2014-02 RESOLUTION NO. OB 2014 - 2
' A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF GRAND
TERRACE RATIFYING AND APPROVING THE
TRANSFER OF CERTAIN PROPERTY FROM THE CITY
OF GRAND TERRACE TO THE FORMER-GRAND
TERRACE COMMUNITY REDEVELOPMENT AGENCY
FOR THE PURPOSE OF FULFILLING AN OBLIGATION
OWED
WHEREAS, on March 8, 2011, the City of Grand Terrace ("City") owed the
Former-Grand Terrace Community Redevelopment Agency ("former-CRA") a loan in the
amount of $300,205 ("Loan"); and
WHEREAS, pursuant to the California Health & Safety Code and the
dissolution of redevelopment agencies in California, the Successor Agency for the
Grand Terrace Community Redevelopment Agency ("Successor Agency") is the
successor to all of the former-CRA debts, liabilities, assets, and obligations; and
WHEREAS, on May 24, 2011 the City transferred that certain property
commonly known as 12569 Michigan Street, Grand Terrace, California with Assessor's
Parcel No. 1167-271-11 ("Property") to the former-CRA for purposes of Low and
Moderate Income Housing, as defined by the Health & Safety Code, and, in exchange,
the former-CRA forgave $132,000 of the Loan it made to the City ("Repayment") where
$132,000 represents the value of the Property at the time of the transfer; and
WHEREAS, on May 24, 2011, the former-CRA subsequently approved the
transfer the Property to Habitat for Humanity San Bernardino for the purpose of fulfilling
the former-CRA's Low and Moderate Income Housing obligations pursuant to the Health
& Safety Code; and
WHEREAS, as part of the redevelopment dissolution process, the
Successor Agency was required to submit to the California Department of Finance
("DOF") a Due Diligence Review which audited all transfers of assets to and from the
former-CRA and Successor Agency; and
WHEREAS, the aforementioned Due Diligence Review included the
Repayment; and
WHEREAS, the DOF approved of the Repayment in its letter dated
December 15, 2012; and
WHEREAS, the Repayment was duly considered, ratified, and approved
- by the Successor Agency on July 22, 2014; and
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Resolution No. OB 2014-2
WHEREAS, the Oversight Board for the Successor Agency ("Oversight
�? Board") now desires to ratify and approve the Repayment as one that is valid pursuant
to law existing at the time, that has been reviewed by the DOF, and that has been
approved by the DOF.
NOW THEREFORE, BE IT RESOLVED by the Oversight Board for the
Successor Agency for the Grand Terrace Community Redevelopment Agency, as
follows:
SECTION 1. That the foregoing recitals are true and correct and are
incorporated herein by reference
SECTION 2. That the Oversight Board has duly considered the
Repayment and hereby ratifies and approves the Repayment.
SECTION 3. That Successor Agency staff is hereby directed to submit
this Resolution to the California Department of Finance and all other relevant State and
local agencies as required by the Health & Safety Code.
- -- ------ ---- -- - ---- SECTION-4:--That the Successor Agency staff is hereby authorized to take
all other actions necessary and proper to carry out this resolution.
SECTION 5. That the Successor Agency shall maintain on file as a public
record this Resolution as approved hereby.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the
Successor Agency to Grand Terrace Redevelopment Agency, held on this the 6th day
of August, 2014 by the following vote:
AYES: Board Members: Ferracone, Forbes, Morga, Saks, Wirz and Chairman
Stanckiewitz
NOES: None
ABSENT: None
ABSTAIN: None ,
WvaN Stan ckievitz, Cyr, Oversight
Board for the Successor Agency to
Grand Terrace Redevelopment Agency
ATTEST:
Deborah A.aRa
0V
Interim Oversight Board Secretary
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