HomeMy WebLinkAboutRDA AGENDA 02-19-02 AGENDA
REGULAR MEETING OF THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY
FEBRUARY 19, 2002
CALL TO ORDER
ROLL CALL
PUBLIC INPUT - Refer to City Council Agenda Second Public Input
PUBLIC HEARING (ITEM 1)
APPROVAL OF DISPOSITION AND DEVELOPMENT AGREEMENT FOR THE
REDEVELOPMENT OF PROPERTY LOCATED IN THE VICINITY OF SYCAMORE
AVENUE AND NEVVPORT AVENUE
Agency approval is requested for a Senior Center Residential Project Disposition and
Development Agreement (DDA) and related Loan Agreements, Promissory Notes and
Regulatory Agreement for the site at 1101 Sycamore Avenue.
Recommendation by the Redevelopment Agency staff:
Adopt the following Resolution No. RDA 02-1, certifying the Negative Declaration as
adequate for the proposed DDA:
RESOLUTION NO. RDA 02-1 - A RESOLUTION OF THE TUSTIN COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF TUSTIN, CALIFORNIA,
ADOPTING THE FINAL NEGATIVE DECLARATION AS ADEQUATE FOR THE
EXECUTION OF A RESIDENTIAL DISPOSITION AND DEVELOPMENT
AGREEMENT (DDA) BETVVEEN THE TUSTIN COMMUNITY REDEVELOPMENT
AGENCY, CITY OF TUSTIN AND HERITAGE PLACE, L.P. FOR THE PROPERTY
LOCATED AT 1101 SYCAMORE AVENUE
Subject to non-substantive modifications as may be required by Agency Counsel,
authorize the Chair to execute the DDA among the Tustin Community
Redevelopment Agency, City of Tustin and Tustin Heritage Place, L.P., and
Regulatory Agreement and authorize the Executive Director to execute related Loan
Agreements, Promissory Notes, and Deeds of Trust for the senior citizen apartment
development project proposed at 1101 Sycamore Avenue;
Approve funding in an amount not to exceed $250,000 from California Housing
Finance Agency (CHFA) HELP Program bridge loan funds; and
Appropriate $350,000 for the proposed project as follows: (a) $175,000 out of the
Iow and moderate income housing set-aside fund for the South Central
Redevelopment Project; and (b) $175,000 out of the Iow and moderate income
housing set-aside fund for the Town Center Redevelopment Project.
Agenda - Redevelopment Agency February 19, 2002 - Page 1
REGULAR BUSINESS ( ITEM 2 )
2. APPROVAL OF MINUTES - FEBRUARY 4, 2002 REGULAR MEETING
Recommendation: Approve the Redevelopment Agency Minutes of February 4, 2002.
OTHER BUSINESS
CLOSED SESSION - None
ADJOURNMENT - The next regular meeting of the Redevelopment Agency is scheduled for
Monday, March 4, 2002, at 7:00 p.m. in the Council Chamber at 300 Centennial Way.
Agenda - Redevelopment Agency February 19, 2002 - Page 2