2007/03/13 City Council Resolution 2007-38RESOLUTION NO. 2007 -38
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK
AUTHORIZING AND APPROVING THE ASSIGNMENT OF DEED OF TRUST AND
AGREEMENT FOR DEFERRAL OF PAYMENT OF CERTAIN DEVELOPMENT RELATED
FEES FOR THE VIDA NUEVA PROJECT
WHEREAS, Burbank Housing Development Corporation ( "Developer ") is developing certain
real property located at 705 Rohnert Park Expressway as an affordable housing project known as the
Vida Nueva (the "Project "); and
WHEREAS, on March 13, 2007, the City Council approved an Agreement for Deferral of
Payment of Certain Development Related Fees ( "Deferral Agreement "), secured by a deed of trust
( "Deed of Trust ") deferring the permit and development fees for the project until the time it closes
permanent financing for the Project or thirty (30) months from the commencement of the project
construction, whichever date comes first; and
WHEREAS, Pursuant to section 33334.2 of the California Health and Safety Code, the
Community Development Commission ( "CDC ") has set aside 20% of tax increment revenues allocated
to the CDC for the purposes of increasing, improving and preserving the community's supply of low -and
moderate - income housing available at affordable housing costs ( "20% Set -Aside Funds "); and
WHEREAS, in furtherance of and in implementation of the City of Rohnert Park CDC
Redevelopment Plan and the Five Year Implementation Plan, the CDC desires to assist the City by
assuming the Deferral Agreement together with a "Deed of Trust ", securing Developer's obligations
under the Deferral Agreement, including repayment of the Deferred Fees, thereby enabling the CDC to
make available to the City the deferred fees, at the time they would normally be paid, in the amount of
five hundred three thousand, eighty dollars and sixty cents ($503,080.60) from the 20% Set -Aside Funds
and enabling the CDC to receive repayment of the Deferred Fees from the Developer at the time
Developer closes permanent financing for the Project or thirty (30) months from the commencement of
Project construction, whichever date comes first.
BE IT RESOLVED by the City Council of the City of Rohnert Park that it does hereby approve
the Assignment of Deed of Trust and Agreement for Deferral of Payment of Certain Development
Related Fees ( "Assignment Agreement "), assigning and transferring to the CDC its title and interest in
the Deed of Trust which is the security under the Deferral Agreement.
BE IT FURTHER RESOLVED that the City Manager is hereby authorized and directed to
execute the Assignment Agreement for and on behalf of the City of Rohnert Park, to make minor non -
substantive changes thereto, and to execute other such documents and to take such other steps that are
necessary to effect such assignment and such subordination.
DULY AND REGULARLY ADOPTED this 13"' day of March, 2007.
CITY OF ROHNERT PARK
Tempore
ATTEST:
BREEZE: AYE MACKENZIE: AYE SMITH: AYE
STAFFORD: &YE VIDAK•MARTINEZ: AB, SENT
AYES: (4) NOES: (0) ABSENT: (1) ABSTAIN: (0)
City Clerk
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:
Community Development Commission
6750 Commerce Boulevard
Rohnert Nark, CA 94928
Attn: Executive Director
Space above this line, for recorder's use only. Exempt from
recording fees per Gov. Code Section 27383.
ASSIGNMENT OF DEED OF TRUST AND
AGREEMENT FOR DEFERRAL OF PAYMENT
OF CERTAIN DEVELOPMENT RELATED FEES
FOR VALUE RECEIVED, the undersigned, City of Rohnert Park, a California municipal
corporation ( "Assignor "), hereby assigns and transfers to the Community Development
Commission of the City of Rohnert Park, a public body, corporate and politic ( "Assignee ") its
entire right, title and interest in, to and under that certain Deed of Trust executed by Burbank
Housing Development Corporation, a California public benefit nonprofit corporation
( "Developer "), as Trustor, for the benefit of Assignor, as beneficiary, dated March )2007,
and recorded in the Official Records of in
County, California on , 2007, as Instrument No. and
that certain Agreement for Deferral of Payment of Certain Development Related Fees entered
into between Assignor and Developer, dated March , 2007 and recorded in the Official
Records of in County, California on ,
2007, as Instrument No. , and Assignee accepts such assignment.
Dated: 2007
ASSIGNOR:
City of Rohnert Park
By:
Title:
Attest:
r:Vxy to) a =
Community Development Commission
of the City of Rohnert Park
C
Title:
Attest:
992661v I A 80078/0042
State of California
County of
On , 2007, before me, personally appeared
personally known to me (or proved to me on the basis of satisfactory
evidence) to be the person(s) whose name(s) is /are subscribed to the within instrument and
acknowledged to me that he /she /their authorized capacity(ies), and they by his /her /their
signature(s) on the instrument the person(s), or entity upon behalf of which the person(s) acted,
executed the instrument.
WITNESS my hand and official seal.
(Signature of Notary)
(Seal of Notary)
992661v 1 A 80078/0042