HomeMy WebLinkAboutCC Res 5162 2003-08-25
RESOLUTION NO. ~,2,
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A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF SEAL BEACH RECORDING A
LOAN TO THE RIVERFRONT
REDEVELOPMENT AGENCY OF SEAL
BEACH
WHEREAS,
at this time, the Redevelopment Agency has exhausted all available funds fur
the various rehabilitation loan and grant programs and mortgage assistance
programs. Thus, the Agency will not be able to authorize funding of any
pending applications until further notice, and
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WHEREAS, funds for these programs have always been available on a first-come, first
serve basis. Due to the large number of applications that have been
received, the state budget crisis and the delay in the State funding of a
Aoan,;ther~ are no available un-obligated funds at the present time, and
A~'~'\ VI ',] i/~>>
WHERE~~:: ,a total of tO~flieants are subject to the suspension of the program at this
f(.. time due to:'tile lack of funds. There are 4 applicants within the Seal
. .....{,
: Beach Trailer. fark and 6 applicants throughout. the remainder of the
~. communitY'i
WHERE}S, staff has .in~estigated the CalHome Program of ~e State of California
Departni~t of Housing and Community, Development and is
recommending that the Redevelopment Agency authorize staff to prepare
an application for funding under this program, and
WHEREAS, the Redevelopment Agency has requested through the adoption of
Redevelopment Agency Resolution No. 03-3 loan funds in an amount not
to exceed $3,500 from the City General Fund to the Redevelopment
Ageney to allow for an application to be submitted for the CalHome
program funds to the State Department of Housing and Community
Development. '"
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL
BEACH DOES HEREBY RESOLVE, DECLARE, DETERMINE AND
ORDER AS FOLLOWS: ..
I. Records a debt existing between the City and the Riverfront Redevelopment
Agency in the amount of not to exceed $3,500.00 to allow for CivicStone to
prepare the required application materials for the CalHome Progrmn.
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2. Said debt shall be the mnount of $3,500.00 and shall be repayable to the City in
two annual installments of $1,750.00, plus the interest rate obtained by the City
for investment into the Local Agency Investment Fund (LAIF) per annum
commencing July I, 2004.
Resolution Number ~~~
PASSED, APPROVED AND ADOPTED ~~ the City Cou
Beach at a meeting thereof held on the _ .21i"1! day of
NOES:
Councilmembers
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AYES:
ABSENT:
Councilmembe
ABSTAIN: Councilmemb
~~4~
Mayor '
ArrEST:
')
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STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Joanne M. Yeo, City Clerk of the City of Seal Beaeh, California, doJ1ereby eertifY that
the foregoing resolution is an original copy of Resolution Number ~ tile in the
Office of the City Clerk, passed, approved and a~pted by the Ity Couneil f e City of
Seal Beach at a meeting thereof held on ~ .... day of 2003.
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