HomeMy WebLinkAboutRDA AG PKT 2006-05-22 #3
AGENDA REPORT
DATE: May22,2006
TO: Chaitperson and Members of the Redevelopment Agency
THRU: John B. Bahorski, Executive Director
FROM: Lee Whittenberg, Director of Development Services
SUBJECT: PRESENTATION RE: PROPOSED RESIDENT
. OWNERSHIP OF SEAL BEACH TRAILER PARK BY A
NON-PROFIT PUBLIC BENEFIT CORPORATION AS A
LIMITED EQUITY CORPORATION and PROVIDE
DIRECTION TO STAFF
- -
SUMMARY OF REQUEST:
Receive presentation by The Loftin Firm regarding proposed resident ownership of Seal
Beach Trailer Park by a non-profit public benefit corporation as a limited equity
corporation and provide direction to Staff on identified issues. Staff is also seeking
Agencymember input on the proposal after considering the presentation information.
BACKGROUND:
Sue Loftin of the Loftin Firm has been requested to provide the Agency a report on the
proposed resident ownership of the Seal Beach Trailer Park. to be re-named Seal Beach
Shores. The Loftin Firm has provided to the City a copy of an application to the
California Department of Housing and Community Development, Mobilehome Park
Resident Ownership Program (MPROP), 2005 Application. dated March 13, 2006. The
purpose of the application, as stated in the cover letter for this application, is "to complete
the second phase of this subject which will result in resident ownership of the park in a
non-profit public benefit corporation as a limited equity corporation."
It is the opinion of Staff that the following issues will need to be thoroughly considered
and evaluated as part of this proposed transfer:
Q Clear understanding of appropriate and required actions required of the Agency, if
any. The Regulatory Agreement and other related Agency documents regarding
the previous transaction will need to be reviewed to ensure all required
actions/amendments/consents, etc. are completed properly,
Q Execution of Reimbursement Agreement by the project proponent for Staff and
Agency Attorney costs involved in the processing, review, and approval of the
subject application and any other actions required by the Agency;
Agenda Item //JA..$
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ReportdocIL WIOS-02..Q6
Proposed Resident Ownership of Seal Beach
Trailer Park and Provide Direction to Staff
Redevelopment Agency Staff Report
May 22, 2006
o Repayment of Residual Receipts Loan;
o Continued funding of "Ramp-up" and "Trailer Space" rent costs from the Agency
Low-Moderate Income Housing Assistance Account;
Other issues that may require direct StatI, Attorney, and Agency involvement would be
related to impacts on the City's obligations to provide affordable housing, impacts on the
use of Agency affordable housing funds, the defeasance of the bonds utilized for the
acquisition of the Seal Beach Trailer Park by Seal Beach Affordable Housing
Corporation, and Agency concurrence or consent to other financing documents involved
in this transaction.
After receiving the presentation by The Loftin Finn, and discussion by the Agency
members it would be appropriate to provide direction to Staff as to any additional issues
to consider that are not identified above.
FISCAL IMPACT:
Uncertain at this time. Execution of a reimbursement agreement between the Agency and
the project proponent will eliminate all Agency and City expenses due to Staff and
Attorney costs involved in this process.
RECOMMENDATION:
Receive presentation by The Loftin Firm regarding proposed resident ownership of Seal
Beach Trailer Park by a non-profit public benefit corporation as a limited equity
corporation and provide direction to Staff on identified issues. Staff is also seeking
Agencymember input on the proposal after considering the presentation information.
Whittenberg
irector of Development Services
2
Presentabon on Transkr and Di...tion to Statr.RDA StaffRcport