HomeMy WebLinkAboutRDA Res 07-04 2007-06-25
RESOLUTION NUMBER 07-04
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
THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH HEREBY
RESOLVES AS FOLLOWS:
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SECTION 1. As indicated to the Agency in January 2006, the necessity of
providing a quicker response for contractor progress payments had become an issue. Due to
the workload in the Finance Department it was 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 small firms and the delay in receiving their progress
payments had become detrimental to their ability to pay sub-contractors and to continue to
participate in the program.
SECTION 2. CivicStone, the Agency's housing consultant has previously
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.
SECTION 3. On January 23, 2006 the Agency adopted Resolution 06-1, which
directed the Executive Director of the Redevelopment Agency to execute on behalf of the
Redevelopment Agency a similar professional services agreement to initiate the proposed
services of Rehab Financial Corporation.
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SECTION 4. The Agency wishes to continue utilizing the services of Rehab
Financial Corporation in accordance with the same provision of professional services as
previously approved.
SECTION 5. 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 June _, 2007 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 25th day of June ,2007 by the following vote:
AYES: Agency Members ();l~~! ~Jwl tJlttJ-t.",
NOES: Agency Members ~ I
ABSENT: Agency Members ~ f I
ABSTAIN: Agency Members ~I
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Chairman
ATTEST:
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gency Secretary
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STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF SEAL BEACH
Resolution Number 07-04
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I, Linda Devine, Agency Secretary of the Redevelopment Agency of the City of Seal
Beach, California, do hereby certify that the foregoing Resolution is the original of
Resolution Number 07-04, 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
thereof held on the 25th day of June, 2007.
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gency Secretary
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