2007-060- The Board Of Directors Of The Redevelopment Agency Of The Town Of Los Gatos Authorizing The Executive Director To Execute An Amendment To An Agreement Between The Redevelopment Agency And The Housing Trust Of Santa Clara County (ARESOLUTION 2007 -060
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT
AGENCY OF THE TOWN OF LOS GATOS AUTHORIZING THE EXECUTIVE
DIRECTOR TO EXECUTE AN AMENDMENT TO AN AGREEMENT BETWEEN THE
REDEVELOPMENT AGENCY AND THE HOUSING TRUST OF SANTA CLARA
COUNTY (AGREEMENT RAG :05.001), PROVIDING A TIME EXTENSION FOR
EXPENDITURE OF PRIOR CONTRIBUTIONS TO THE HOUSING TRUST OF
SANTA CLARA COUNTY
WHEREAS, on March 19, 2001 the Redevelopment Agency adopted Resolution No.
2001 -2RD that authorized the Executive Director to execute an agreement with the Housing Trust of
Santa Clara County ( HTSCC) regarding a $250,000 contribution to the Housing Trust Endowment
Fund; and
WHEREAS, an agreement, RAG:01.002 (Agreement 1), was executed between the
Redevelopment Agency and the HTSCC that contained a number of provisions regarding the use of
the Agency's contribution including that funds be expended or committed within two years from the
date of the agreement and that funds be used within the Central Los Gatos Redevelopment Project
Area; and
WHEREAS, an amendment to Agreement 1 was approved by the Redevelopment
Agency that: 1) extended until April 2005 the time period by which the Housing Trust must commit
funds to affordable housing projects; 2) allowed funds to be committed to affordable housing
projects at any location with the Town of Los Gatos Town limits; 3) required that the affordable
housing remain available at affordable housing costs to persons and families of low or moderate
income, or very low income households, as the case may be, for the longest feasible time, but not
less than 55 years for rental units or 45 years for owner- occupied units, subject to California Health
and Safety Code Section 33334.3(f)(1); and 4) unless an exemption applies pursuant to Labor Code
Section 1720 et seq ., require that the Housing Trust shall require the payment of prevailing wage on
projects receiving funding utilizing the Agency's Housing Funds.
WHEREAS, on June 20, 2005, the Redevelopment Agency adopted Resolution No.
2005 -9RD that authorized the Executive Director to execute a new agreement with the Housing
Trust of Santa Clara County (HTSCC) that: 1) rescinded Agreement 1; 2) extended until April 2007
the time period by which the Housing Trust must commit funds from Agreement 1 to affordable
housing projects; and 3); provided contributions to the HTSCC for their Phase III campaign.
WHEREAS, a second agreement, RAG:05.001 (Agreement 2), was executed between
the Redevelopment Agency and the HTSCC pursuant to Resolution 2005 -9RD; and
WHEREAS, the HTSCC has made diligent efforts to comply with the Agreement 2 but
has been unable to expend the entire contribution on affordable housing projects in accordance with
the terms of Agreement 2 and has requested an amendment to the agreement to extend the time for
expenditure or commitment of funds to April 2009; and
WHEREAS, the Redevelopment Agency desires to allow additional time for the use of
Agency funds and flexibility in the location of projects to the HTSCC in order for it to provide
affordable housing in Los Gatos; and
WHEREAS, the provisions of the Redevelopment Law applicable to the establishment
and use of proceeds from the Housing Fund (Health and Safety Code Sections 33334.2 and 33334.3)
expressly contemplate and permit the use of proceeds from the Housing Fund outside the Project
Area upon findings by the Town and the Agency that such use will be of benefit to the Project Area;
and
WHEREAS, the provision of affordable housing within the Town of Los Gatos by the
HTSCC will benefit the Project Area and serve major Implementation Plan goals and objectives by
increasing the amount of housing available at affordable costs in the community; and
WHEREAS, the General Plan Housing Element includes policies and implementing
strategies supporting this action; and
WHEREAS, this action is also supported by the Redevelopment Agency Five Year
Implementation Plan FY2004/05 through FY2008/09 (Implementation Plan); and
WHEREAS, there is a need for affordable housing in the Town and within the Central
Los Gatos Redevelopment Area; and
WHEREAS, the monies will be used to fund affordable housing projects within the
Town; and
WHEREAS, by the staff report accompanying this Resolution and incorporated into this
Resolution by the reference, the Agency has been provided with additional information upon which
the findings and actions set forth in this Resolution area based; and
NOW, THEREFORE, BE IT RESOLVED THAT the Agency Board hereby find and
determine that the above Recitals are true and correct and serve as the basis, in part, for the findings
and actions of the Agency set forth below.
BE IT FURTHER RESOLVED that, based on information and analysis set forth in the
above Recitals and contained in the Staff Report, the Agency hereby finds and determines that
pursuant to Health and Safety Code Section 33334.2(g) that the use of moneys from the Housing
Fund to fund the acquisition, construction and operation of affordable rental or ownership housing
and loans to assist home ownership will be of benefit to the Project Area and the program of
redevelopment pursuant to the Implementation Plan.
BE IT FURTHER RESOLVED that the Agency hereby authorizes the Executive
Director to execute an amendment to Agreement 2 between the Redevelopment Agency and the
HTSCCto: 1) extend until April 2009 the time period by which the HTSCC must commit the funds
to affordable housing projects. The remaining terms of Agreement 2 shall remain in full force and
effect.
PASSED AND ADOPTED at a regular meeting of the Town of Los Gatos
Redevelopment Agency held on the 21 st day of May, 2007 by the following vote:
REDEVELOPMENT AGENCY MEMBERS:
AYES: Steve Glickman, Diane McNutt, Barbara Spector, Mike Wasserman, and Mayor Joe
Pirzynski
NAYS: None
ABSENT:
ABSTAIN: -
SIGNED:
CHAIR OF THE REDEVELOPMENT AGENCY
TOWN OF LOS GATOS, CALIFORNIA
ATTEST:
SECRF-TARY OF THE REDEVELOPMENT AGENCY
TOWN OF LOS GATOS, CALIFORNIA