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<br />. <br /> <br />. <br /> <br />. <br /> <br />COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA <br /> <br />RESOLUTION NO. 97-2 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA APPROVING THE MEMORANDUM OF <br />UNDERSTANDING AND PREDEVELOPMENT LOAN AGREEMENT BETWEEN <br />THE AGENCY AND SOUTHLAND ECONOMIC DEVELOPMENT <br />CORPORATION, dba SANTA ANA DEVELOPMENT COMPANY, <br />PERTAINING TO THE IMPLEMENTATION OF A REPLACEMENT HOUSING <br />PROGRAM AND AUTHORIZING THE EXECUTIVE DIRECTOR TO <br />EXECUTE, ON BEHALF OF THE AGENCY, THE MOU AND RELATED <br />DOCUMENTS. <br /> <br />THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA HEREBY <br />FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: <br /> <br />WHEREAS, the city of Santa Ana has an obligation to provide <br />replacement low and moderate income dwelling units in accordance <br />with HUD Regulations (24 CFR §570.606) in the City of Santa Ana <br />(the "Replacement Housing"); and - <br /> <br />WHEREAS, the HUD Regulations provide that Replacement Housing <br />units may be provided by any government agency or privatè <br />developer, and must meet the requirements set forth in 24 CFR <br />§570.606(c) (ii) (the "HUD Requirements"); and <br /> <br />WHEREAS, Southland Economic Development Corporation, dba Santa <br />Ana Development Company ("Developer") is a nonprofit corporation <br />having experience and qualifications in acquiring, constructing and <br />providing well-managed and affordable housing for low and moderate <br />income persons and families in the community; and <br /> <br />WHEREAS, pursuant to the Community Redevelopment Law <br />(California Health and Safety Code section 33334.2 et ~., <br />referred to hereinafter as the "Redevelopment Law"), not less than <br />20% of the tax increment derived from redevelopment projects in the <br />City of Santa Ana must be used to provide affordable housing for <br />persons and families of low and moderate income in the city of <br />Santa Ana (the "Housing Funds"); and <br /> <br />WHEREAS, pursuant to the Redevelopment Law, a portion of the <br />Housing Funds may be used to pay the planning and general <br />administrative costs of nonprofit corporations which provide <br />affordable housing in the community; and <br /> <br />WHEREAS, using a portion of its Housing Funds, the Agency has <br />acquired, and is in the process of acquiring, parcels of property <br /> <br />-1- <br />