HomeMy WebLinkAboutReso 2002-025 - Hotel Redding y
RESOLUTION NO. 2002-
ZS
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING A LOAN OF HOME PROGRAM FUNDS FOR
REHABILITATION OF THE HOTEL REDDING
WHEREAS,CCHNC Hotel Redding Associates(CCH)is a California Limited Partnership
in which Christian Church Homes of Northern California,Inc. is the managing general partner and
is a nonprofit public benefit corporation organized under the laws of the State of California and
qualifying for Federal Tax Exempt Status under Section 501(c)(3)of the Internal Revenue Code;and
WHEREAS,the HOME Investment Partnerships Program(HOME),authorized for funding
by Title II of the Cranston-Gonzalez National Affordable Housing Act of 1990,provides grants to
local governments to implement housing strategies designed to increase homeownerhsip and
affordable housing opportunities for low- and very low-income Americans; and
WHEREAS, to facilitate the provision of affordable housing, the City of Redding (City)
desires to provide HOME program funds to CCH, in conjunction with Housing Set-Aside funds
provided by the Redding Redevelopment Agency(Agency),for the sole purpose of assisting CCH
in the rehabilitation of the Hotel Redding which,after rehabilitation,will consist of forty-nine(49)
units of affordable housing for lower-income seniors; and
WHEREAS,the parties desire for the City to make HOME program funds available to loan
to CCH, in conjunction with Housing Set-Aside funds provided by the Agency, for rehabilitation
assistance. CCH also intends to use the HOME and Housing Set-Aside funds in conjunction with
Low-income Housing Tax Credits (LIHC) as described in the Tax Reform Act of 1986 (as
amended),that have been awarded to CCH for this project. The terms of the provision of the funds
are more particularly described in the Owners Participation Agreement(OPA)between the Agency
and CCH, which sets forth with more particularity the mutual obligations of the parties regarding
the development of the project.
NOW,THEREFORE, BE IT RESOLVED by the City of Redding as follows:
1. That the foregoing recitals are true and correct.
2. The City Council of the City of Redding hereby approves providing up to
$702,628.53 in HOME program funds to be loaned to CCH for the rehabilitation of
the Hotel Redding. The project includes forty-nine (49) units of rental housing
affordable to lower-income seniors, subject to an executed Owners Participation
Agreement between the Redding Redevelopment Agency and CCH, which is
incorporated herein by this reference.
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3. The Mayor is hereby authorized and directed to sign all necessary documents on
behalf of the City Council and the City Clerk to attest the signature of the Mayor.
4. A true copy of the Owners Participation Agreement referred to herein is on file in
the office of the Redding Redevelopment Agency.
I HEREBY CERTIFY that the foregoing resolution was introduced and read at a regular
meeting of the City Council of the City of Redding on the 5th day of February 2002 as duly adopted
at said meeting by the following vote:
AYES: COUNCIL MEMBERS: Cibula, McGeorge, Pohlmeyer and Stegall
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Kight
ABSTAIN: COUNCIL MEMBERS: None
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PAT KIGHT, Mayor
ATTEST: APPROVED AS TO FORM:
Connie Strohmayer, k W. Leonard Wingate, t Attorney
N:••Redding Hotel`•Oaners Participation Agreement City OM Loan reso.wpd