HomeMy WebLinkAboutRDA Res 09-04 2009-09-14RESOLUTION NUMBER 09-04
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SEAL BEACH AUTHORIZING THE EXECUTIVE
DIRECTOR TO EXECUTE EXHIBIT C-1, ISSUER CONSENT TO
TRANSFER OF PROJECT, OF THE "ASSIGNMENT AND
ASSUMPTION AGREEMENT", AND ANY OTHER NECESSARY
DOCUMENTS TO EFFECTUATE THE TRANSFER OF THE SEAL
BEACH TRAILER PARK TO SEAL BEACH SHORES, INC. AND
THE ASSUMPTION BY SEAL BEACH SHORES, INC. OF ALL OF
THE OBLIGATIONS OF SEAL BEACH AFFORDABLE HOUSING
CORPORATION RELATED TO SUCH TRANSFER AND THE
REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH
MOBILE HOME PARK REVENUE BONDS (SEAL BEACH
MOBILE HOME PARK PROJECT), SERIES 2000A UPON
REVIEW AND CONCURRENCE BY AGENCY COUNSEL
WHEREAS, On January 26, 2009 the Agency considered a Staff Report
regarding consideration of the Agency "... to explore the feasibility
of the resident's 501(c)(3) entity assuming the existing City bonds
originally issued for the park purchase by LINC Housing'; and
WHEREAS, the Redevelopment Agency, by unanimous vote, directed "...staff
to work with the Seal Beach Shores, Inc. Board in assuming the
bonds to acquire the property for the residents"; and
WHEREAS, Agency counsel and staff have worked with all parties to ensure that
the necessary protections are retained for the Agency and that all
contractual obligations that currently exist will remain in place upon
the transfer of the ownership of the Seal Beach Trailer Park to Seal
Beach Shores, Inc.; and
WHEREAS, ACA Financial Guaranty Corp. (Bond Insurer) and Best, Best, &
Kreiger (Bond Counsel) have approved and consented to the
assignment and assumption and transfer of the Seal Beach Trailer
Park.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF
SEAL BEACH DOES HEREBY RESOLVE:
Section 1. The Executive Director is hereby authorized to execute Exhibit C-1,
Issuer Consent to Transfer of Project, of the Assignment and
Assumption Agreement.
Section 2. The Executive Director is hereby authorized to execute any other
necessary documents to effectuate the transfer of the Seal Beach
Trailer Park to Seal Beach Shores, Inc. upon review and
concurrence by Agency Counsel.
(Intentionally Left Blank)
Resolution Number 09-04
PASSED, APPROVED
City of Seal Beach this
vote:
AND ADOPTED by the Redevelopment Agency of the
14th day of September , 2009 by the following
AYES: Agency Members
NOES: Agency Members ~~D
ABSENT: Agency Members
ABSTAIN: Agency Members
ATTEST:
Se retary/City Jerk
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
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I, Linda Devine, City Clerk of the City of Seal Beach, California, do hereby certify
that the foregoing Resolution is the original copy of Resolution Number 09-04
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 held thereof on
the 14th day of September , 2009.
Se retary/City Jerk
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