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10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-14-13 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, <br />CALIFORNIA, APPROVING AN AFFORDABLE HOUSING COOPERATION <br />LOAN AGREEMENT WITH THE COLTON HOUSING AUTHORITY <br />WHEREAS, the Colton Housing Authority ("Authority") owns certain real property <br />generally located in the block bordered on the north by East E Street, on the east by North 9th <br />Street, on the south by East F Street and on the west by North La Cadena Drive, in the City of <br />Colton, California ("Property"); and <br />WHEREAS, on July 17, 2012, Authority entered into a Disposition and Development <br />Agreement ("DDA"), with Eagle Colton 55, L.P., a California limited partnership <br />("Developer") providing for, among other things, the transfer of the Property by Authority to <br />Developer and Developer's construction on the Property of one hundred twenty (120) units, <br />of affordable senior citizen rental housing ("Project"); and <br />WHEREAS, pursuant to the DDA, the Authority agreed to loan Developer up to <br />$4,924,000 to be used to purchase the Property from Authority and construct the Project on <br />the Property ("Authority Loan"); and <br />WHEREAS, Authority desires to enter into an Affordable Housing Cooperation Loan <br />Agreement ("Agreement") with City to borrow up to $4.45 million ("City Loan") to fund a <br />portion of the Authority Loan to Developer; and <br />WHEREAS, City desires to make the City Loan to Authority up to $4.45 million to <br />fund a portion of the Authority Loan in furtherance of the affordable housing goals of City; <br />and <br />WHEREAS, Authority agrees to repay the City Loan, with interest at the annual rate <br />of 2%, on a residual receipts basis from money received from Developer in repayment of the <br />Authority Loan, until the City Loan is repaid in full; and <br />WHEREAS, the Project addresses certain affordable housing needs of the City and <br />will assist the Authority in the provision of housing for persons of low income; and <br />WHEREAS, the City Council of the City of Colton has duly considered all of the <br />terms and conditions of the proposed Agreement and has determined that the development of <br />the Project pursuant to the Agreement is in the best interests of the City of Colton and the <br />health, safety, and welfare of its residents. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON <br />DOES RESOLVE AS FOLLOWS: <br />SECTION 1. The City previously adopted a mitigated negative declaration in <br />compliance with the California Environmental Quality Act ("CEQA") regarding development <br />of the Property with the Project and, since the adoption of the mitigated negative declaration, <br />there are no changes proposed in the Project, no new circumstances related to the Project and <br />III <br />