HomeMy Public PortalAbout13. Resolution RA-2009-01IN THE REDEVELOPMENT AGENCY OF THE CITY OF LIVERMORE
STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING EXECUTION OF AN ACCELERATED
COOPERATION AND REPAYMENT AGREEMENT WITH THE
REDEVELOPMENT AGENCY OF THE CITY OF LIVERMORE FOR ALOANOFRESIDENTIALDEVELOPMENTLOANPROGRAMRDLPFUNDSTOBEUSEDBYTHEREDEVELOPMENTAGENCYTO
REFINANCE A PORTION OF THE EXISTING LOAN FOR THE
LIVERMORE VILLAGE PROJECT FROM THE CITY TO THE
REDEVELOPMENT AGENCY DATED AUGUST 4 2008
On May 13 2005 the City loaned Livermore Village I LLC Developer of
Livermore Village Developer 8000000 as a bridge loan for acquisition of the
property located at 20092111 Railroad Avenue Livermore APN 098028901208PropertyOnMay122008theDeveloperagreedtosellitsinterestinthePropertyto
the City for 10100000 The City purchased the Property which was fully entitled for
development as a key redevelopment mixed use project meeting the goals of the
Downtown Specific Plan and as entitled would provide that at least 10 of the housingunitscreatedwillbeaffordabletolowerincomehouseholdsAsofMay122008the
Citys Affordable Housing funds in the project totaled 12437874 including principalandinterestaccruedunderthePromissoryNotebetweenDeveloperandCity
Pursuant to Health and Safety Code 33220 on August 4 2008 the CitytransferredtitletoLivermoreVillagePropertytotheRedevelopmentAgencyoftheCityofLivermoreAgencyandRedevelopmentAgencyagreedtoandexecuteda
Cooperation and Repayment agreement to reimburse the City the costs of the
Propertys acquisition in an effort to revitalize this area of the downtown and in an effort
to provide for more affordable housing in the downtown
In the August 4 2008 agreement the Redevelopment Agency agreed to
reimburse to the City the cost of the property which amount was 10969743 includingprincipalintheamountof10100000andinterestintheamountof869743Since
August 4 2008 the Agencys loan obligation has accrued an additional 60047 in
interest resulting in a total obligation as of January 12 2009 of 11029790
It is now desirable for the Agency to refinance the Cooperation and Repayment
Agreement executed August 4 2008 using RDLP funds To that end the City desires to
loan and the Redevelopment Agency desires to accept up to 5000000 in RDLP funds
which the Agency will then use to satisfy a portion of the principal and accrued interest
of the obligation stated in the August 4 2008 Cooperation and Repayment Agreement
As a condition of accepting the loan of RDLP funds the Redevelopment AgencyisrequiredtoexecuteaNoticeofAffordabilityRestrictiononTransferofPropertyand
RESOLUTION NO RA200901
Declaration of Covenants and Restrictions requiring the development of the Property to
provide 28 units of ownership housing affordable to lowincome households and 56
units of ownership housing affordable to moderateincome households for a minimum of
ten years
NOW THEREFORE BE IT RESOLVED by the Redevelopment Agency of the
City of Livermore that the Executive Director is authorized on behalf of the
Redevelopment Agency to enter into an Accelerated Cooperation and Repayment
Agreement with the City of Livermore for a loan to the Redevelopment Agency of up to
5000000 in RDLP funds to refinance a portion of the 10100000 loan from the CitytotheAgencyonAugust42008forsiteacquisitionandpredevelopmentexpenses
associated with the Livermore Village project
BE IT FUTHER RESOLVED that the Executive Director is authorized to sign the
Notice of Affordability Restriction on Transfer of Property and Declaration of Covenants
and Restrictions on behalf of the Redevelopment Agency to obligate the developmentoftheProjectoranyotherprojectdevelopedonthePropertytoprovideatleast28
units of ownership housing affordable to lowincome households and 56 units of
ownership housing affordable to moderateincome households
BE IT FURTHER RESOLVED that the Executive Director is authorized to
sign all documents as may be necessary to assist the Redevelopment Agency of the
City of Livermore purchase the property at 20092111 Railroad Avenue
On the motion of Vice Chair Marchand seconded by Agencymember Horner the
foregoing resolution was passed and adopted on the 12th day of January 2009 by the
following vote
AYES Agencymembers Horner Leider Williams Vice Chair Marchand Chairperson Kamena
NOES None
ABSENT None
ABSTAIN None
ATTEST
JGzrbl
INTERIM AGENCY SECRETARY
SUSAN GIBBS
DATE January 13 2009
APPROVED AS TO FORM
ASSISTANT GENERAL COUNSEL
JASON ALCALA
2 RESOLUTION NO RA200901