HomeMy WebLinkAboutRDA Min 1986-02-10
2-10-86
Seal Beach, California
February 10, 1986
The Redevelopment Agency of the City of Seal Beach met
in regular adjourned session at 6:47 p.m. with Chairman
Brownell calling the meeting to order with the Salute to
the Flag.
ROLL CALL
Present:
Chairman Brownell
Agency Members Clift, Risner, Wilson
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Absent: Agency Member Grgas
Also present: Mr. Joseph, Acting Executive Director
Mr. parrington, Special Legal Counsel
Mrs. Yeo, Secretary
WAIVER OF FULL READING
Wilson moved, second by Grgas, to waive the reading in
full of all resolutions and that consent to the waiver
of reading shall be deemed to be given by all Agency members
after reading of the title unless specific request is made
at that time for the reading of such resolution.
AYES:
NOES:
ABSENT:
. Brownell, Clift, Risner, Wilson
None
Grgas Motion carried
APPROVAL OF MINUTES
Risner moved, second by Clift, to approve the minutes of
the regular meeting of January 27, 1986.
AYES:
NOES~ .
ABSENT:
Brownell, Clift, Risner, Wilson
None
Grgas Motion carried
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RESOLUTION NUMBER 86-1 - APPROVING AMENDED/RESTATED
DECLARATION OF ESTABLISHMENT OF COVENANTS - TRAILER PARK
Resolution Number 86-1 was presented to the Agency entitled
"A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SEAL BEACH, CALIFORNIA, APPROVING AN AMENDED AND RESTATED
DECLARATION OF ESTABLISHMENT OF COVENANTS FOR THE SEAL
BEACH TRAILER PARK." By unanimous consent, full reading
of Resolution Number 86-1 was waived. The Acting Executive
Director presented the staff report and background leading
to the proposed amended Declaration of Establishment of
Covenants. Mr. parrington, Special Legal Counsel for the
Trailer park, explained that the amended Covenants provide
that the rental formula would be computed and limited to
eighty-four percent of the debt service on the loan so
long as the partnership or any purchaser to the partnership
operate the Trailer Park, that the provisions proposed
to be added protect the lender, Coast Savings & Loan, in
case of a default by the partnership, at which time the
lender would intervene and could increase the rent in an
amount equal to the debt service on their loan, allocated
to all of the Trailer Park lots, with the exception of I
lots owned by Mr. Dawson and Mr. Botti. Mr. parrington
confirmed that this amendment would only go into affect
in the event of a default, applying to eighty-four percent
of the debt service, the partnership being responsible
for the remaining sixteen percent. Mr. parrington continued,
stating that pursuant to the agreement, if the partnership
were to sell their interest voluntarily, the current loan
would be reduced by the amount of refinancing, therefore
2-10-86
of the total unpaid principal, sixteen percent would be
paid down as a requirement of any sale or transfer with
no extra burden on the Trailer Park upon such sale. Risner
moved, second by Wilson, to adopt Resolution Number 86-1
as presented.
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AYES:
NOES:
ABSENT:
Brownell, Clift, Risner, Wilson
None
Grgas Motion carried
ORAL COMMUNICATIONS
There were no oral communications.
ADJOURNMENT
Risner moved, second by wilson, to adjourn the meeting
at 6:50 p.m.
AYES:
NOES:
ABSENT:
Brownell, Clift, Risner, Wilson
None
Grgas Motion carried
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