Loading...
HomeMy WebLinkAboutA2644 - HUD COUNTY HOUSING AUTHORITY BOND POOL County Housing Authority re Coop Agr Cnty Hsng Bond Pool AGREEMENT #2644 R16626, 11-16-88 COOPERATION AGREEMENT 0 This Agreement entered into this /ar..� day of 1988 , by and between the Housing Authority of the County of Riverside (the "Authority") , and the City of Palm Springs (here- inafter referred to as "City") , witnesseth: W I T N E S S E T H: WHEREAS, the Authority, pursuant to Chapter 1 , commenc- ing with Section 34200 , of Part 2 of Division 24 of the Califor- nia Health and Safety Code, as amended (the "HAL") , proposes to undertake a program of acquiring multifamily rental housing developments for its own account and operation and to issue its revenue bonds to provide funds to finance such acquisitions within the boundaries of both the unincorporated area of the County of Riverside (the "County") and on a site or sites located in the City; WHEREAS, the City has a need for low- and moder- ate-income dwelling units such as are intended to compose a portion of the housing developments described above; and follows: Accordingly, the City and the Authority agree as SECTION 1 . The Authority is hereby authorized to acquire, own and operate housing developments located within the boundaries of the City. "Housing development" shall have the same meaning as contemplated in Section 34312 of the HAL. In exercising its rights hereunder, the Authority shall be subject to the limitations imposed by the HAL and as may otherwise be set forth herein. SECTION 2 . The Authority shall endeavor to issue its revenue bonds to provide a source of financing for its acquisi- tion construction of housing developments . All costs and expens- es incurred with respect to the issuance of such bonds shall be paid solely from the proceeds of sale of the bonds, contributions or subventions by third parties or other legally available sources , and the City shall not, under any circumstances, be liable for the payment thereof. All services necessary to the accomplishment of the purposes of this Agreement shall be provid- ed by the Authority and financed from the sources mentioned in this Section. SECTION 3 . All housing developments acquired by the Authority and located within the City shall be subject to the 1 DOC277 . 3 CAC084/9-1-88 a 1a planning, zoning, sanitary and building laws, ordinances and regulations applicable to the City. In the planning and location of any such housing development, the Authority shall take into consideration the relationship of the development to any larger plan or long-range program for the development of the area in which it functions . SECTION 4 . (a) Under the Constitution and statutes of the State of California, all housing developments owned by a housing authority are presently exempt from all real and personal property taxes and special assessments levied or imposed by any taxing body. With respect to any such acquired housing develop- ment, so long as it is owned by the Authority, the City under- stands that it cannot levy or impose any real or personal proper- ty taxes or special assessments upon such housing development or upon the Authority with respect thereto. During such period, beginning at the start of the fifth year after the housing devel- opment is acquired by the Authority, the Authority shall make annual Payments in Lieu of Taxes ("PILOT") in lieu of such taxes and special assessments and in payment for the public services and facilities furnished from time to time without other cost or charge to such housing development. Such PILOT shall equal either 100 of the net shelter rent re- ceived by the Authority or the real property taxes which would have been paid by a private owner, whichever is less. In no event, however, shall a PILOT for any year be made on behalf of the housing development in excess of the amount- of the real property taxes which would have been paid for such year if the housing development were not exempt from real property taxation. (b) The City shall furnish or cause to be furnished public services and facilities to any housing development so acquired by the Authority at no greater cost or conditions than are required of privately-•owned housing developments . If the City fails or refuses to furnish or cause to be furnished any such public services or facilities to the housing development and the Authority incurs any expense to obtain such services or facilities , then the Authority may deduct the amount of such expense from any applicable PILOT due or to become due pursuant hereto. SECTION 5 . No member of the governing body of the City or any other public official of the City who exercises any responsibilities or functions with respect to any housing devel- opment proposed to be acquired shall have any interest, direct or indirect, in such housing development or any property included or planned to be included therein, or any contracts in connection with such housing development. If any such governing body member or such other public official of the City acquires any such interest, such shall be immediately disclosed to the Authority. 2 DOC277 . 3 CAC084/9-1-88 •.. _ t- 0 SECTION 6 . So long as any bonds issued in connection with the financing of any housing development acquired by the Authority and located within the City remain outstanding, this Agreement shall not be abrogated, changed, or modified without the consent of the bond trustee. The privileges and obligations of the City hereunder shall remain in full force and effect with respect to each housing development so acquired so long as the beneficial title or right to possession of such housing develop- ment is held by the Authority, or for a period not to exceed for- ty-five (45) years from the end of the year in which the Agree- ment is executed, whichever period first expires . SECTION 7 . The purpose of this Agreement is to invest the Authority with the jurisdiction to accomplish the acquisi- tion, ownership and operation of housing developments within the boundaries of the City in the method and manner provided by the HAL and to ensure that the City services are provided to such developments on the same basis as provided to other developments in the City. IN WITNESS WHEREOF, the City and the Authority have respectively signed this Agreement and caused their seals to be affixed and attested as of the day and year first above written. (SEAL) CITY OF PALM SPRINGS ATTEST: By -7 ,�? /J CGu E ^' ? E xxEAxmk Asst. Secretary e APPROVED BY THE CRA Its : Executive Director BY Res 558, 9-7-88 HOUSING AUTHORITY OF THE COUNTY OF RIVERSIDE ATTEST: / ✓/�/y ecretary Its : Chairperson P,(�,�" "V- D AS TO Fo IR r / g si .City Attorney " gate I MOM 3 DOC277 . 3 CAC084/9-1-88