HomeMy WebLinkAboutRES NO RA008-06(1)
RESOLUTION NO. RA 0 0 8 - 0 6 (J
AMENDMENT NO. 1 TO RESOLUTION NO. RA008-06 OF
THE BAKERSFIELD REDEVELOPMENT AGENCY OF
THE CITY OF BAKERSFIELD APPROVING THE
SUBMISSION OF AN APPLICATION FOR A LOAN FROM
THE CALIFORNIA HOUSING FINANCE AGENCY AND
AUTHORIZING THE EXECUTIVE DIRECTOR OR
DESIGNEE TO EXECUTE ALL NECESSARY
DOCUMENTS.
WHEREAS, the California Housing Finance Agency ("CaIHFA") has developed a
loan program (Residential Development Loan Program - "RDLP") whereby local
governmental entities can apply for low-interest loans to provide "affordable" housing;
and
WHEREAS, CalHFA makes available Ten Million Dollars ($10,000,000.00) of
loan funds each application cycle and each local governmental entity can apply for up to
One Million Dollars ($1,000,000.00); and
WHEREAS, proceeds of the loan will be used to assist in the creation of
"affordable" housing in the Southeast Bakersfield Redevelopment Project Area; and
WHEREAS, the residential Development Loan Program is project specific
funding that provides a 3% interest rate loan with a maximum term of 4 years to local
government agencies for site acquisition and pre-development expenses attributed to
affordable infill, owner-occupied housing developments; and
WHEREAS, CaIHFA's RDLP program requires the local governmental entity to
authorize a particular person to sign the application and all other documents and
commit the necessary resources to ensure the loan will be repaid and the "affordable"
housing will be developed.
WHEREAS, the filing of an application for One Million Dollars of CaIHFA's
"RDLP" loan funds is approved; and
WHEREAS, the Executive Director or his/her designee is the agent of the
Bakersfield Redevelopment Agency and authorized to execute and submit all
documents including, but not limited to, the application, loan agreement, amendments,
and so on, which may be necessary for the completion of the aforementioned
application process and ensure that the "affordable" housing is developed.
Page 1 of 3 Pages
AGENCY
ORIGINAL
NOW, THEREFORE, BE IT RESOLVED, incorporating the above recitals herein,
by the Bakersfield Redevelopment Agency of the City of Bakersfield as follows:
1 . A new Whereas Clause is to be inserted in place of the 2nd Whereas
Clause of Resolution No. 008-06, to read as follows:
WHEREAS, Agency has applied for and received an additional RDLP Loan in the
amount of TWO MILLION DOLLARS ($2,000,000) for construction costs for the
development of the Creek View Villas in the South Mill Creek Redevelopment Project,
making the total amount of RDLP Loan Funds available for the project to increase to
THREE MILLION DOLLARS ($3,000,000); and
2. A new Whereas Clause is to be inserted in place of the 4th Whereas
Clause of Resolution No. 008-06, to read as follows:
WHEREAS, the residential Development Loan Program is project specific
funding that provides a 3% interest rate loan with a maximum term of 5 years to local
government agencies for site acquisition and pre-development expenses attributed to
affordable infill, owner-occupied housing developments; and
3. All other terms and conditions of Resolution No. 008-06 remain in full force
and effect.
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
the Bakersfield Redevelopment Agency at a regular meeting thereof held on
JUL 2 3 2001 , by the following vote:
~~?
ABSTAIN:
ABSENT:
AGENCY MEMBER BENTLEY, COHEN, KOMAN, MISHOE, ORDIZ, PRINCE, TAKII
AGENCY MEMBER
AGENCY MEMBER
AGENCY MEMBER
LkmJ4 ~!ar
SECRETARY of the Bakersfiel
Redevelopment Agency
APPROVED:
~
/ DER;CK PRI n E~CHAIRP~ON
BAKERSAELDREDEVELOPMENTAGENCY
Page 2 of 3 Pages
AGENCY
ORIGINAL
APPROVED AS TO FORM:
VIRGINIA GENNARO
GENERAL COUNSEL
By: ~?n-~
Page 3 of 3 Pages
I
AGENCY
ORIGINAL