OBRES 2012-012RESOLUTION NO. OB 2012 -012
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT
AGENCY MAKING CERTAIN ACKNOWLEDGMENTS
WITH RESPECT TO HOUSING ASSETS OF THE
SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT
AGENCY
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 fulfilling its purpose of expanding the supply of low- and
moderate - income housing in the City of La Quinta, the former Agency, utilizing
funds from its Low- and Moderate - fncome Housing Fund, assisted the development
of a senior affordable housing ownership project commonly known as
"Watercolors "; and
WHEREAS, to assist eligible seniors to purchase homes in the Watercolors
development, the former Agency provided "silent second" loans to the buyers of
the homes in the development; and
WHEREAS, the former Agency provided a silent second loan to the owner of
the home located at 78 -289 Sign of Spring (the "Property "); and
WHEREAS, the owner of the Property is in default on the primary mortgage
for the Property, and has found an eligible senior buyer for the Property who
wishes to assume the "silent second" loan provided by the former Agency, as well
as all of the requirements and obligations associated with said silent second loan
(collectively, the Affordable Housing Documents and Obligations "); 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
WHEREAS, on January 17, 2012, the La Quinta Housing Authority
( "Authority ") adopted Housing Authority Resolution No. 2012 -02, electing to be
the "housing successor" to the former Agency.
Resolution No. OB 2012 -012
Acknowledgement of Housing Assets
Adopted: May 2, 2012
Page 2
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 Affordable Housing Documents and Obligations are "housing
assets" of the former La Quints Redevelopment Agency, as that term is used in
Health and Safety Code Sections 34176(a) and 34177(8).
SECTION 5. The Oversight Board of the Successor Agency to La Quinta
Redevelopment Agency approves the transfer and assumption of the Affordable
Housing Documents and Obligations related to the home located at 78 -289 Sign of
Spring, La Quinta, California.
PASSED, APPROVED and ADOPTED at a regular meeting of the Oversight
Board of the Successor Agency to the La Quinta Redevelopment Agency held this
2n day of May, 2012 by the following vote, to wit:
AYES: Board Members Marshall, Maysels, McDaniel, Nelson, Osborne and
Chairperson Pena
NOES: None
ABSENT: Board Member Ellis
ABSTAIN: None
Oversight Board of the Successor Agency
to La Quinta Redevelopment Agency
ATTEST:
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