HomeMy WebLinkAboutTC Res 2012-12-05RESOLUTION NO. 44-2012
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF
TIBURON, ACTING AS SUCCESSOR AGENCY TO THE HOUSING
FUNCTIONS OF THE TIBURON REDEVELOPMENT AGENCY,
APPROVING AN AMENDMENT TO AN AGREEMENT WITH THE
ECUMENICAL ASSOCIATION FOR HOUSING
Recitals
The Town Council of the Town of Tiburon, acting as the successor agency to the Tiburon
Redevelopment Agency, does hereby find as follows:
1. October 23, 1995, the Tiburon Redevelopment Agency ("Agency") and the
Ecumenical Association for Housing ("EAH") entered into a Regulatory Agreement and
Declaration of Restrictive Covenants ("Agreement") regarding certain real property being
developed by EAH with financial assistance from the Agency ("Project"). This Agreement was
recorded on October 27, 1995.
2. The Project qualified for low income housing tax credits administered by the
California Tax Credit Allocation Committee and EAH has used the Project for affordable
housing since its completion.
3. Article 3, Section 3.1 of that Agreement required, among other things, EAH to obtain,
complete and maintain on file an annual income certification from each tenant renting a unit on
the property as required to maintain eligibility for the aforesaid tax,credits.
4. In 2008, federal legislation changed several provisions of the low income housing tax
credit program, including the requirement for ongoing of annual income certification by owners
of 100% tax credit projects. EAH has requested amendment to the Agreement in order to
implement said changes, conform to the policies administered by the California Tax Credit
Allocation Committee and reduce compliance monitoring costs.
5. On June 28, 2011, California enacted AB XI 26, which provided for the dissolution of
redevelopment agencies in the state. Dissolution became effective on February 1, 2012 (the
"Dissolution Date"). On June 27, 2012, California adopted AB 1484 to further detail the
dissolution process. AB XI 26 and AB 1484 are collectively referenced herein as the
"Dissolution Statutes."
6. On January 18, 2012, the Town Council adopted Resolution No. 03-2012, assuming
the Agency's housing functions and assets, as provided by the Dissolution Statutes.
S:\Administration\Town Council\Resolutions\?012\44-2012.doc; Resolution on EAH Agreement.doc 1
NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Tiburon,
acting in exercise of the housing functions of the former Agency, as follows:
1. The facts set forth in this Resolution are true and correct.
2. The Town Council hereby approves the amendment to the Regulatory Agreement and
Declaration of Restrictive Covenants and authorizes the Town Manager to execute and
record said amendment on behalf of the Town.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Tiburon
on December 5, 2012 by the following vote:
AYES: COUNCILMEMBERS: Collins, Doyle, Fraser, Fredericks, O'Donnell
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBER',
ATTES
/ A
DIANE CRANE, 'S'OWN CLERK
S:\Administration\Tovai Council\Resolutions\?012\44-2012.doc; Resolution on EAH Agreement.doc 2