HomeMy WebLinkAboutItem BAGENDA REPORT
DATE: May 29, 2001
TO: Chairperson and Members of the Redevelopment Agency
THRU: John B. Bahorski, Executive Director
FROM: Lee Whittenberg, Director of Development Services
SUBJECT: EXECUTION OF MPROP STANDARD AGREEMENT,
CONTRACT NO. 00-MPROP-068
SEAL BEACH TRAILER PARK
SUMMARY OF REQUEST:
Receive and File Staff Report.
BACKGROUND:
In late 2000 the Redevelopment Agency and City Council determined to assist the
resident's of the Seal Beach Trailer Park in an effort to acquire the park from the previous
owner. Those efforts were successful and the bond's to fund the acquisition were sold in
December 2000 and the transfer of the park has now occurred.
A component of the financing package for the acquisition was the utilization of a
$1,000,000 loan from the State of California Mobilehome Park Resident Ownership
Program (MPROP). That loan application has been approved by the State and the
Redevelopment Agency Executive Director has executed the "Standard Agreement" to
finalize the funding of the loan. The agreement has been reviewed by the Agency
Attorney and is acceptable as to form. A copy of the Standard Agreement is provided for
the information of the Agency members.
FISCAL IMPACT:
Execution of the "Standard Agreement' will formalize the loan award for the acquisition
of the Seal Beach Trailer Park and allow for the re- payment of the "bridge loan"
authorized by the Agency as a component of the financing package.
RECOMMENDATION:
Receive and File Staff Report.
Agenda Item
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enrg Di0 .=t
of Development Service
NOTED
Receive and File —MPROP Standard Agreement
Seal Beach Trailer Park Acquisition
Redevelopment Agency Sm,Q'Report
May 29, 2001
1, Executive Director
Agency of the City of Seal Beach
Standard Agreement, Contract No. 00 -MPROP -068
(Seal Beach Trailer Park Acquisition)
MPROP Ag ement.RDA Staff Report