HomeMy WebLinkAboutRDA Res 05-05 2005-04-25
RESOLUTION NUMBER
05-5
A RESOLUTION OF THE SEAL BEACH
REDEVELOPMENT AGENCY AUTHORIZING THE
CHAIRMAN TO EXECUTE ALL NECESSARY
DOCUMENTS TO CONSENT TO THE TRANSFER OF
TITLE OF THE SEAL BEACH TRAILER PARK FROM
LINC-CDC TO SEAL BEACH AFFORDABLE HOUSING
CORPORATION AFTER REVIEW AND APPROVAL OF
ALL NECESSARY DOCUMENTS BY THE
REDEVELOPMENT AGENCY COUNSEL
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THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH HEREBY
FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
WHEREAS: The Redevelopment Agency of the City of Seal Beach (hereinafter referred
to as "the Local Public Entity"), a public body, corporate and politic,
pursuant to Community Redevelopment Law, Section 33100, organized and
operated under the Constitution and laws of the State of California, is
eligible to receive a commitment of funds and participate in the Mobilehome
Park Resident Ownership Program (hereinafter referred to as ''MPROP'');
and
WHEREAS: The Califomia Department of Housing and Community Development
(hereinafter referred to as the "Department'') is authorized to make loans
for the purpose of financing mobilehome park conversion costs and to
reduce the monthly housing costs for low-income residents to an I
affordable; and
WHEREAS: The Local Public Entity as a co-applicant with Seal Beach Trailer Park
Residents Association submitted to the Department an application for
participation in the MPROP and requested a commitment of funds for a
mobilehome park conversion project located at 313 Welcome Lane, Seal
Beach, California, and
WHEREAS: Such application for participation in the MPROP has been approved and
the City Council authorized the Mayor to execute Standard Agreement 01-
MpROP-68 with the Department on March 14, 2005 by adopting
Resolution 5313; and
WHEREAS: The Local Public Entity in approving the sale of bonds for the acquisition
of the Seal Beach Trailer Park in 2000 contemplated eventual ownership
of the Seal Beach Trailer Park by a resident organization; and
WHEREAS: The Local Public Entity has been aware of the proposed transfer of the
Seal Beach Trailer Park to Seal Beach Affordable Housing Corporation,
and has supported that eventual transfer.
A. The Local Public Entity authorizes the Executive Director of the Redevelopment
Agency of the City of Seal Beach to execute in the name of the Loeal Public
Entity all other instruments necessary or required to consent to the transfer of title
of the Seal Beach Trailer Park from Linc-CDC to Seal Beach Affordable Housing
Corporation, after review and approval of all necessary doeuments by the Agency
Counsel, including but not limited to the following anticipated actions:
Q Consent to assignment of all LINC/Agency loans and agreements to SBAHC;
Q Consent to reconfiguration of SBAHC Board;
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NOW, THEREFORE, BE IT RESOLVED, THAT:
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Resolution Number 05-5
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o Approval of amendment of Regulatory Agreement to extend tenn from 30 to
55 years;
o Amendment and/or amendment and restatement of existing Agency loan and
grant agreement, and related security documents to (i) finalize Bridge Loan
and Residual Receipts Loan payment schedules, and (ii) incorporate
forgiveness of tile amounts of tile Residual Receipts Loan over time, provided
no event of default occurs.
o Consent to assignment of the transfer of tile Seal Beach Trailer Park to
SBAHC as Issuer of tile Redevelopment Agency of tile City of Seal Beach
Mobile Home Park Revenue Bonds, Series 2000A.
PASSED, APPROVED AND ADOPTED by the Redevelopment Agency of tile City of
Seal Beach at a meeting tIIereofheld on tile 25th day of April, 2005, by tile
following vote:
AYES:
Agency Members
NOES:
Agency Members
ABSENT: Agency Members
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CHAIRMAN
ABSTAIN: Agency Members
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ATTEST:
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I Ierk/Sec
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF SEAL BEACH
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I, Linda Devine, City Clerk of Seal Beach, California, do hereby certifY that tile foregoing
resolution is tile original copy of Resolution Nurnber 05-5 on file in tile office of tile City
Clerk, passed, approved, and adopted by the Redevelopment Agency of tile City of Seal
Beach, at a regular adjourned meeting tIIereofheId on tile 25th day of April . 2005.
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