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HomeMy WebLinkAboutRDA MINUTES 1985 01 07 MINUTES OF A REGULAR MEETING OF THE REDEVELOPMENT AGENCY OF THE CITY OF TUSTIN, CALIFORNIA JANUARY 7, 1985 1. CALL TO ORDER The meeting was called to order by Chairperson Kennedy at 8:17 p.m. in the City Council Chambers, 300 Centennial Way, Tustin, California. 2. ROLL CALL Agency Members Present: Ursula E. Kennedy, Chairperson Frank H. Greinke, Chairperson Pro Tem Richard B. Edgar Ronald B. Hoesterey Donald J. Saltarelli Agency Members Absent: None Others Present: James G. Rourke, City Attorney William A. Huston, Exec. Director/City Manager Mary E. Wynn, Recording SeCretary/City Clerk Donald D. Lamm, Com. Development Director Robert S. Ledendecker, Director of Public Works Charles R. Thayer, Chief of Police Ronald A. Nault, Finance Director R. Kenneth Fleagle, Planning Consultant Approximately 10 in the audience 3. APPROVAL OF MINUTES It was moved by Greinke, seconded by Edgar, to approve the minutes of the December 18, 1984, meeting. The motion carried 5-0. 4. TAX INCREMENT REVENUE RESTRICTED FOR AFFORDABLE HOUSING Agency consideration and discussion followed regarding the January 7, I985, inter-com prepared by the Community Development Department on sub- ject item. It was moved by Greinke, seconded by Edgar, to adopt the "Policy of the Redevelopment Agency for the Allocation of Housing Assistance Funds" as follows: A. General Policy The Redevelopment Agency will consider requests for financial assis- tance for low- and moderate-income housing on a project by project basis, giving consideration to the specific policies contained herein. B. Allocation of Funds 1. Of the total funds and interest accruing from the tax increment housing set-aside, not less than 50% shall be reserved and allo- cated for the replacement of low- and moderate-income housing that has been removed as part of a redevelopmerit project. 2. The remaining 50% of housing set-aside funds shall be allocated on the basis of one-half in a revolving loan fund and the other one- half as project grants. 3. The allocation of housing funds will be in the order of requests subject to the availability of funds, and in accordance with the priorities of the Redevelopment Agency. C. Operation of Revolving Fund 1. Loans may be made to private developers of housing projects at below market interest rates for periods not to exceed five years. Said funds may be applied to the construction of hublic improve- ments, land or building costs. -I REDEVELOPMENT AGENCY MINUTES Page 2, 1-7-85 2. Interest rates for revolving loans shall be not less than the interest rate of any bonded indebtedness of the Redevelopment Agency and shall be determined by the Agency at the time of appli- cation. 3. Security for the loan shall be in a manner as approved by the City Attorney and Redevelopment Agency. D. Improvement Grants Grants may be awarded to private developers for affordable housing projects, subject to the availability of housing set-aside funds. The funds may be used for the purpose of reducing housing costs pursuant to the powers of the Agency. E. Assurance of Affordability 1. Housing project loans shall be conditioned upon assurance of the availability of affordable housing units as defined by Section 50052.5 of the California Health and Safety Code. Not less than one affordable unit shall be provided and one additional unit shall be provided for each $1,000 or portion thereof of the loan amount for rental units. The assurance shall be subject to the City Attorney's approval and shall extend for the duration of the loan. 2. Grants for housing projects shall be conditioned upon the same assurances required for loans but shall extend for the duration of the Redevelopment Plan. F. Priorities Priorities for the allocation of available housing set-aside funds shall be as follows: 1. Replacement housing, with preference given to the dispersion of low-income housing. 2. Projects accommodating the greatest number of low-income families. 3. Affordable senior citizen projects. 4. Public improvement loans. 5. Private improvement loans. 6. Land acquisition grants. 7. Public improvement grants. 8. Subsidy payments. 9. Mortgage subsidies. The motion carried 5-0. 60 5. AFFORDABLE HOUSING DEVELOPMENT - 17432 & 17442 MITCHELL AVENUE It was moved by Edgar, seconded by Greinke, to accept a request from Mark S, Ferguson for the development project at 17432 and 17442 Mitchell Avenue on the condition that approval be obtained for Section 8 Housing Certifi- cate Holders and that it be set aside for the life of the Redevelopment Agency. Agency/staff discussion followed. The Executive Director indicated that an agreement for project ratification would be prepared for the next Agency meeting on January 21, 1985. The motion carried 4-0, Saltarelli abstained. 60 6. ADJOURNMENT At 8:33 p,m,, the Redevelopment Agency meeting was adjourned to the next regular meeting on January 21, 1985, by unanimous informal consent, CHAIRPERSON