HomeMy WebLinkAboutRDA Reso 1999-1619 RESOLUTION NO. 1619
RESOLUTION OF THE REDEVELOPMENT AGEF CY OF THE CITY OF
CHULA VISTA APPROPRIATING $214,394 IN THI-_' FISCAL YEAR 1998-
99 ORANGE TREE MOBILE HOME PARK OPER ~,TING BUDGET FOR
THE REPAYMENT OF LOANS FOR 13 AGENCY. OWNED SPACES AT
ORANGE TREE MOBILE HOME PARK, BASED ::)N UNANTICIPATED
REVENUE FROM SPACE SALES
WHEREAS, in November 1987, Orange Tree Mo)lie Home Park converted to resident
ownership; and
WHEREAS, the Redevelopment Agency received a ~ acquisition loan from Bank of America
in the amount of $600,000 to purchase 29 spaces in Orange Tree ~, obile Home Park for residents who did
not desire to purchase the space; and
WHEREAS, the Redevelopment Agency currentl, owns 13 spaces wi!h Agency-owned
space number 154 under negotiation for purchase; and
WHEREAS, staff recommends repayment of the ank of America loans in the amount of
$218,312 for 13 Agency-owned spaces at Orange Tree Mobile H He Park. The principal amount dqe is
$214,394. The balance of $3,918 represents the interest expense ar d is available in the FY 1998-99 Orange
Tree Mobile Home Park operating budget.
NOW, THEREFORE, BE IT RESOLVED the Rede/elopment Agency of the City of Chula
Vista does hereby find, order, determine, and resolve to appropria :e $214,394 in the fiscal year 1998-99
Orange Tree Mobile Home Park operating budget account 993~99 31-5610 for repayment of the principal
amount due on the Redevelopment Agency loans. The balance of 1,918 represents the interest due on the
Redevelopment Agency loans and will be paid from the FY 1998-99 'ange Tree Mobile Home Park operating
budget account 993-9931-5650 for a total loan repayment of $218 12.
BE IT FURTHER RESOLVED that it is the intent c :he Redevelopment Agency to continue
to sell the Agency-owned spaces as they become available and to deposit the proceeds into the Low and
Moderate Income Housing Fund.
Presented by Approved as to foi m by
Chris Salomone
Director of Community Development ~ey~\
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA, CALIFORNIA this 16th day of March, 1999 by the following vote:
AYES: Members Davis, Padilla, Moot, Salas and Chair/Mayor Horton
NOES: None
ABSENT: None
ABSTENTIONS: None
Shidey Hor~n
Chairman
ATTEST: ~,.' ~
Chds 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, Califomia
DO HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No. 1619 and that
the same has not been amended or repealed.
Dated: March 17, 1999 ~ ~
Chds Salomone
Executive Secretary