HomeMy WebLinkAbout2013-095 2013-95
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RESOLUTION NO. 2013-95
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SA
BERNARDINO ACTING AS THE SUCCESSOR HOUSING AGENCY TO TH
3 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING TH
SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCIN
4 OF THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 518
5 HUMBOLT AVENUE, SAN BERNARDINO, CALIFORNIA.
6 WHEREAS, on January 9, 2012, the Mayor and Common Council of the City of San
7 Bernardino ("Council") adopted Resolution No. 2012-12 confirming that the City of San Bernardino
8 would serve as the Successor Agency to the Redevelopment Agency ("Agency") of the City of San
Bernardino ("Successor Agency") effective February 1, 2012, pursuant to AB1X 26 (The
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Redevelopment Agency Dissolution Act); and
10 WHEREAS, on January 23, 2012, the Council adopted Resolution No. 2012-19 providing
11 for the City to serve as the Successor Housing Agency and perform the housing functions
12 previously performed by the Agency; and
13 WHEREAS, pursuant to Health & Safety Code Section 34181(c) of AB1X 26 the Oversight
14 Board is to direct the transfer of housing responsibilities, including all rights, powers, duties,
obligations and assets, to the Successor Housing Agency; and
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WHEREAS, pursuant to Health & Safety Code Section 34176(e)(1) of AB1484 the
16 restrictions on the use of real property such as affordability covenants entered into by the Agency
17 are considered a housing asset; and
18 WHEREAS, a Deed of Trust affecting real property located at 5185 Humbolt Avenue, San
19 Bernardino, California (the "Property") exists as of March 31, 2009, and recorded on April 9, 2009
20 as Instrument Number 20090149288 in the Official Records of the County of San Bernardino
("Deed of Trust"); and
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WHEREAS, the terms of the Deed of Trust allow the Trustor to obtain the release of the
22 security interest of the First Mortgage Lender in the Property for the purpose of a third-party lender
23 which refinances the purchase money mortgage of the First Mortgage Lender; and
24 WHEREAS, an escrow has been opened on the Property affected by the Deed of Trust on
25 which owners (Jennifer Pena) request the subordination so that they can proceed on a refinance and
26 a clear lenders title policy can be provided to the new lender of the Property; and
WHEREAS, the Successor Housing Agency desires to confirm that the Deed of Trust is a
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housing asset and/or housing function, and desires to authorize Successor Housing Agency staff to
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2013-95
1 transfer all rights and interests in the Deed of Trust to the City in its capacity as the Successor
Housing Agency; and
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WHEREAS, Successor Housing Agency staff desires to cause to be signed and recorded a
3 subordination agreement for the purposes of causing the new third-party lender to have a security
4 interest in the Property senior to that of the Successor Housing Agency; and
5 WHEREAS, the State of California Department of Finance, the County Auditor-Controller
6 of the County of San Bernardino and the Office of the Chief Executive Officer of the County of San
7 Bernardino have been properly notified prior to the adoption of this Resolution.
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NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL
9 OF THE CITY OF SAN BERNARDINO ACTING AS THE SUCCESSOR HOUSING AGENCY
10 OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, AS
11 FOLLOWS:
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13 Section 1. Pursuant to Health & Safety Code Section 34176, the Successor Housing
Agency to the Redevelopment Agency of the City of San Bernardino does hereby find and
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determine that the Deed of Trust is a housing asset and hereby authorizes the City Manager or
15 his/her designee, to execute the Subordination Agreement (attached and incorporated herein as
16 Exhibit"A") and cause it to be recorded with the San Bernardino County Recorder.
17 Section 2. This Resolution shall take effect from and after its date of adoption and the
18 expiration of five business days from its transmittal to the California Department of Finance.
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2013-95
1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO ACTING AS THE SUCCESSOR HOUSING AGENCY TO THE
2 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING THE
SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING
3 OF THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 5185
HUMBOLT AVENUE, SAN BERNARDINO, CALIFORNIA.
4
5 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor
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and Common Council of the City of San Bernardino at a joint regular meeting thereof,
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held on the 20th day of May , 2013, by the following vote, to wit:
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9 Council Members: Ayes Nays Abstain Absent
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MARQUEZ x
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JENKINS x
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13 VALDIVIA x
14 SHORETT x
15 KELLEY x
16 JOHNSON x
17 MCCAMMACK
18 \ / /j_yJ
19 Georgeann Hanna, City' Clerk
20 The foregoing Resolution is hereby approved this al- day of May , 2013.
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22 "` ,
atric J. Morris, . or ,
23 CI • . San Bernardino
24 Approved as to Form:
25 James F. Penman,
City Attorney
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27 By: L
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