HomeMy WebLinkAboutCDC/2002-27
RESOLUTION NO. CDC/2002-27
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING THE
AGENCY EXECUTIVE DIRECTOR OR HIS/HER DESIGNEE TO EXECUTE
AMENDMENT NO.1 TO THE 2001 ACQUISITION, WORKING CAPITAL AND
HOMEBUYER GRANT ASSISTANCE LOAN AGREEMENT ("LOAN
AGREEMENT") BY AND BETWEEN THE REDEVELOPMENT AGENCY AND
THE SAN BERNARDINO MOBILE HOME PARK CORPORATION DATED
JANUARY 8, 2001
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WHEREAS, the Redevelopment Agency of the City of San Bernardino ("Agency") and
the San Bernardino Mobile Home Park Corporation, a California Non-Profit Corporation (the
"Borrower") have previously entered into an Agreement dated January 8, 2001 (2001 Loan
Agreement) for the purpose of providing financing for the rehabilitation of two (2) mobile home
parks which it owns, located at 721 East Ninth Street, San Bernardino, ("Tropicana") and 2160
West Rialto Avenue, San Bernardino ("Orangewood") collectively herein called "Parks," and for
the purpose of providing a working capital funds and homebuyer down payment assistance for
the benefit of qualifying households and persons of low and moderate income households who
purchase mobile homes in the Parks owned by the Borrower; and
WHEREAS, the Borrower's use of the 2001 Loan Agreement proceeds have resulted
in the preservation, improvement and expansion of affordable housing units, exclusively
reserved for households earning 120% or less, of the median household income for San
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Bernardino County and further assist the Agency in the accomplishment of its affordable
homeowners hip goals pursuant to Redevelopment Law; and
WHEREAS, the Borrower has identified additional resources to enable Borrower to
complete the necessary improvements in the Parks, and as such, wishes for the Agency to
transfer the remaining funds in the working capital line item to the homebuyer grant
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assistance line item.
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NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
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CDC/2002-27
Section 1. The Community Development Commission hereby approves Amendment
2 No.1 to the 2001 Acquisition, Working Capital and Homebuyer Grant Assistance Loan
3 Agreement dated January 8, 2001 (the "2001 Loan Agreement"). Specifically Section 2,3 (e)
4 (i) and (ii), and Section 5 as reflected in the Staff Report dated July 15,2002.
5 Section 2. The Executive Director of the Redevelopment Agency, or his/her designee,
6 (the "Director"), is hereby authorized to execute Amendment No.1 to the "2001 Loan
7 Agreement".
8 Section 3. The Director, or hislher designee, is hereby authorized to make minor
9 corrections, additions and clarifications, including but not limited to, moving budget line
10 items to the 2001 Loan Agreement and Amendment No.1, provided said changes are not
11 substantive in nature and do not increase the monetary impact to the Agency pursuant to the
12 2001 Loan Agreement.
13 Section 4. The Agency Agreement is hereby amended to acknowledge that the San
14 Bernardino Mobile Home Park Corporation, a California Non-Profit Corporation has
15 modified their name as stated in their Articles ofIncorporation, Article 1, to read as follows:
16 The name of this corporation is California Mobile Home Park Corporation.
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CDC/2002-27
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF SAN BERNARDINO APPROVING AND
AUTHORIZING THE AGENCY EXECUTIVE DIRECTOR OR HIS/HER
DESIGNEE TO EXECUTE AMENDMENT NO. 1 TO THE 2001
ACQUISITION, WORKING CAPITAL AND HOMEBUYER GRANT
ASSISTANCE LOAN AGREEMENT ("LOAN AGREEMENT") BY AND
BETWEEN THE REDEVELOPMENT AGENCY AND THE SAN
BERNARDINO MOBILE HOME PARK CORPORATION DATED
JANUARY 8, 2001
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Section 5. This Resolution shall become effective immediately upon its adoption.
I HEREBY CERTIFY that the foregoing resolution was duly adopted by Community
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Development Commission of the City of San Bernardino at a j oint regular
meeting
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July
, 2002 by the following vote,
day of
thereof, held on
15th
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13 COMMISSION MEMBERS: AYES NAYS ABSTAIN ABSENT
ESTRADA x
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LIEN X
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16 MCGINNIS X
17 DERRY X
18 SUAREZ X
19 ANDERSON x
20 MC CAMMACK X
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day of
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The foregoing resolution is hereby approved this
July , 2002.
