CC Resolution 12239RESOLUTION N0.:12239
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 $50,000 first time homebuyer loan to assist a
borrower with the purchase of a condominium located at 3597 S. Bascom Ave. #44;
and
WHEREAS, the property was foreclosed upon and the City has been 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 $26,818.59
PASSED AND ADOPTED this 17~h 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
AP
ions, Chairperson
ATTEST:
Wendy ood, Secretary