HomeMy WebLinkAbout2012-268 1 RESOLUTION NO. 2012-268
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3 A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO SERVING IN ITS CAPACITY AS THE
4 SUCCESSOR HOUSING AGENCY TO THE REDEVELOPMENT
5 AGENCY OF THE CITY OF SAN BERNARDINO APPROVING THE
SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A
6 REFINANCING OF THE SENIOR MORTGAGE RELATING TO REAL
PROPERTY LOCATED AT 3248 GREYSTONE ROAD, SAN
7 BERNARDINO, CALIFORNIA
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9 WHEREAS, on January 9, 2012, the Mayor and Common Council of the City of
10 San Bernardino ("Council") adopted Resolution No. 2012-12 confirming that the City of
11 San Bernardino would serve as the "Successor Agency" to the Redevelopment Agency of the City
12 of San Bernardino ("Agency") effective February 1, 2012, pursuant to AB1X 26 (The
13 Redevelopment Agency Dissolution Act); and
14 WHEREAS, on January 23, 2012, the Council adopted Resolution No. 2012-19 confirming
that the City would serve as the "Successor Housing Agency"to the former Agency and perform the
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housing functions previously performed by the Agency; and
16 WHEREAS, pursuant to Health & Safety Code Section 34181(c), added by AB1X 26, the
17 Oversight Board for the Successor Agency ("Oversight Board") is required to direct the transfer of
18 the former Agency's housing assets and functions to the Successor Housing Agency; and
19 WHEREAS, pursuant to Health & Safety Code Section 34176(e)(1), added by AB1484,
20 deeds of trust and restrictions on the use of real property such as affordability covenants benefiting
21 the Agency are considered"housing assets"; and
WHEREAS, the Agency provided a down payment assistance loan("Loan")to the purchaser
22 ("Homeowner") of real property located at 3248 Greystone Road, San Bernardino, California
23 ("Property") in the amount of$119,003; and
24 WHEREAS, the Loan is secured by a Deed of Trust, executed by the Homeowner on June
25 12, 2008 and recorded against the Property in the Official Records of the County of San Bernardino
26 on July 22, 2008 as histrument Number 20080332120("Deed of Trust"); and
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2012-268
I WHEREAS, the terms of the Deed of Trust allow the Homeowner to refinance the senior
2 purchase money mortgage recorded against the Property ("Senior Loan") in order to reduce the
interest rate and mortgage payments under such Senior Loan; and
3 WHEREAS, the Homebuyer has requested that the Successor Housing Agency agree to
4 subordinate the lien of the Deed of Trust to the lien of a deed of trust securing the Homeowner's
5 new first mortgage ("Refinancing Loan") in order to enable the Homeowner to refinance the Senior
6 Loan, and
7 WHEREAS, the Oversight Board adopted a resolution (Resolution SBOB/2012-10) to
8 (1)confirm that the Deed of Trust is a housing asset, (2) direct the Successor Agency to transfer the
Deed of Trust to the Successor Housing Agency and (3) approve the subordination of the Deed of
9 Trust to the deed of trust securing the Refinancing Loan; and
10 WHEREAS, the State of California Department of Finance, the State of California
11 Controller's Office, the County Auditor-Controller of the County of San Bernardino and the Office
12 of the Chief Executive Officer of the County of San Bernardino have been properly notified prior to
13 the adoption of Oversight Board Resolution SBOB/2012-10.
14 NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL SERVING AS THE
SUCCESSOR HOUSING AGENCY,AS FOLLOWS:
15 Section 1. Pursuant to Health & Safety Code Sections 34176(e) and 34181(c), the
16 Oversight Board found and determined that the Deed of Trust is a "housing asset" as defined in
17 Section 34176(e) and directed Successor Agency staff to transfer the Deed of Trust to the Successor
18 Housing Agency.
19 Section 2. The Council hereby approves the subordination of the Deed of Trust to the
20 deed of trust securing the Refinancing Loan.
Section 3. The City Manager, or designee, is hereby directed to effectuate the execution
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of the subordination agreement in substantially the form submitted herewith, as required by the bank
22 providing the Refinancing Loan and to cause such instrument to be recorded against the Property in
23 the Official Records of the County of San Bernardino.
24 Section 4. This Resolution shall take effect from and after its date of adoption by this
25 Council.
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2012-268
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
1
CITY OF SAN BERNARDINO SERVING IN ITS CAPACITY AS THE
2 SUCCESSOR HOUSING AGENCY TO THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO APPROVING THE
3 SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A
REFINANCING OF THE SENIOR MORTGAGE RELATING TO REAL
4 PROPERTY LOCATED AT 3248 GREYSTONE ROAD, SAN
5 BERNARDINO, CALIFORNIA
6 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and
7 Common Council of the City of San Bernardino at a Joint regular meeting thereof, held on the
19th
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day of Novomhar 2012, by the following vote,to wit:
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Council Members: Ayes Nays Abstain Absent
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MARQUEZ x
11
JENKINS x
12
VALDIVIA X -
13 SHORETT
14 KELLEY
15 JOHNSON x
16 MCCAMMACK x
17
18J.Ll�6�/'�t./ AAti.i
Georgeaj6fi Manna, ty� er
19 r�
The foregoing Resolution is hereby approved this - day of November 2012.
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22 AatricN J. Morris, 1 haya3�-
Ay.af San Bernardino
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24 Approved as to Form:
25 JAMES F. PENMAN,
City Attorney
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27 By: 1&l
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