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, ~ ' . " ' . . . RESOLUTION NO. 2000-03 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING THE CORNERSTONE VILLAGE IMPROVEMENT PROGRAM AND BUDGET, APPROVING THE CORNERSTONE VILLAGE LOAN PROGRAMS, AND AUTIIORIZING THE CHAIRMAN AND EXECUTIVE DIRECTOR TO EXECUTE THE CORNERSTONE VILLAGE OWNER PARTICIPATION AGREEMENTS. WHEREAS, the Agency is empowered to increase, improve and preserve the community's supply oflow and moderate income housing in the Santa Ana community pursuant to the Community Redevelopment Law, California Health and Safety Code Sections 33334, et seq, (the "Act"); and, WHEREAS, approximately 48 multi-family housing complexes located along Minnie Street between McFadden Avenue and Grant Street in the City of Santa Ana, commonly known as the Minnie Street Neighborhood, (the "Neighborhood") con~n approximately 527 dwelling units, and is home to approximately 4,000 low and moderate income persons; 'and, WHEREAS, the Agency, in parlnership with the City of Santa Ana (the "City"), the residents and most of the property owners in the Neighborhood (the "Owners") has determined that the Neighborhood is in significant need of rehabilitation of both the private and public infrastructure so as to preserve this important stock of low income housing for the community; and, WHEREAS, the Agency, the City and owner propose to enter into agreement which will provide for significant enhancement to, and long term maintenance of, the streets, parkways, open space, building facades and courtyards and units in the Neighborhood through an investment of both private and public funds. NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: 1. The Cornerstone Village Improvement Program and budget, submitted to the Agency Board is hereby approved. 2. The Cornerstone Village Loan Programs, submitted to the Agency Board area hereby approved, and the Executive Director is hereby authorized to take all reasonably necessary acts to implement the Programs, including executing loan documents on behalf of the Agency.