HomeMy Public PortalAbout2003-01-23 Affordable Housing Implementation Agreement - Andrews & BoydAFFORDABLE HOUSING IMPLEMENTATION AGREEMENT
This Affordable Housing Implementation Agreement ( "AGREEMENT ") is entered into by and
between the Fy1 rton Redevelopment Agency ( "AGENCY ") and the City of Fullerton ( "CITY "), on this
A.3 day of��llKjgV� 2003.
//II RECITALS
WHEREAS, CITY has been committed to providing affordable housing for its residents and
desires to continue to do so; and
WHEREAS, AGENCY is in the process of acquiring eighteen (18) rental units in the Richman
Park neighborhood; and
WHEREAS, upon AGENCY's acquisition of the units, the Agency intends to rehabilitate the
units for rental use by low- and - moderate - income persons and families; and
WHEREAS, AGENCY estimates that rehabilitation of the eighteen (18) rental units will cost
approximately One Million Three Hundred Fifty Thousand Dollars ($1,350,000); and
WHEREAS, AGENCY needs CITY's services to accomplish the rehabilitation of the eighteen
(18) rental units it is acquiring; and
WHEREAS, CITY has previously adopted, for implementation by the AGENCY, an Affordable
Housing Lease Purchase Program (the "Ownership Program ") for the purpose of developing
approximately fifty (50) affordable owner- occupied housing units in the Richman Park area; and
WHEREAS, AGENCY estimates that developing the fifty (50) affordable owner- occupied
housing units will cost approximately Three Million Four Hundred Eighty Thousand Dollars
($3,480,000); and
WHEREAS, AGENCY needs CITY's services to implement the Ownership Program and develop
the fifty (50) affordable owner- occupied housing units;
NOW THEREFORE, in consideration of the foregoing recitals and the mutual promises
contained herein, AGENCY and CITY agree as follows:
1. AGENCY agrees to provide to CITY One Million Three Hundred Fifty Thousand Dollars
($1,350,000) to finance the rehabilitation of AGENCY acquired rental properties from project account
#4126.
2. AGENCY agrees to provide CITY Three Million Four Hundred Eighty Thousand Dollars
($3,480,000) from project account #4127 to fund the Ownership Program.
3. CITY agrees to oversee, manage and implement (i) the rehabilitation of the eighteen (18)
AGENCY rental units and (ii) the Ownership Program.
4. CITY and AGENCY acknowledge that this AGREEMENT will in no way act as any
guarantee of funds and that AGENCY is not otherwise obligated to provide the monies identified in
paragraphs (1) and (2) should such specified funds become unavailable to AGENCY due to no fault of
AGENCY.
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5. The invalidity in whole or in part of any provision of this AGREEMENT shall not void
or affect the validity of any of the other provisions of this AGREEMENT. ,
6. Any modification of this AGREEMENT shall be effective only if in writing and signed
by both of the parties hereto.
Dated:`
AITES
lam. Secretary
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
By:
Jeffre Odes an
Attorneys for Fullerton Redevelopment Agency
Dated: ' v
ATTE
City Clerk
I�
J
AP ROVE
Richard D. Jones, City Attorney
"AGENCY"
FULLERTON REDEVELOPMENT
AGENCY
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By: G' i-,
Chairman
"CITY"
CITY OF FULLERTON
By: G'I rlc7r` /
Mayor