City Council

4. RESOLUTION NO. A RESOLUTION OF THE GOVERNING BOARD OF THE\nANAHEIM HOUSING AUTHORITY approving the acquisition of the Rainbow Inn Motel located\nat 831 S. Beach Boulevard in the amount of $6,930,000, sourced in whole or in part, from City\nof Anaheim Neighborhood Reserve Funds and Low Moderate Income Housing Asset Funds;\napproving an agreement for sale of property and joint escrow instructions by and between the\nAnaheim Housing Authority and Dhanuba Hospitality, Inc, a California Corporation,\nsubstantially in the form submitted herewith for the purchase of the Rainbow Inn Motel in the\namount of $6,930,000; authorize the Executive Director of the Housing Authority, or her\ndesignee, to execute and administer the agreement on behalf of the Housing Authority.\nApprove a Cooperation Agreement, in substantial form, with the City of Anaheim authorizing\nthe transfer of $3,000,000 in Neighborhood Reserve funds to assist with the acquisition of the\nRainbow Inn Motel; authorize the Executive Director of the Housing Authority, or designee, to\nexecute and administer the agreement (related to City Council Agenda Item No. 25).\nAdjourn the Anaheim Housing Authority.