HomeMy WebLinkAboutReso 2013-039 - 2480 Ellis Streete
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RESOLUTION NO. 2013-039
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE LEASE OF REAL PROPERTY LOCATED AT 2480 ELLIS
STREET TO PC REDDING APARTMENTS LIMITED PARTNERSHIP AND
FINDING THAT THE LEASE OF THE PROPERTY WILL ASSIST IN THE
ELIMINATION OF BLIGHT AND/OR THE PROVISION OF AFFORDABLE
HOUSING; AND THAT THE CONSIDERATION FOR THE PROPERTY IS
NOT LESS THAN THE FAIR REUSE VALUE
WHEREAS, on February 1, 2012, the Redding Redevelopment Agency ("RRA") was
dissolved pursuant to Health and Safety Code (HSC) Sections 34161 - 34166; and
WHEREAS, pursuant to HSC Section 34176, by Resolution No. 2012-007, the City Council
of the City of Redding elected to become the Successor Housing Agency to the RRA ("Successor
Housing Agency"); and
WHEREAS, HSC Section 34176(a)(1), provides for all rights, powers, duties, obligations,
and housing assets (as .defined by HSC Section34176(e)) of the redevelopment agency to be
transferred to the Successor Housing Agency; and
WHEREAS, on February 2,2012, such transfer did occur; and
WHEREAS, included in that housing asset transfer was real property located at 2480 Ellis
Street, more particularly described in Exhibit A hereto (the "Property"), previously acquired by the
RRA for the purpose of facilitating affordable housing development opportunities; and
WHEREAS, proposed development on the Property consists of the development of an
affordable rental housing complex comprised of approximately 76-units. The developed units will
remain affordable to, and occupied by, persons and families with incomes at or below 120% of area
median (the "Project"); and
WHEREAS, the proposed Ground Lease Agreement ("Lease") with PC Redding Apartments
Limited Partnership, provides for the lease ofthe Property and the development of the Project; and
WHEREAS, Community Redevelopment Law provides in HSC Section 33433 that before
any property acquired, in whole or in part, directly or indirectly, with tax increment monies is sold or
leased for development pursuant to a redevelopment plan, such sale or lease shall first be approved
by the City Council, after a duly noticed public hearing of the City Council and after a copy ofthe
proposed sale or lease and a summary which describes the financial aspects of the transaction has
been made available for public inspection; and
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WHEREAS, a Summary Report has been prepared pursuant to HSC Section 33433,
containing a summary describing the cost of the transaction to the Successor Housing Agency, the
value of the property to be leased and other statutorily required information, and said report and
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copies of the proposed Lease were made available to the public for inspection prior to the hearing, as
required by Community Redevelopment Law; and
WHEREAS, notice of a public hearing by the City Council on the proposed Lease has been
duly published in accordance with the Community Redevelopment Law; and
WHEREAS, the public hearing by the City Council was held on April 16, 2013.
NOW, THEREFORE, IT IS RESOLVED that the City Council of the City of Redding
hereby:
1. Approves the lease of the real property described in Exhibit A to PC Redding
Apartments Limited Partnership; and
2. Finds that the lease of the Property will assist in the elimination of blight and/or
provide affordable housing for low- and moderate-income households, and that the
consideration for the Property is not less than the fair reuse value at the use and with
the covenants and conditions and development costs authorized by the Lease.
I HEREBY CERTIFY that the foregoing resolution was introduced, read, and adopted at a
regular meeting of the City Council of the City of Redding on the 16th day of April, 2013, by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Cadd, Jones, McArthur, Sullivan, & Bosetti
None
None
None
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. RICK BOSETTI, Mayor
ATTEST:
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FORM APPROVAL:
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