CC Resolution 11378
RESOLUTION NO. 11378
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, #41
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, on February 1, 2012 the City of Campbell Successor Housing Agency
assumed the assets of the former Campbell Redevelopment Agency; and
WHEREAS; the first lender forced a short sale on 185 Union Avenue, #41 for failure to
make payments on the first mortgage; and
WHEREAS, the seller has negotiated an amount insufficient to payoff the first lender's
loan and 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 $20,000 made on 185 Union Avenue #41.
PASSED AND ADOPTED this 20th day of March, 2012, by the following roll call vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Cristina, Baker, Waterman, Low, Kotoswki
None
..... ~ / 4{
APPROVE.-......, ~~.Y<.
Michael F. Kotowski, Mayor
ATTEST:
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