the Executive Director is hereby authorized, on behalf of the Authority, to sign all other documents necessary or appropriate to carry out and implement the Affordable Housing Agreement, including causing the issuance of warrants in implementation thereto, and to administer the Authority's obligations, responsibilities and duties to be performed under the Affordable Housing Agreement. Section 4. Authority confirms that pursuant to Section 21159.23 of the Public Resources Code, the Project is exempt from CEQA and in this regard, the City's General Plan designation for the Site was undertaken and completed as a part of the City's Environmental Impact Report No. 330 and the CitS~•-wide General Plan update that occurred in 2004. On May 25, 2004, the City Council considered and approved Resolution No. 2004-94 that certified Final EIR No. 330 and City Council Resolution No. 2004-95 that approved a comprehensive update of the Anaheim General Plan and based thereon other or further consideration or findings are required under CEQA. Section 5. The Authority Secretary shall certify to the adoption of this Resolution. THE FOREGOING RESOLUTION IS PASSED, APPROVED AND ADOPTED BY THE GOVERNING BOARD OF THE ANAHEIM HOUSING AUTHORITY THIS EIGHTEENTH (18TH) DAY OF MARCH, 2008, BY THE FOLLOWING ROLL CALL VOTE: AYES: Chairman Pringle, Authority Members Hernandez, Galloway, Kring NOES: Authority Member Sidhu ABSTAIN: NONE ABSENT: NONE G.~ASM8303B Final Draft -Related ResolutioaDOC ANAHEIM HO G AUTHO Y By: Chairman ATT T: Authority Secretary G-.\ASM83036 Final Drafi -Related Resolution.DOC Please contact the City Clerk's Office for a complete copy of Attachment "A".