CC Resolution 8665
Resolution No. 8665
BEING A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
AUTHORIZING THE APPROVAL OF THE EXPENDITURE OF LOW AND
MODERATE INCOME HOUSING FUNDS OUTSIDE THE REDEVELOPMENT
PROJECT AREA FOR THE ACQUISITION AND MAINTENANCE OF
AFFORDABLE VERY LOW AND LOW INCOME HOUSING UNITS
AND MAKING CERTAIN FINDINGS UNDER THE CALIFORNIA
COMMUNITY REDEVELOPMENT LAW
WHEREAS, the City Council of the City of Campbell (the "City Council") and the City
of Campbell Redevelopment Agency (the" Agency") have identified the need for the acquisition
and rehabilitation of certain very low income and low income multifamily housing units at San
Tomas Gardens development project for reuse as a productive part of the community's supply
of affordable housing in a manner consistent with the Housing Element of the City's General
Plan; and
WHEREAS, the City Council on July 20, 1993 approved the expenditure of $79,000 in
CDBG funds for Catholic Charities to acquire San Tomas Gardens development project; and
WHEREAS, there is a need for additional financial assistance from the Agency's Low and
Moderate Income Housing Fund to complete the acquisition and rehabilitation of San Tomas
Gardens Project by San Tomas/Charities Housing Corporation described below;
WHEREAS, the City has adopted the Redevelopment Plan for the Central Campbell
Redevelopment Project (the"Plan") by Ordinance No. 1461 dated June 21, 1983; and
WHEREAS, the City has adopted the Redevelopment Plan and the California Community
Redevelopment Law, Health and Safety Code Section 33000 ~. ~. (the "Redevelopment
Law"), is the rehabilitation of existing structures to provide long-term affordable housing
opportunities for low and moderate income households; and
WHEREAS, in order (a) to serve this objective of the Plan and the Redevelopment Law,
(b) to overcome any displacement of housing units from the community's housing stock due to
past or future redevelopment actions, and (c) to expand the affordable housing stock in the
community to meet the housing needs generated by the creation of employment opportunities
through redevelopment actions, the City and the Agency seek to assist in the acquisition and
financing of housing units suitable for the rehabilitation of affordable housing for low and
moderate income households; and
WHEREAS, the availability of such sites and housing units within the current Central
Campbell Redevelopment Project Area (the "Project Area") is limited; and
WHEREAS, the Agency has established a Low and Moderate Income Housing Fund (the
"Fund") pursuant to Health and Safety Code Sections 33334.2 and 3334.3; and
WHEREAS, the provisions of the Redevelopment Law applicable to the establishment and
use of proceeds of the Fund (Health and Safety Code Section 33334.2) expressly contemplate
and permit the use of proceeds from the Fund outside the Project Area upon a finding that such
use will be of benefit to the Project Area; and
WHEREAS, completion of the acquisition and rehabilitation of San Tomas Gardens located
outside the Project Area would provide benefits to the Project Area and the entire community
in the manner set forth in these recitals and the staff report accompanying the resolution; and
WHEREAS, the City stands the risk of losing 100 units of affordable very low and low
income multifamily units by April 1, 1995 to the general market unless purchased by an entity
for the purpose of maintaining as affordable housing units.
NOW, THEREFORE, BE IT RESOLVED that the City Council hereby finds and
determines that the use of moneys from the Low and Moderate Income Fund to assist in
financing the acquisition and rehabilitation of San Tomas Gardens development project for reuse
as affordable very low, low, and moderate income housing will be of benefit to the Central
Campbell Redevelopment Project and the Project Area in that such use will serve the objectives
of the Plan and the Redevelopment Law, will help to overcome any displacement of housing
units from the community housing stock due to past or future redevelopment actions, and will
help to expand and maintain the affordable housing stock in the community to meet the housing
needs generated by the creation of employment opportunities through redevelopment actions.
BE IT FURTHER RESOLVED that the City Council does hereby authorizes the
expenditure of $500,000 from the Low and Moderate Housing Fund as a loan to San
Tomas/Charities Housing Corporation for acquisition and rehabilitation of San Tomas Gardens.
BE IT FURTHER RESOLVED that the City Council authorizes a Budget Adjustment
appropriating Low and Moderate Income Housing Funds for the San Tomas/Charities loan.
BE IT FURTHER RESOLVED that the City Council authorizes the Agency Executive
Director or his designee to negotiate and execute loan agreements with San Tomas/Charities
Housing Corporation for $579,000.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Campbell this 17th of May, 1994 by the following vote:
AYES:
COUNCILMEMBERS: Conant, Ashworth, Burr, Dougherty, .Watson
NOES:
COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
ATTEST:
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CITY OF CAMPBELL
REQUEST FOR BUDGET ADJUSTMENTS
DEPARTMENT/PROGRAM
DIVISION
DATE
REQUEST NO.
City Manager's Office
Redevelopment
May 6, 1994
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BUDGET TRANS:FER
TO BE REDUCED:
FUND
ACCOUNT NUMBER
DESCRIPTION
AMOUNT
023
206.2290
loan to San Tomas/Charitie
Housing Corporation
$500,000
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TO BE INCREASED:
FUND
ACCOUNT NUMBER
DESCRIPTION
AMOUNT
023
07.817.0000.4449
loan to San Tomas/Charities
Housing Corporation
$500,000
R...on for Requ..t (Be Spee~f~e):
The Redevelopment Agency Board to approve on May 17, 1994 a 6.5%, 40 yr., $500,000 loan
to San Tomas/Charities Housing Corporation to acquire and rehabilitate a 100 units of
affordable multi-family housing at San Tomas Gardens. The loan funds to come from the
Redevelopment Agency's Low & Moderate Income Housing Fund.
DEPARTMENT HEAD
FINANCE DIRECTOR
REV 2/90