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<br />Loan Agreements with Orange <br />Housing Development Corporation and <br />Authorization of Relocation Plan <br />December 20, 2004 <br />Page 2 <br /> <br />COMMUNJ:TY REDEVELOPMENT AND HOUSJ:NG COMIIJ:SSJ:ON RECOMMENDATJ:ON <br /> <br />1. Recommended that the City Council: <br /> <br />a) Direct the City Attorney to prepare loan agreements with Orange <br />Housing Development Corporation for the acquisition and <br />rehabilitation of four multi-family properties located at 1029, <br />1101, 1122 and 1126 South Minnie Street in an amount not to <br />exceed $2,900,000 and authorize the Executive Director of the <br />Community Development Agency to execute all required documents. <br /> <br />b) <br /> <br />Adopt a resolution <br />residential properties <br />South Minnie Street. <br /> <br />approving <br />located at <br /> <br />the Relocation Plan for <br />1029, 1101, 1122 and 1126 <br /> <br />2. Recommended that the Community Redevelopment Agency: <br /> <br />a) Direct the Agency General Counsel to prepare loan agreements <br />with Orange Housing Development Corporation for the acquisition <br />and rehabilitation of four multi-family properties located at <br />1029, 1l01, ll22 and 1126 South Minnie Street in an amount not <br />to exceed $4,500,000 and authorize the Executive Director to <br />execute all documents as necessary. <br /> <br />b) Authorize payments as identified in the Relocation Plan. <br /> <br />By a vote of 5:0 (Rodriguez absent) at its Regular Meeting of December 7, <br />2004. <br /> <br />DJ:SCUSSJ:ON <br /> <br />Orange Housing Development Corporation (OHDC) is a California nonprofit <br />corporation that is dedicated to the development of quality affordable <br />housing. To date, OHDC has acquired and rehabilitated l6 buildings in <br />the Cornerstone Village revitalization area. OHDC has entered into <br />conditional purchase agreements to acquire an additional four, multi- <br />family properties located at 1029, 1101, 1122 and 1126 South Minnie <br />Street (Exhibit 1). They have requested $2.9 million in HOME Program <br />funds from the City of Santa Ana and $4.5 million in Tax Increment <br /> <br />250-2 <br />