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RESOLUTION NO. 2002-091 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING AMENDMENTS TO THE <br />CORNERSTONE VILLAGE IMPROVEMENT PROGRAM AND <br />BUDGET, AND APPROVING AN AMENDMENT TO THE <br />CORNERSTONE VILLAGE OWNER PARTICIPATION <br />AGREEMENT <br /> <br />10/14/02 LES <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS <br />FOLLOWS: <br /> <br /> Section 1: The City Council of the City of Santa Ana hereby finds, determines and <br />declares as follows: <br /> <br />Ao <br /> <br />The City, in partnership with the Redevelopment Agency of the City of <br />Santa Ana (the "Agency"), made the determination that the Minnie Street <br />Neighborhood, between McFadden Avenue and Grant Street <br />("Neighborhood") was in significant need of rehabilitation of both the <br />private and public infrastructure so as to preserve this important stock of <br />Iow income housing for the community; <br /> <br />On March 6, 2000, the City COuncil and the Agency approved the <br />Cornerstone Village Improvement Program and budget, authorized the <br />execution of the Cornerstone Village Owner Participation Agreements, <br />and approved the Cornerstone Village Loan Programs. These agreements <br />provided for enhancement and long term maintenance of the streets, <br />parkways, open space, building facades and courtyards in the <br />Neighborhood through an investment of both private and public funds; <br />and, <br /> <br />The Public Improvement component of the Project includes street and <br />public right of way improvements and has an approved budget of <br />$2,928,100. An additional $100,000 is necessary to complete the public <br />improvements. These funds will be used to enhance public safety; and, <br /> <br />The forty-eight buildings in the Cornerstone Village project area primarily <br />offer one-bedroom units and the Owner Participation Agreement ("OPA") <br />executed by all participating owners established the maximum rent and <br />occupancy standards for said units. Units in some of the buildings are <br />being reconfigured to offer up to three bedrooms. The OPA must now be <br />amended to restrict occupancy for these larger units to households with no <br />more than seven persons. Rents for these larger units will be calculated <br />consistent with the current OPA; and, <br /> <br />Resolution No. 2002-091 <br /> Page 1 of 3 <br /> <br /> <br />