Loading...
1984-0731_ORANGE, COUNTY OF_Cooperation Agreementi COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF ORANGE AND THE CITY OF SAN JUAN CAPISTRANO THIS COOPERATIVE AGREEMENT (the "Cooperative Agree- ment") is hereby made and entered into as of Qj4 31 1984 by and between the COUNTY OF ORANGE', a legal subdivision and body corporate and politic of the State of California (the "County"), and the CITY OF SAN JUAN CAPISTRANO, a municipal corporation of the State of California (the "City"). W I T N E S S E T H• WHEREAS, Chapter 7 (commencing with section 52075) of Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act") authorizes the County to incur indebtedness for the purpose of financing the construction or development of multifamily rental housing in the County; and WHEREAS, the County has determined to engage in a multifamily rental housing program pursuant to the Act (the "Program"); and WHEREAS, the County has determined to borrow money to finance the Program by the issuance of revenue bonds (the "Bonds") as authorized by the Act; and WHEREA,�, the City has appro#d the Program and determined to cooperate with the County pursuant to the Act in the exercise of their powers under the Act for the purposes of the Program; NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the parties hereto agree as follows: SECTION 1. The words and phrases of this Coopera- tive Agreement shall, for all purposes hereof unless 'otherwise defined herein, have the meanings assigned to such words and phrases in the Act. SECTION 2. The County agrees to use its best efforts to undertake the Program and to issue the Bonds therefor pursuant to the Act as soon as the County determines the same to be necessary and advisable. SECTION 3. The City represents and warrants to the County that: (i) the City has heretofore adopted a general plan for the City in conformance with the provisions of the Planning and Zoning Law of the State of California (Government Code Sections 65000 et seq.), (ii) said general plan includes a land use element and a housing element as required by Government Code Section 65302, and (iii) the Program complies with said land use element and housing element. SECTION 4. The City agrees that the County may make or acquire loans for the financing of multifamily rental housing projects under the Program, all as more specifically -2- set forth in the Act, with respect to property located within the geographic boundaries of the City and that, subject to the provisions of Section 5 hereof, any and all of its powers for the purpose of financing such projects pursuant to the Act with respect to such property shall be exercised by the County. SECTION 5. The City agrees that, in connection with its approval of multifamily rental housing projects which are to be financed pursuant to the Program, it will consider opportunities to contribute to the economic feasibility of the units therein through reduction in construction and design requirements, by making provision for density bonuses, by providing for expedited processing, and by making provisions for other financial incentives for such projects; provided, however, that nothing contained herein shall be construed to require the City to approve any such project or to effect any of such opportunities. SECTION 6. The City reserves to itself the right to undertake its own program of financing multifamily rental housing projects under the Act, provided that under no circumstances will the City conduct or participate in a multifamily rental housing finance program from which bond proceeds would be made available to provide financing for any project with respect to which the County has provided financing from the Program. -3- SECTIOA . The City agrees to ftertake such further proceedings or actions as may be necessary in order to carry out the terms and the intent of this Cooperative Agreement; and the City further agrees to refrain from taking any action which would to its knowledge tend to adversely affect the rating on the Bonds. SECTION 8. Nothing in this Cooperative Agreement shall prevent the County from entering into one or more agreements with other municipal corporations within the- County, if deemed necessary and advisable to do so by the County. SECTION 9. This Cooperative Agreement may be amended by one or more supplemental agreements executed by the County and the City at any time, except that no such amendment or supplement shall be made which shall adversely affect the rights of the holders of the Bonds. IN WITNESS WHEREOF, the parties hereto have caused this Cooperative Agreement to be executed and attested by their proper officers thereunto duly authorized, and their official seals to be hereto affixed, all as of the day first above written. COUNTY OF ORANGE (SEAL) By ✓yj �it� a� n Chairman of the SIGNED AND 4?ffiED?HATACOPYOF Board of Supervisors THIS DOCUMENT HAS BEEN DELIVERED i0 THE CHAIRMAN Of THE BOARD. Clerk of the Bo rd of Supervisors 4 APPROVED AS TO FORM: County Counsel CITY OF SAN JUAN CAPISTRANO (SEAL) By Mayor ATTEST: City Cleo APPROVED AS TO FORM: 'j- (7 ity j_City Attorney 7929P/2286/01 -5- 4 R. E. THOMAS LINTY OF COUNTY ADMINISTRATIVE OFFICER HALL OF ADMINISTRATION 2 1 30 CIVIC CENTER PLAZA V 01 IL's SANTA ANA, CALIFORNIA 92701 5 3 RANG E A�` I 3'� �j t TELEPHONE: 834-2345 AREA CODE 714 COUNTY ADMINISTRATIVE OFFICE August 1, 1984 Mary Ann Hanover, CMC City Clerk City of San Juan Capistrano 32400 Paseo Adelanto San Juan Capistrano, CA 92675 Dear Ms. Hanover: Enclosed is a fully executed copy of the Cooperative Agreement between the City of San Juan Capistrano and the County of Orange for Multifamily Revenue Bonds. Thank you for your cooperation. Sincerely, John H. Gibson Assistant County Administrative Officer JHG:Ih L2 Enclosure 1'ti'd 00 PAIS @ORAD G6 A111TQ:' SAN