HomeMy WebLinkAboutRDA Res 03-2 2003-08-25
RESOLUTION NO. 03-~
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A RESOLUTION OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SEAL BEACH
REQUESTING AND CONFIRMING A LOAN
FROM THE CITY OF SEAL BEACH,
ACCEPTING SAlD LOAN ON THE TERMS
ESTABLISHED, AND AUTHORIZING
REDEVELOPMENT AGENCY BUDGET
AMENDMENT NUMBER 04-01 FOR THE
2003/2004 FISCAL YEAR
WHEREAS,
at this time, the Redevelopment Agency has exhausted all available funds for
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
WHEREAS,
funds for these programs have always been available on a first-come, first
serve basis. Due to the large nwnber of applications that have been
received, the state budget crisis and the delay in the State funding of a
loan, there are no available un-obligated funds at the present time, and
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WHEREAS, a total of 10 applicants are subject to the suspension of the program at this
time due to the lack of funds. There are 4 applicants within the Seal
Beach Trailer Park and 6 applicants throughout thc remainder of the
community, and
WHEREAS, staff has investigated the CaIHome Program of the State of California
Department of Housing and Community Development and is
recommending that the Redevelopmcnt Agency authorize staff to prepare
an application for funding under this program, and
WHEREAS, a proposed allocation of loan funds in an amount not to exceed $3,500
from the City General Fund to the Redevelopment Agency is necessary to
allow the application for the CalHome program funds to be submitted to
the State Department of Housing and Community Development.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY
OF SEAL BEACH DOES HEREBY RESOLVE, DECLARE, DETERMINE
AND ORDER AS FOLLOWS:
I. Requests from the City Council a loan of not to exceed $3,500.00 from the City
General Fund to allow for CivicS tone to prepare the required application
materials for the CalI-lome Program.
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2. Said loan shall be the amount of $3,500.00 and shall be repayable to the City in
two mmual 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.
3. The Agency will accept said loan from the City Council on the tenns set forth in
Section 2, above.
4. Upon receipt of said loan funds the Agency adjusts the Riverfront Project Area -
Low and Moderate Income Housing Fund, Contract Professional Services account
as set forth below:
Resolution Number ~!3~.2,
DEPT
ACCOUNT
CURRENT
BUDGET
PROPOSED BUDGET
BUDGET AMD COIFF)
Redevelopment Agency -
Riverji'o/lt Project Area
Low and Moderate Income
Housing Fund
Contract
Prof. Services 061-081-44000
"
$0
$3,500
$3,500
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PASSED, APPROVED AND ADOPTED by the Rcd~~ent Agency of the
City of Se ch at a meeting thereof held on the - day of
2003.
ABSTAIN: Agencymembers
...........
AYES:
NOES:
ABSENT:
Chainnan
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STATEOFCALlFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
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I, Joanne M. Yeo, City Clerk of Seal Beach, California, do her~certifY that the foregoing
resolution is the original copy of Resolution Number P.3 - on file in the office of
the City Clerk, passed, approved, and adopted by the Redevelopment ~y of the City of
Seal c , at a re lar meeting thereof held on the ~ day of
2003.
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