CC Resolution 11494RESOLUTION N0. 11494
A RESOLUTION OF THE CITY OF CAMPBELL CITY COUNCIL, SERVING AS THE
SUCCESSOR AGENCY FOR THE REDEVELOPMENT AGENCY AUTHORIZING
THE WRITE-OFF OF TWO (2) UNCOLLECTIBLE DEBTS
WHEREAS, the Successor Agency is obligated by the legislative requirements under
ABx1 26, the State's Dissolution Act of Redevelopment Agencies to oversee matters
pertaining to the former Redevelopment Agency; and
WHEREAS, the former Campbell Redevelopment Agency engaged in a first time
homebuyer loan program to assist low and moderate income persons to purchase their
first home; and
WHEREAS, due to unprecedented economic times, the debtor's two loans went into
default whereby the Agency was unable to recover all of its loan proceeds; and
WHEREAS, the City of Campbell exhausted all remedies in recovering the balance of
the loans.
NOW, THEREFORE BE IT RESOLVED that the City of Campbell City Council serving
as the Successor Agency authorizes the write off of the balance of a first time
homebuyer loan in the amount of $25,000 made on 185 Union Avenue, #59; and
BE IT FURTHER RESOLVED that the City of Campbell City Council serving as the
Successor Agency authorizes the write off of the balance of a first time homebuyer loan
in the amount of $24,000 made on 909 Apricot, Unit B.
PASSED AND ADOPTED this 7th day of January, 2013, by the following roll call vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ABSTAIN: Councilmembers:
Cristina, Baker, Waterman, Low
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APPROVED: C/~~`~`" "
Evan Low, Mayor
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ATTEST: ~/ ~.
Anne Bybee, City Clerk
Kotowski,
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