ARA1997-05RESOLUTION NO. ARA97-5
A RESOLUTION OF THE ANAHEIM REDEVELOPMENT
AGENCY APPROVING THE THIRD AMENDMENT TO
DISPOSITION AND DEVELOPMENT AGREEMENT BY AND
BETWEEN THE ANAHEIM REDEVELOPMENT AGENCYAND
KAUFMAN AND BROAD OF SOUTHERN CALIFORNIA,
INC.
WHERF2%S, the Anaheim Redevelopment Agency (the
"Agency") and Kaufman and Broad of Southern California, Inc., a
California corporation, (the "Developer")have entered into that
certain Disposition and Development Agreement dated October 26,
1993 (the "Original DDA"), as amended by (i) that certain First
Amendment to Disposition and Development Agreement dated November
15, 1994 (the "First Amendment") and (ii) that certain Second
Amendment to Disposition and Development Agreement dated July 9,
1996 (the "Second Amendment"). Pursuant to the DDA, as amended by
the First Amendment, the Agency has conveyed certain real
property (the "Original Site") to the Developer, and the
Developer has completed the construction of single family houses
and townhouses thereon; and
WHEREAS, pursuant to the terms of Section 15 of the
Disposition and Development Agreement between the Agency, the
Developer and Lincoln Anaheim Village Limited Partnership, a
California limited partnership, dated as of April 31, 1992, the
Agency and Developer entered into a "Negotiating Period" for the
development of the "Cypress Street Infill Project" (as such
capitalized terms are defined therein). The Second Amendment
(together with the Original DDA and the First Amendment, the
"DDA As Amended") provides for the development of the Cypress
Street Infill Project; and
W~HEREAS, the purpose of this Third Amendment is to
amend and restate certain provisions in the Amended DDA relative
to the development of the Cypress Street Infill Project (as
amended, the "Revised Cypress Street Infill Project") and thereby
provide that the Developer construct 61 units, including
affordable and market rate townhomes and detached single-family
homes, on six (6) non-contiguous parcels of real property
aggregating approximately four and ninety eight hundredths (4.98)
acres (collectively, the "Additional Parcels"); and
WHEREAS, a portion of the Additional Parcels (the
"Cypress Infill Parcel") is located adjacent to but outside of
the Agency's Alpha Redevelopment Project Area. The Agency has
found and determined that the use of the Agency's Low and
Moderate Income Housing Funds outside of the boundaries of the
Project for the costs associated with the Cypress Infill Parcel
pursuant to the Third Amendment is of benefit to the Project; and