OBRES 2012-010RESOLUTION NO. OB 2012 -010
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT
AGENCY MAKING CERTAIN ACKNOWLEDGMENTS AND
APPROVALS WITH RESPECT TO THE SALE OF CERTAIN
SINGLE FAMILY HOMES BY THE LA QUINTA HOUSING
AUTHORITY
WHEREAS, the Oversight Board of the Successor Agency to La Quinta
Redevelopment Agency ( "Oversight Board ") has been established to direct the City
of La Quinta, in its capacity as "successor agency," to take certain actions to wind
down the affairs of the former La Quinta Redevelopment Agency ( "Agency ") in
accordance with the requirements of Assembly Bill 26, also known as chapter 5,
Statutes 2011, First Extraordinary Session, which added Part 1.8 and Part 1.85 of
Division 24 of the California Health and Safety Code ( "ABx1 26 "); and
WHEREAS, in early 2011, the Agency expended funds from its Low- and
Moderate - Income Housing Fund ( "Housing Funds ") to acquire single family bank -
owned homes that had been acquired by the various banks through foreclosure,
located at 52 -050 Avenida Carranza, 54 -120 Avenida Carranza, 52 -681 Avenida
Mendoza, and 77 -330 Calle Sonora (the "Agency Acquired Bank Homes "); and
WHEREAS, in March 2011, the Agency transferred fee title to three of the
Agency Acquired Bank Homes to the La Quinta Housing Authority ("Authority");
title to the Agency Acquired Bank Home located at 52 -050 Avenida Carranza (the
"Non- Transferred Agency Acquired Bank Home ") was inadvertently left with the
Agency; and
WHEREAS, in May 2011, the Authority expended Housing Funds to acquire
a single family bank -owned home that had been acquired by the bank through
foreclosure, located at 53 -790 Avenida Madero (the "Authority Acquired Bank
Home "); and
WHEREAS, the Authority expended Housing Funds to rehabilitate the Agency
Acquired Bank Homes and the Authority Acquired Bank Home (collectively, the
"Homes "); and
WHEREAS, on January 2, 2012, the City Council of the City of La Quinta
( "City Council" or "City," as applicable) adopted City Council Resolution No. 2012-
002, affirmatively electing to be the "successor agency" to the former Agency; and
Resolution No. OS 2012 -009
Approval of Housing Authority Resales
Adopted: April 18, 2012
Page 2
WHEREAS, on January 17, 2012,
Resolution No. 2012 -02, electing to be
Agency; and
the Authority adopted Housing Authority
the "housing successor" to the former
WHEREAS, the Authority has entered into purchase and sale agreements (the
"Authority P &S Agreements ") with income - restricted households ( "Eligible
Households ") to purchase the Homes; and
NOW, THEREFORE, the Oversight Board of the Successor Agency to
La Quinta Redevelopment Agency does hereby resolve as follows:
SECTION 1. The above Recitals are true and correct.
SECTION 2 . The City of La Quinta is the "successor agency" to the former La
Quinta Redevelopment Agency.
SECTION 3 . The La Quinta Housing Authority is the "housing successor" to the
former La Quinta Redevelopment Agency.
SECTION 4 . The Agency Acquired Bank Homes are "housing assets" of the former
La Quinta Redevelopment Agency, as that term is used in Health and Safety Code
Sections 34176(a) and 34177(g).
SECTION 5 . Pursuant to Health and Safety Code section 34175(b), added by Part
1.85 of Division 24 of the California Health and Safety Code ( "Part 1.85 " ), on
February 1, 2012, the Non - Transferred Agency Acquired Bank Home was
transferred to the control of the City, in its capacity as "successor agency" to the
former Agency.
SECTION 6 . The transfer by the City, in its capacity as "successor agency" to the
former Agency, to the Authority, of the Non - Transferred Agency Acquired Bank
Home, is hereby approved.
SECTION 7 . The Authority Acquired Bank Home is a housing asset of the
Authority acquired with Housing Funds.
SECTION 8 . The sale of the Homes by the Authority to the Eligible Households is
hereby approved.
SECTION 9 . The Oversight Board has determined to not terminate or renegotiate
any of the Authority P &S Agreements pursuant to its authority under Health and
Safety Code Section 34181(a).
Resolution No. OB 2012 -009
Approval of Housing Authority Resales
Adopted: April 18, 2012
Page 3
PASSED, APPROVED and ADOPTED at a regular meeting of the Oversight
Board of the Successor Agency to the La Quinta Redevelopment Agency held this
18t" day of April, 2012 by the following vote, to wit:
AYES: Board Members Ellis, Maysels, Marshall, Nelson, Osborne and
Chairperson Pena
NOES: None
ABSENT: Board Member McDaniel
ABSTAIN: None
JOHN PENA, Cha rperson
Oversight Board of the Successor Agency
to La Quinta Redevelopment Agency
ATTEST:
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