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<br />l0I14!02LES <br /> <br />RESOLUTION NO. 2002-09 <br /> <br />A RESOLUTION OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA <br />ANA APPROVING AMENDMENTS TO THE <br />CORNERSTONE VILLAGE IMPROVEMENT PROGRAM <br />AND BUDGET, APPROVING AN AMENDMENT TO THE <br />CORNERSTONE VILLAGE OWNER PARTICIPATION <br />AGREEMENT, AND AUTHORIZING THE EXECUTIVE <br />DIRECTOR TO EXECUTE NEW LOAN AGREEMENTS <br />WITH WAKEHAM-GRANT, LLP <br /> <br />BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA, AS FOLLOWS: <br /> <br />Section 1: The Board of the Community Redevelopment Agency of the City <br />of Santa Ana hereby finds, determines and declares as follows: <br /> <br />A. The Community Redevelopment Agency of the City of Santa Ana <br />(hereinafter referred to as the "Agency") is empowered to increase, improve and <br />preserve the community's supply of low and moderate income housing in the <br />Santa Ana community pursuant to the Community Redevelopment Law, <br />California Health and Safety Code Sections 33334, et seq, (the "Act"); and, <br /> <br />B. The Agency, in partnership with the City of Santa Ana (the "City"), the <br />residents and most of the property owners in the Minnie Street Neighborhood <br />between McFadden Avenue and Grant Street (the "Owners"), made the <br />determination that the Neighborhood was in significant need of rehabilitation of <br />both the private and public infrastructure so as to preserve this important stock of <br />low income housing for the community; and, <br /> <br />C. On March 6, 2000, the City Council and the Agency approved the <br />Cornerstone Village Improvement Program and budget, authorized the execution <br />of the Cornerstone Village Owner Participation Agreements, and approved the <br />Cornerstone Village Loan Programs. These agreements provided for <br />enhancement and long term maintenance of the streets, parkways, open space, <br />building facades and courtyards in the Neighborhood through an investment of <br />both private and public funds; and, <br /> <br />D. The Public Improvement component of the Project includes street and <br />public right of way improvements and has an approved budget of $2,928,100. <br />An additional $100,000 is necessary to complete the public improvements. These <br />funds will be used to enhance public safety; and, <br />