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Ju't alles, Chairperson
o munity Development
mmlSSlOn
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By:
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CDC/2002-27
AMENDMENT NO.1
RECEIVED..CITY CLERK
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'02 AlIi -5 P 3 :51
TIllS AMENDMENT NO.1 TO TIlE JANUARY 8, 2001 ACQUISITION, WORKING
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CAPITAL AND HOMEBUYER GRANT ASSISTANCE LOAN AGREEMENT is dated July 15,
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2002 (the "Amendment No.1") by and between the San Bernardino Mobile Home Park Corporation,
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a California non-profit corporation (the "Borrower") and the Redevelopment Agency of the City of
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San Bernardino, a public body, corporate and politic (the "Agency").
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RECITALS
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WHEREAS, on January 8, 2001, the Community Development Commission of the City of San
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Bernardino, as the governing board of the Agency, approved the 2001 Acquisition, Working Capital
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and Homebuyer Grant Assistance Loan Agreement (the "Agreement") in the amount of $550,000 (the
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"200 I Agency Loan") for the purpose of providing working capital loan financing for the operations
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of mobile home parks, owned by the Borrower, located at 721 East Ninth Street, San Bernardino
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("Tropicana") and 2160 West Rialto Avenue, San Bernardino ("Orangewood") collectively herein
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called "Parks" and for the purpose of providing homebuyer down payment assistance for the benefit
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of qualifying households who purchase mobile homes in the Parks owned by the Borrower; and
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WHEREAS, the Borrower's use of the 200 I Agency Loan Agreement proceeds have resulted
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in the preservation, improvement and expansion of affordable housing units, exclusively reserved for
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households earning 120% or less, of the median household income for San Bernardino County and
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further assist the Agency in the accomplishment of its affordable homeownership goals pursuant to
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Redevelopment Law; and
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WHEREAS, the Borrower has identified additional resources to enable Borrower to complete
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the necessary improvements in the Parks, and as such, wishes for the Agency to transfer the remaining
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funds in the working capital/construction line item to the homebuyer grant assistance line item; and
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WHEREAS, the Borrower and the Agency mutually acknowledge and agree that as of
approval of this Amendment No. I by the governing board of the Agency, no default exists under the
C:\WINDOWS\TEMP\7.1~.{)2AMENDMENTNO I MOBIL..B HOME BOARD CORP.ooc
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CDC/2002-27
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Agreement, nor is either party aware of any fact, with the giving of notice and the passage of time,
would constitute a default under the Agreement or the Amendment No. I.
NOW THEREFORE, IN CONSIDERATION OF THE MUTUAL PROMISES AND
COVENANTS AS SET FORTH HEREIN, THE AGENCY AND BORROWER HEREBY
AGREE AS FOLLOWS:
Section 1. The Agency hereby amends the definition of the words "Home Grant
Program", which appears in Section 2, of the Agreement, to read as follows:
"The words "Home Grant Program" mean and refer to an affordable housing grant program
administered by the Borrower. The Borrower may use and apply a portion of the proceeds of the Loan
in an aggregate amount not to exceed two hundred fifty-five thousand ($255,000) to originate
Affordable Housing Grants to homebuyers."
Section 2. The Agency hereby amends Section 3 (e) of the Agreement, to read as follows:
"The Borrower shall use the proceeds of the Loan solely for the following purposes:
1. an amount not to exceed the sum of Two Hundred Ninety-Five Thousand Dollars
($295,000) for the payment of the affordable rental housing operational costs of the
Borrower, including its obligations under the 1999 Housing Authority Loan Agreement
at the times and in the amounts set forth in Exhibit "B" and Section 5(b) of the
Agreement; and
11. an amount which in the aggregate shall not exceed two hundred fifty-five thousand
($255,000) for the purpose of assisting the Borrowers origination of "Affordablc Home
Grants" to qualifying homebuyers under the Home Grant Program, as set forth in
Exhibit "G" and Section 5 (c) of the Agreement."
Section 3. The Agency hereby amends Section 5, Conditions Precedent to the Loan &
Disbursement of advances (a), where ever applicable, to reflect the new fund amounts noted in Section
2 above, and Section 3, of the Agreement as amended by this Amendment No. 1.
C;\WINDOWS\lEMP\7-1~-02AM6'IDMENTNO 1 MOBILE HOME BOARD CORP.doc
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CDCj2002-27
IN WITNESS WHEREOF, the parties have caused this Amendment No. I to the Agreement to be
AGENCY
Redevelopment Agency of the
./ City of ~ernardino
BY: i)/ //~
Ch'" )
FYPrlJ~~ Director
DLr"'-\7
BORROWER
San Bernardino Mobile Home Park
Corporation, a California non-profit
corporation, (AKA: San Bernardino
ile Home Par Corporation)
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BY: (