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<br />. <br /> <br />. <br /> <br />. <br /> <br />SECTION 2. <br /> <br />The Agency hereby approves the MOU. <br /> <br />SECTION 3. The Executive Director of the Agency or her <br />designee is hereby authorized, on behalf of the Agency, to execute <br />the MOU, and to make such changes of a nonsubstantive nature as the <br />Executive Director or designee shall deem appropriate. A copy of <br />the MOU, when executed, shall be placed on file in the office of <br />the Clerk of the Agency. <br /> <br />SECTION 4. The Executive Director of the Agency or her <br />designee is hereby authorized, on behalf of the Agency, to sign all <br />documents necessary and appropriate to carry out and implement the <br />MOU and to administer the Agency's obligations, responsibilities <br />and duties to be performed under the MOU. <br /> <br />SECTION 5. The Executive Director of the Agency or her <br />designee is hereby authorized, on behalf of the Agency, to disburse <br />predevelopment loans to the Developer, pursuant to the terms and <br />conditions set forth in the MOU, in the maximum amount of $50,000 <br />per Project, not to exceed $100,000 in the aggregate. <br /> <br />SECTION 6. The Agency finds and determines that the use of <br />the Housing Funds as authorized by this Resolution will be of <br />benefit to the Redevelopment Projects. - <br /> <br />APPROVED and ADOPTED this Third day of February, 1997. <br /> <br />ATTEST: <br /> <br /> <br />CY~ ~~ <br /> <br />Executive Director <br /> <br />~ <br /> <br /> <br />MEMBERS: <br /> <br />Espinoza, Franklin, Lutz, <br />McGuigan, Richardson <br />(Moreno abstained) <br /> <br />AYES: <br /> <br />NOES: <br /> <br />MEMBERS: <br /> <br />ABSENT: <br /> <br />Pulido <br /> <br />MEMBERS: <br /> <br />-3- <br />