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1 <br /> <br />2 <br /> <br />3 <br /> <br />4 <br /> <br />5 <br /> <br />RESOLUTION NO. 658 <br /> <br />A RESOLUTION OF REDEVELOPMENT AGENCY OF THE CITY <br />OF RIVERSIDE, CALIFORNIA, AUTHORIZING THE REDEVELOPMENT <br />AGENCY OF THE CITY OF RIVERSIDE TO ENTER INTO A SECTION <br />108 LOAN TRANSACTION FOR THE MISSION VILLAGE HOME <br />OWNERSHIP ZONE; AND FURTHER AUTHORIZING THE EXECUTIVE <br />DIRECTOR OR HIS DESIGNEE TO ACT AS OFFICIAL REPRESENTATIVE <br />OF THE AGENCY AND TO EXECUTE ALL NECESSARY DOCUMENTS <br />ON THE AGENCY'S BEHALF RELATED TO THIS LOAN TRANSACTION. <br /> <br />6 <br />7 WHEREAS, the Redevelopment Agency of the City of Riverside CAgency") has <br />8 determined that a high priority exists for neighborhood revitalization in the City of Riverside <br />9 ("City") and that a key to successful revitalization is increased home ownership; and <br />10 WHEREAS, the City, in conjunction with the Agency, applied for and will receive <br />11 approximately $4.8 million in Section 108 loan guarantee funds from the U.S. Department of <br />12 Housing and Urban Development CHUD") for the Mission Village Home Ownership Zone; and <br />13 WHEREAS, by Resolution No. 18977, on September 10, 1996, the City Council of the <br />14 City of Riverside CCity Council") authorized the City to enter into the Section 108 Loan <br />15 Transaction for the Mission Village Home Ownership Zone ("Loan Transaction"); and <br />16 WHEREAS, on September 10, 1996, the Agency accepted appointment by the City to <br />17 serve as the lead agency for the purpose of implementing the strategy and administering the Loan <br />18 Transaction and funds; and <br />19 WHEREAS, the Agency Governing Board desires that the Executive Director of the <br />20 Agency ("Executive Director"), or his designee, be authorized to act as official representative of the <br />21 Agency and to execute on behalf of the Agency all documents necessary or desirable to accomplish <br />22 the Loan Transaction. <br />23 NOW THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of <br />24 Riverside as follows: <br />25 Section 1. That the Agency is hereby authorized to enter into the Loan Transaction and <br />26 to serve as Borrower in connection thereto. <br />27 // <br /> <br />City Attorney's Office <br />21900 Main Street <br />Riverside, CA 92522 <br />{909) 782-5567 <br /> <br />-1- <br /> <br /> <br />