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59 <br /> <br />RESOLUTION NO. 2000-018 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE CORNERSTONE VILLAGE <br />IMPROVEMENT PROGRAM AND BUDGET, APPROVING <br />THE CORNERSTONE VILLAGE LOAN PROGRAMS, AND <br />AUTHORIZING THE MAYOR TO EXECUTE THE <br />CORNERSTONE VILLAGE OWNER PARTICIPATION <br />AGREEMENTS <br /> <br /> WHEREAS, approximately 48 multi-family housing complexes located along <br />Minnie Street between McFadden Avenue and Grant Street in the City of Santa Ana, <br />commonly known as the Minnie Street Neighborhood, (the "Neighborhood") contain <br />approximately 527 dwelling units, and is home to approximately 4,000 Iow and <br />moderate income persons; and, <br /> <br /> WHEREAS, the City, in partnership with the Community Redevelopment Agency <br />of the City of Santa Ana (the "Agency"), the residents and most of the property owners <br />in the Neighborhood (the "Owners") has determined that the Neighborhood is in <br />significant need of rehabilitation of both the private and public infrastructure so as to <br />preserve this important stock of Iow income housing for the community; and, <br /> <br /> WHEREAS, the City, the Agency and owners propose to enter into agreement <br />which will provide for significant enhancement to, and long term maintenance of, the <br />streets, parkways, open space, building facades and courtyards and units in the <br />Neighborhood through an investment of both private and public funds. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF SANTA ANA AS FOLLOWS: <br /> <br />1. The Cornerstone Village Improvement Program and budget, as submitted to the <br />Council, is hereby approved. <br /> <br />2. The Cornerstone Village Loan Programs, as submitted to the Council area <br />hereby approved, and the Executive Director of the Community Development Agency is <br />hereby authorized to take all reasonably necessary acts to implement the City's part of <br />the Programs, including executing loan documents on behalf of the City, as necessary. <br /> <br />3. The form of the Cornerstone Village Owner Participation Agreements is hereby <br />approved and the Mayor and Clerk of the Council are hereby authorized to execute <br />such agreements with participating owners, with such non-substantive changes to the <br />agreements and exhibits as may be approved by the City Attorney. <br /> <br />Resolution No. 2000-018 <br /> Page I of 2 <br /> <br /> <br />