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CC Resolution 12237RESOLUTION N0.:12237 A RESOLUTION OF THE CITY OF CAMPBELL CITY COUNCIL, SERVIING AS THE SUCCESSOR AGENCY FOR THE REDEVELOPMENT AGENCY AUTHORIZING THE WRITE-OFF OF UNCOLLECTIBLE DEBTS WHEREAS, the former Campbell Redevelopment Agency (RDA) engaged in a first time homebuyer loan program to assist low and moderate income persons to purchase their first home; and 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 RDA; and WHEREAS, the RDA provided a $25,000 first time homebuyer loan to assist a borrower with the purchase of a townhome located at 125 E. Latimer Avenue; and WHEREAS, the property was foreclosed upon and the City was unable to recover all of its loan proceeds; and 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 the first time homebuyer loan in the amount of 16,135.53. PASSED AND ADOPTED this 17t" day of October, 2017, by the following roll call vote: AYES: Councilmembers: Waterman, Cristina, Landry, Resnikoff, Gibbons NOES: Councilmembers: None ABSENT: Councilmembers: None ABSTAIN: Councilmembers: None APPROVED: ~~ z .~.~ izab th "Liz' Gibbons, Chairperson ATTEST: Wendy ood, Secretary