CC Resolution 12238RESOLUTION N0.:12238
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 condominium located at 236 W. Rincon Ave #C; and
WHEREAS, the property was foreclosed upon and the City was unable to recover any
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 $25,000.
PASSED AND ADOPTED this 17~h day of October, 2017, by the following roll call vote
AYES: Waterman, Cristina, Landry, Resnikoff, Gibbons
NOES: None
ABSENT: None
ABSTAIN: None
APPROVED:
s~
li eth "Liz' Gibbons, Chairperson
ATTEST:
Wendy ood, Secretary