HomeMy WebLinkAboutResolution 92-286 11/02/1992Resolution No. 92-286 N.C.S.
1 ~~f th~~ (;ity ~~f I'ctalun~~~~, C~alifon~~i~~
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5 RESOLUTION AMENDING RESOLUTION N0.92-46 N.C.S.
6 APPROVING AN OPTION TO TRANSFER THE CORONA RANCH
7 AFFORDABLE HOUSING SITE TO EDEN HOUSING, INC.
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9 WHEREAS, the City of Petaluma adopted Resolution No. 92-46 on February 18, 1992
10 authorizing the City Manager to sign an Option Agreement with Eden Housing for the
11 transfer of the Corona Ranch site; and
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13 WHEREAS, said Option Agreement was signed by authorized representatives of both the
14 City and Eden Housing on February 26, 1992 and recorded on March 10, 1992, series No.
15 0025533 of Sonoma County Records; and
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17 WHEREAS, Eden Housing Inc. is prepared to exercise its option to acquire the site and
18 develop a complex of affordable rental apartments and townhouses for sale to first time
19 homebuyers; and
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21 WHEREAS, that Option. Agreement requires certain modifications required by funding
22 sources and the Internal Revenue Code;
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24 NOW, THEREFORE, BE IT RESOLVED that the City Council hereby approves the
25 required amendments to the existing option agreement and authorizes the City Manager to
26 sign the amended Agreement and necessary loan documents as reviewed and approved by
27 the City Attorney.
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31 amendres/bg10
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by th~ proved. as to
Council of the City of Petaluma at a (Regular) 1~XQ8fp8~1) m~ing fO
on the .._2xld...•--..._..... day of ..........i~J.au~ember. ............................ 19.92_., y the ____
following vote: .•... •--
ity Attorney
AYES: Read, Davis, Sobel, Nelson, Vice Mayor Cavanagh, Mayor Hilligoss
NOES: None
ABSENT: Woolse
ATTEST: __ ._....~ ....... _....... ..... .. ~(.-Z'r~~C ...............
City Clerk ~ Mayor
(bunch File..._ ...............................
CA 10-85 Res. No. ..... ~. ~. -.2.~. V....... N.C.S.