HomeMy WebLinkAbout2014-093 1 RESOLUTION NO. 2014-93
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
4 SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING 0
THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 3688 NORT I
5 SIERRA WAY,SAN BERNARDINO,CALIFORNIA(#3050)
6
WHEREAS, on January 9, 2012, the Mayor and Common Council of the City of San Bernardino
7
("Council") adopted Resolution No. 2012-12 confirming that the City of San Bernardino would serve a-
s
the Successor Agency to the Redevelopment Agency ("Agency") of the City of San Bernardino
9
10
("Successor Agency") effective February 1, 2012, pursuant to ABIX 26 (The Redevelopment Agenc
11 Dissolution Act); and
12 WHEREAS, on January 23, 2012, the Council adopted Resolution No. 2012-19 providing for the
13 City to serve as the Successor Housing Agency and perform the housing functions previously performe•
14 by the Agency; and
15
WHEREAS, pursuant to Health & Safety Code Section 34181(c) of AB1X 26 the Oversigh
16
Board is to direct the transfer of housing responsibilities, including all rights, powers, duties, obligation-
17
and assets,to the Successor Housing Agency; and
18
WHEREAS, pursuant to Health &Safety Code Section 34176(e)(1)of AB1484 the restrictions o
19
20 the use of real property such as affordability covenants entered into by the Agency are considered
21 housing asset; and
22 WHEREAS, a Deed of Trust affecting real property located at 3688 North Sierra Way, Sa
23 Bernardino, California("Property") exists as of September 26, 2008, and recorded on October 20, 2008 a-
24
Instrument Number 2008-463840 in the Official Records of the County of San Bernardino ("Deed o'
25
Trust"); and
26
WHEREAS, the terms of the Deed of Trust allow the Trustor to obtain the release of the securi
27
interest of the First Mortgage Lender in the Property for the purpose of a third-party lender whic
28
1
2014-93
1 refinances the purchase money mortgage of the First Mortgage Lender; and
2 WHEREAS, an escrow has been opened on the Property affected by the Deed of Trust on whic
3 owners (Katina Banta) request the subordination so that they can proceed on a refinance and a clea
4
lenders title policy can be provided to the new lender of the Property; and
5
WHEREAS, the Successor Housing Agency desires to confirm that the Deed of Trust is .
6
housing asset and/or housing function, and desires to authorize Successor Housing Agency staff to
7
transfer all rights and interest in the Deed of Trust to the City in its capacity as the Successor Housin
8
9 Agency; and
10 WHEREAS, Successor Housing Agency staff desires to cause to be signed and recorded .
11 subordination agreement for the purposes of causing the new third-party lender to have a security interes
12 in the Property senior to that of the Successor Housing Agency; and
13 WHEREAS, the State of California Department of Finance, the County Auditor-Controller of the
14
County of San Bernardino and the Office of the Chief Executive Officer of the County of San Bernardino
15
have been properly notified prior to the adoption of this Resolution.
16
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL 0
17
THE CITY OF SAN BERNARDINO ACTING AS THE SUCCESSOR HOUSING AGENCY OF TH
18
19 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO,AS FOLLOWS:
20 Section 1. Pursuant to Health & Safety Code Section 34176, the Successor Housing Agenc
21 to the Redevelopment Agency of the City of San Bernardino does hereby find and determine that the
22 Deed of Trust is a housing asset and hereby authorizes the City Manager or his/her designee, to execut:
23
the Subordination Agreement (attached and incorporated herein as Exhibit "A") and cause it to ba
24
recorded with the San Bernardino County Recorder.
25
Section 2. This Resolution shall take effect from and after its date of adoption and the
26
expiration of five business days from its transmittal to the California Department of Finance.
27
28 ///
2
2014-93
1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SA
BERNARDINO ACTING AS THE SUCCESSOR HOUSING AGENCY TO TH
2 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO APPROVING TH
SUBORDINATION OF A DEED OF TRUST IN CONNECTION WITH A REFINANCING 0
3 THE SENIOR MORTGAGE RELATING TO REAL PROPERTY LOCATED AT 3688 NORT I
4 SIERRA WAY,SAN BERNARDINO, CALIFORNIA(#3050)
5
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor an.
6
Common Council of the City of San Bernardino at a joint regular meeting thereof, held o
7
the 7th day of April , 2014, by the following vote,to wit:
8
9 Council Members Ayes Nays Abstain Absent
10 X
MARQUEZ
11
BARRIOS X
12
VALDIVIA X
13
14
SHORETT X
15 NICKEL X
16 JOHNSON X
17 MULVIHILL X
18
19 Georgeann lanna, City C erk
20 �]
21 The foregoing Resolution is hereby approved this l day of April , 2014.
/
2 2 /:/\'2
R. Carey Dav , Mayor
2 3 City of San Bernardino
24 Approved as to Form:
Gary D. Saenz,
25 City Attorney
26
27 B y .i L./
28 Alb
3