CC Resolution 11364
RESOLUTION NO. 11364
A RESOLUTION OF THE CAMPBELL CITY COUNCIL SERVING AS THE
SUCCESSOR HOUSING AGENCY FOR THE DISSOLVED CAMBPELL
REDEVELOPMENT AGENCY AUTHORIZING THE WRITE-OFF OF
UNCOLLECTIBLE DEBTS RELATED TO 185 UNION AVENUE, #53
WHEREAS, the Council's Redevelopment Agency had previously engaged in a first
time homebuyer loan program to assist low and moderate income persons to purchase
their first home; and
WHEREAS; the first lender foreclosed on 185 Union Avenue, #53 for failure to make
payments on the first mortgage; and
WHEREAS, on February 1, 2012 the City of Campbell Successor Housing Agency
assumed the assets of the former Campbell Redevelopment Agency; and
WHEREAS, the foreclosure wiped out all existing loans on the property including the
former Campbell Redevelopment Agency's loan of $25,000.
NOW, THEREFORE, BE IT RESOLVED that the City of Campbell Successor Housing
Agency authorizes the write off of the balance of the first time homebuyer loan in the
amount of $25,000 made on 185 Union Avenue #53.
PASSED AND ADOPTED this 7th day of February, 2012, by the following roll call vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Cristina, Baker, Waterman, Low, Kotowski
None
None
None
AP~~~VEO~;~L~ ~ /
Michael F. Kotowski, Mayor
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ATTEST: !.-fl-M.. ~jJE7 [Cl \
Arme Bybee, City Clerk