HomeMy WebLinkAboutRDA Res 06-01 2006-01-23
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RESOLUTION NUMBER 06-01
A RESOLUTION OF THE SEAL BEACH REDEVELOPMENT
AGENCY AUTHORIZING THE EXECUTIVE DIRECTOR TO
EXECUTE A PROFESSIONAL SERVICES AGREEMENT
WITH REHAB FINANCIAL SERVICES FOR
CONSTRUCTION FUND DISBURSEMENT AND RELATED
SERVICES
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THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH HEREBY
RESOLVES AS FOLLOWS:
SECTION I. The Redevelopment Agency has re-activated its rehabilitation loan
program and the necessity of providing a quicker response for contractor progress payments
has become an issue with participating program contractors. Due to the existing workload
in the Finance Department it is not possible to provide less than a 5-day turn around for the
processing of progress payment requests by the contractors involved in the program. Most
of the contractor's are smaIl finns and the delay in receiving their progress payments has
become detrimental to their ability to pay sub-contractors and to continue to participate in
the program,
SECTION 2. Civic Stone, the Agency's housing consultant has recommended
utilization of the services of Rehab Financial Corporation to provide "Construction Fund
Disbursement" and "File Maintenance" services to allow for a quicker turn-around on the
processing and payment of contractor progress payments during a rehabilitation project;
basically serving as an escrow officer to disburse the requested progress payments.
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SECTION 3. The Agency hereby directs the Executive Director of the
Redevelopment Agency to execute on behalf of the Redevelopment Agency the
professional services agreement to initiate the proposal dated January 19, 2006 of Rehab
Financial Corporation.
SECTION 4. The City Clerk shall certify to the passage and adoption of this
resolution.
PASSED, APPROVED AND ADOPTED by the Redevelopment Agency of the City of
Seal Beach this 23rd day of Januarv , 2006 by the following vote:
AYES: AgencyMembers (}/hilJo ~/k2h-] ,~~) ~J) 7'//1",,:1-
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NOES: Agency Members ~ ifnI
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STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF SEAL BEACH
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ABSENT:
Agency Members
ATTEST:
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Ag ncy Secretary - '
J, Linda Devine, Agency Secretary of the Redevelopment Agency of the City of Seal
Beach, CaIifomia, do hereby certify that the foregoing Resolution is the original of
Resolution Number 06-01 , on file in the office of the City Clerk, passed, approved,
and adopted by the Redevelopment Agency of the City of Seal Beach at a meeting
~oa: dayof Jmo~ 2006.
ge cy Secretary