HomeMy WebLinkAboutRDA Reso 1996-1509 RESOLUTION 1509
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
CHULA VISTA APPROVING A SHARED LOSS PROPOSAL ON THE
AGENCY'S $16,875 LOAN (PRINCIPAL AND EQUITY SHARE) ON
SPACE 71, ORANGE TREE MOBILEHOME PARK, 521 ORANGE
AVENUE
WHEREAS, the Agency provided a loan to Mr. and Mrs. Steele, low-income
residents at Orange Tree Mobilehome Park to assist them in purchasing their space when the
park converted to resident ownership; and
WHEREAS, the borrower's are deceased and their heirs want to sell the property;
and
WHEREAS, the Agency has determined that the property and home (used as
security on the Agency's loan) does not have sufficient equity to repay all parties given the
condition of the home and the current real estate market; and
WHEREAS, the Agency desires to participate in a shared loss proposal to
maximize the payback to the Agency on their loan and to cooperate with the other parties (the
State Department of Housing and Community Development, the real estate broker, and the
Orange Tree Homeowner's Association) to ensure that all parties are paid back a portion of the
original investment.
NOW THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY
OF CHULA VISTA does hereby find, order, determine and resolve to participate in a shared
loss proposal valued at $4,321 on the Agency's $16,875 loan (principal and equity share) to Mr.
and Mrs. Steele, Orange Tree Mobilehome Park, 521 Orange Avenue, Space 71, subject to the
terms and conditions of an agreement between the parties in a form approved by the City
Attorney.
PRESENTED BY: APPROVED AS TO FORM BY:
Chris Salomone, Executive Secretary and Agency General Counsel
Community Development Director
Resolution No. 1510
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE
CITY OF CHULA VISTA, CALIFORNIA this 16th day of July 1996 by the following vote:
AYES: Members Moot, Horton, Alevy
NOES: Member Rindone
ABSENT: Member Padilla
ABSTENTIONS: None
ATTEST: '
Cb2is Salomone
Executive Secretary
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss:
CITY OF CHULA VISTA )
I, Chris Salomone, Executive Secretary to the Redevelopment Agency of the City of Chula
Vista, California DO HEREBY CERTIFY that the foregoing is a full, true and correct copy
of Resolution No. 1510 and that the same has not been amended or repealed.
Dated: July 17, !_=9_9_6 ~ ~
Chris Salomone
Executive Secretary