J"N�FAPISTRA",ICA43FOFWIA 92675 ' �"PHdT1 �,49]:117Y July 20, 1984 John H. Gibson, Manager Bond Capital Financing Program Hall of Administration 10 Civic Center Plaza Santa Ana, California 92701 Re: Multitamily Housing Revenue Bonds Agreement Dear Mr. Gibson: Enclosed is the original and one copy of the Cooperative Agreement between the City of San Juan Capistrano and the County of Orange for Multifamily Housing Revenue Bonds. The Agreement was approved by the City Council at their meeting of July 17, 1984. After approval by the Board of Supervisors, please return one fully -executed copy of the Agreement to this office for our files. Thank you for your cooperation. Very truly yours, MARY ANN H OVER, CMC City Clerk MAH/mac Enclosures cc: City Manager Ralph Castaneda and Associates J. I. Kocmur Arosa Development Jesica Dean Environmental Management Agency Mr. David Recupero Dick Rebal, Glendale Federal Savings and Loan Bruce Speiser Carol O'Connell OCHA Advisory Committee 0 0 3. APPROVAL OF COOPERATIVE AGREEMENT - MULTI -FAMILY HOUSING m V17 W7TTC DnTTnQ 1nnTTMMV nc nVAVrr1' 110-4M711 V38) written Communications: (5b) Report dated July 17, 1984, from the Director of Community Planning and Development, forwarding a cooperation agreement with the County of Orange for participation in the County's multi -family revenue bond program. The program is targeted to small and medium-sized developers for projects from 10 to 15 units. It is designed to provide loan rates 3 to 4 points below the market, to make loans of 12 to 30 years, and to be limited for approximately 10 years to rental projects where 20 percent or more of the units are reserved for low to moderate income tenants. Approval of Agreement: It was moved by Councilman Buchheim, seconded by Councilman Bland, and unanimously carried to approve the cooperation agreement for multi -family housing revenue bonds with the County of Orange. The Mayor and City Clerk were authorized to execute the agreement on behalf of the City. _// 7JgV 16e -71(-7I . ? Plf l AGENDA ITEM July 17, 1984 TO: Stephen B. Julian, City Manager FROM: Thomas G. Merrell, Director Community Planning and Development SUBJECT: Proposed Cooperative Agreement - County of Orange Multifamily Housing Revenue Bonds SITUATION A. Background The County of Orange a multifamily revenue targeted to small and for projects from 10 to provide loan rates loans of 12 to 30 yea where 20 percent or m low to moderate incom (Under current County family of four could is currently developing and marketing bond issue. The program is specially medium-sized developers, primarily to 15 units. The program is designed 3 to 4 points below the market, make rs, and be limited to rental projects ore of the units are reserved for e tenants for regulations, earn a maximum a monthly housing or rental payment low income family of four would ear and afford monthly housing costs of B. Summary and Recommendation approximately 10 years. a moderate income of $27,000 and make of close to $600. A n a maximum of $16,900 $360.) By signing the cooperation agreement (see attached), the City agrees to allow the County to assist developers in financing multifamily projects that may be built in San Juan Capistrano. Under the agreement, the City agrees to consider, but is not required to adopt, methods of increasing the economic feasibility of such projects through expediting the approval process, reducing design and construction requirements and providing density bonuses. The agreement does not prevent the City from undertaking its own program of financing multifamily rental housing projects. Staff recommends participation in the County bond program. Staff views the cooperation agreement as a positive opportunity to support multifamily housing within a flexible framework that will not compromise planning standards in San Juan Capistrano. The provision of County revenue bonds could help mitigate the increasing costs of construction finance with no liability to the City. FOR CITY COUNCIL AGENDA 3 Agenda Item -2- July 17, 1984 C. Staff Findin 1. Consistency With General Plan - Due to its support of housing for low/moderate income tenants, this program would aid the City in carrying out the goals of its Housing Element, which call for "...promoting the availability of sufficient rental housing for all economic segments of the community." For example, this program could represent a direct contribution to the projected need of 1,333 housing units during 1984-1989, of which approximately 350 would be rental units including a projected need of 137 units for low income households. COMMISSION/BOARD REVIEW, RECOMMENDATION Not applicable. FINANCIAL CONSIDERATIONS The City would incur no liability in case of default, and since the County would be selling the bonds, this program would not affect the City's future bonding capacity. The City would not be required to waive development fees for projects within this issue. ALTERNATE ACTIONS 1. Authorize the Mayor to execute the cooperation agreement with the County of Orange. 2. Modify the agreement and authorize the Mayor to execute. 3. Refer back to staff for further review. RECOMMENDATION By motion, authorize the Mayor to execute the cooperation agreement for multifamily housing revenue bonds with the County of Orange. Respectfully submitted, '`_ Thomas G. Merrell, Director Community Planning and Development TGM:BH: jtb Attachment i AGENDA ITEM July 17, 1984 TO: Honorable Mayor and City Council FROM: Stephen B. Julian, City Manager SUBJECT: Proposed Cooperative Agreement - County of Orange Multi Family Housing Revenue Bonds SITUATION: This item has been withdrawn for further study and refinement. It will be brought back at a later date. Respectfully submitted, ����" � Ste hen B. Julia SBJ:cj r.i� 3 FOR N Y COUN tt AGENDA ....�';=Z