HomeMy WebLinkAboutRDA Res 86-18 1986-12-08
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RESOLUTION NO. 86-18
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF SEAL BEACH, CALIFORNIA. AUTHORIZING
APPROVAL OF A SECOND AMENDED AND RESTATED DECLARATION
OF ESTABLISHMENT OF COVENANTS FOR THE SEAL BEACH
TRAILER PARK
WHEREAS,
a Participation and Disposition Agreement was entered
into between the Agency and Seal Beach Associates dated
July 25. 1911 for development of the Seal Beach Trailer
Park (Trailer Park). as amended by a First Amendment
dated as of January 30, 1978. by a Second Amendment
dated as of April 24. 1918. and as amended by an
Amended Participation and Disposition Agreement dated
July 14. 1981 between the Agency and Riverbeach
Associates; and
WHEREAS. Riverbeach Associates proposes to sell the land and
improvements of the Trailer Park to Seal Beach
Partners; and
WHEREAS, Seal Beach Partners is proposing to sell both the fee
title and improvements of the Trailer Park to the Seal
Beach Trailer Park Inc. (Corporation) which is a
nonprofit corporation composed of owners of mobile
homes and trailers within the Trailer Park; and
WHEREAS. the Redevelopment Agency has been requested to further
amend the existing Amended Declaration of Establishment
of Covenants dated July 21, 1981 in order to permit the
rents to reflect the new financing being obtained by
the Association for the purchase of the Trailer Park
and to subordinate the Amended Declaration to the loan
to be made by an institutional lender for the purchase
of the Trailer Park;
NOW THEREFORE, the Redevelopment Agency of the City of Seal Beach
(Agency) hereby resolves as follows:
SECTION 1:
The Agency hereby authorizes the Executive
Director to approve a Second Amended and Restated
Declaration of Establishment of Covenants in such
form as the Corporation, Seal Beach Partners. the
California Department of Housing and Community
Development. and any institutional lender shall
approve in order to permit the Corporation to
purchase the Trailer Park.
SECTION 2:
The Agency hereby approves the subordination of
the Amended and Restated Declaration as such
declaration may be amended to a loan from an
institutional lender for the purchase of the
Trailer Park by the Corporation on such te~ms as
Executive Director may approve.
Resolution No. 86-18
SECTION 3:
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The Acting Executive Director is hereby authorized
to execute a Second Amended and Restated
Declaration and to take all action necessary to
carry out such a Second Amended Declaration land
the sale to the Corporation, provided that such
sale to the Corporation is closed on or before
December 31. 1986, as evidenced by recordation of
a deed from Seal Beach Partners to Associates. but
if such sale is not closed by such date. the
documents shall be subject to Agency approval
before the existing Amended and Restated
Declaration shall be further amended.
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PASSED, APPROVED and of the
~~Of Seal Bea
day of
AYES: Agency
NOES: Agency Member
ABSENT: Agency
ATTEST:
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Chairman '
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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 Beach,
California, and Secretary to the Seal Beach Redevelopment
Agency, do hereby certify that the fore~ing resolution is __~u~D
an original copy of Resolution Number 1I1J-IR on file in 1fOJ"~
the office of the City Clerk, passed, approved and adopt~ I
by the Seal Beach Redev~'p"pment Agenc~ JJt a reg1Jla:s,~ing
thereof held on the ~ day of ....{)f.Yd.~..Ilhl a.-,8 , 1987.
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