R-014-13 Approving an Affordable Housing Coop Loan Agreement with the Colton Housing Authority (3.19.13)

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I no new information regarding the Project that would require or allow any subsequent or supplemental environmental review of the Project, in accordance with Title 14 California 2 Code of Regulations Section 15162. 3 SECTION 2. The facts set forth in the recitals of this Resolution are true and correct 4 and incorporated herein. 5 SECTION 3. The City hereby finds and determines, based upon substantial information in the record before it, that the City Loan and development of the Project on the 6 Property is of benefit to the City by providing affordable housing for senior citizens who 7 currently live within the City. 8 SECTION 4. The City hereby approves the Agreement with Authority in substantially the form attached to this Resolution as Exhibit "A" and ratifies all actions of 9 City staff previously taken consistent with the Agreement. The City Council acknowledges that the City disbursed $2.5 million in City Loan proceeds to Authority on the date of the 10 Agreement, and has applied or will apply up to $1.7 million in City Loan proceeds to pay 11 permit and development fees related to the Project and will be receiving repayment of these amounts pursuant to the provisions of the Agreement on a residual receipts basis from certain 12 net operating income from the Project. The remaining $250,000 of City Loan principal is repayment for pre -development work related to the Project done by City. 13 SECTION 5. The City Manager or his designee is hereby authorized to sign and 14 enter into the Agreement on behalf of City and to take all actions and sign, make, enter into 15 and deliver all documents by or on behalf of City necessary to carry out the purposes of the Agreement. 16 SECTION 6. If any provision of this Resolution or the application of any such 17 provision to any person or circumstance is held invalid, such invalidity shall not affect other 18 provisions or applications of this Resolution that can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are severable. The 19 City Council declares that the City Council would have adopted this Resolution irrespective of the invalidity of any particular portion of this Resolution. 20 21 SECTION 7. The City Council hereby directs staff to prepare, sign and file a Notice of Exemption with the San Bernardino County Clerk within five days after the adoption of 22 this Resolution. 23 24 25 26 27 28 [21