HomeMy WebLinkAboutResolution No. 6390
RESOLUTION NO. 639
0
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA APPROVING THAT CERTAIN
AGREEMENT ENTITLED "AGREEMENT TO WRITE DOWN
TRUST DEED" BY AND BETWEEN THE REDEVELOPMENT
AGENCY OF THE CITY OF AZUSA AND JOE T. HEAD,
JR. FOR PROPERTY LOCATED AT 10 RAINBOW ANGLING
CLUB, AZUSA, CALIFORNIA 91702
THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The Board of Directors of the Redevelopment
Agency of the City of Azusa hereby finds, determines and declares
that:
A. The subject property consists of one condominium unit
located at 10 Rainbow Angling Club, Azusa, California 91702.
B. The Agency provided a mortgage loan to finance the
current owner's purchase in 1982. Since 1982, the project
has suffered severe problems with the original construction
and a comprehensive rehabilitation program was initiated by
the Homeowner's Association costing approximately $50,000
per unit. Because of the problems with the unit, the
current owner would have been forced into foreclosure
because of the special assessment. Consequently, the Agency
offered the owner identical terms to those provided the
repurchasers of the units foreclosed upon by the Agency.
C. In accordance with the requirements of said bond issue
and applicable law, the Agency staff has negotiated an
agreement between the Agency and Joe T. Head, Jr. for the
adjustment of the mortgage terms for said property.
D. The Agency Board and City Council held a duly -noticed
joint public hearing on said mortgage write down and
approval of the Agreement pursuant to the requirements of
Health & Safety Code Section 33433 and other applicable law.
E. Concurrently with the first publication of the notice
of said joint public hearing, the Agency and City made
available to the public a report on the proposed mortgage
write down of the property and the terms of the Agreement,
which report was duly prepared and made available to the
public in accordance with the requirements of Health &
Safety Code Section 33433.
SECTION 2. The Board of Directors of the Redevelopment
Agency of the City of Azusa hereby approves that certain
Agreement entitled "Agreement for to Write Down Trust Deed" by
and between the Redevelopment Agency of the City of Azusa and Joe
T. Head, Jr., dated as of November 6, 1989 and authorizes the
Chairman to execute said Agreement on behalf of the Agency in
substantially the form attached hereto as Exhibit "A."
SECTION 3. The Secretary shall certify the adoption of
this Resolution.
0 0
PASSED, APPROVED AND ADOPTED this 6th day ofNovembj�r1989.
l
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Board of Directors of the Azusa Redevelopment
Agency of the City of Azusa, at a regular meeting thereof held on
the 6th day ofNovembpr1989.
AYES:
BOARDMEMBERS:
NOES: BOARDMEMBERS:
AVILA, STEMRICH, NARANJO, LATTA,
MOSES
NONE
NONE