HomeMy WebLinkAboutResolution No. 87480
RESOLUTION NO. 8748
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A RESOLUTION 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 CITY COUNCIL OF THE CITY OF AZUSA DOES HEREBY RESOLVE
AS FOLLOWS:
SECTION 1. The City Council 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 City Council and Agency Board 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 City and Agency 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 City Council 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 Ray Millard and Hortense Jones, dated as of
November 6, 1989 and authorizes the Mayor to execute said
Agreement on behalf of the City in substantially the form
attached hereto as Exhibit "A."
SECTION 3. The City Clerk shall certify the adoption of
this Resolution.
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PASSED, APPROVED AND ADOPTED this 6th day of Novemleg989.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the City Council of the City of Azusa, at a regular
meeting thereof held on the 6th day ofNovemb9r1989.
AYES: COUNCILMEMBERS: AVILA, STEMRICH,NARANJO, LATTA,
MOSES
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ity Clerk