Laserfiche WebLink
WORK STUDY SESSION <br />The City of Santa Ana will gain better neighborhood, future savings, <br />prototype for other projects; owners gain higher property values, stable <br />tenants, lower cost; residents gain community pride, safer community, <br />improved conditions <br />The following accomplishments have been realized: <br />• Funding awarded for traffic signal <br />• Fagade Improvements <br />• Approval of bonds totaling $14.2 Million for acquisition, interior <br />and exterior improvements <br />• Major rehabilitation and improvements formally or tentatively <br />committed for 287 units <br />• Completed grand opening of 40 rehabilitated apartment units with <br />100% private financing <br />• $300,000 Orange County Social Service Agency funding awarded <br />for family resource center at Kennedy School <br />COUNCIL RECESSED AT 7:48 P.M. TO A JOINT MEETING OF THE CITY COUNCIL <br />AND THE COMMUNITY REDEVELOPMENT AGENCY <br />55.A. MODIFICATIONS TO CORNERSTONE VILLAGE OWNER <br />PARTICIPATION AGREEMENT, LOAN PROGRAMS AND BUDGET <br />Recommended for approval by the Community Redevelopment and <br />Housing Commission on July 3, 2001 by a 6-0 vote (Hill absent) <br />City Council Action <br />Motion: 1. Adopt resolution <br />RESOLUTION NO. 2001-048- A resolution of the City Council of the <br />City of Santa Ana approving modifications to the Cornerstone Village <br />owner participation agreement and Cornerstone Village loan programs <br />to allow residual receipt loans and to subordinate the facade and <br />courtyard improvement loans to new priority liens <br />2. Modifications to the Cornerstone Village Loan Programs. <br />3. Subordination of Fagade and Courtyard Improvement loans to <br />new priority liens. <br />CITY COUNCIL MINUTES 279 JULY 16, 2001 <br />