HomeMy WebLinkAboutResolution No. 98-R390 0
RESOLUTION NO. 98-R39
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA APPROVING
THE SUBORDINATION POLICY FOR THE AGENCY'S FIRST
TIME HOME BUYER PROGRAM
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
("Agency") does hereby find, determine and declare that:
A. The Redevelopment Agency of the City of Azusa ("Agency") is engaged in
activities necessary to execute in implement the Redevelopment Plan for the
Merged Project Area ("Redevelopment Plan"); and
B. The adoption of the Policy could not possibly have a significant effect on the
environment.
SECTION 2. The Board of Directors hereby approves the Subordination Policy in
substantially the form attached to hereto as Exhibit A, together with such minor changes as may
be approved by the Executive Director of the Agency and Agency Counsel.
SECTION 3. The Executive Director of the Agency is hereby authorized to execute
future Agency Loan Subordination Request.
�. The Agency Sec shall certify passage and adoption of this Resolution
thereupon take e ect And be in force.
7zA DOPTED this 15th day of June '1998.
>erson
I HEREBY CERTIFY that the foregoing Resolution No. R39 was duly
adopted at a meeting of the Redevelopment Agency of the City of Azusa, at a regular meeting
thereof held on the 15 day of June 1998, by the following vote of the Agency Board
of Directors.
AYES:
BOARDMEMBERS:
NOES:
BOARDMEMBERS:
ABSENT:
BOARDMEMBERS:
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HARDISON, ROCHA, BEEBE, MADRID
NONE
STAKFORD