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COMMUNITY REDEVELOPMENT AGENCY
STAFF REPORT
DATE: October 5, 2005 Agency Consent Calendar
SUBJECT: APPROVING AGENCY PARTICIPATION IN MOBILE HOME PARK
RESIDENT OWNERSHIP PROGRAM (MPROP) LOANS FOR EL
DORADO MOBILE HOME PARK UP TO A MAXIMUM OF $150,000
FROM: David H. Ready, Executive Director
BY: Community & Economic Development
SUMMARY
RECOMMENDATION:
1. Adopt Resolution No. "A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS,
CALIFORNIA, APPROVING PARTICIPATION IN THE CALIFORNIA MOBILE
HOME PARK RESIDENT OWNERSHIP PROGRAM (MPROP) LOANS TO
LOW-INCOME RESIDENTS OF EL DORADO MOBILE COUNTRY ESTATES
TO EFFECTUATE THE PURCHASE OF THEIR LOTS, IN AN AGGREGATE
AMOUNT NOT TO EXCEED $150,000, AND GRANT THE EXECUTIVE
DIRECTOR AUTHORITY TO SIGN ALL ESCROW DOCUMENTS NECESSARY
TO COMPLETE THE TRANSACTIONS.
STAFF ANALYSIS:
The City Council, as part of a supplemental understanding to a Settlement Agreement
between the City and the owner of El Dorado Mobile Home Park resolving a portion of
the litigation related to the City's approval of the subdivision map, agreed to have the
Community Redevelopment Agency contribute up to $500,000 toward buyer assistance
as part of the conversion of the park to condominium ownership. The park owner also
contributed $500,000. The Agency budget was amended to create the fund, though no
separate Agency action was taken to create or authorize a program to provide the
assistance.
Item No. 1 A3 *
Community Redevelopment Agency Staff Report
October 5, 2005 -- Page 2
El Dorado Loan Authorization
Until now, the assistance had been in the form of $5,000 loans to moderate income
buyers, per the terms of the original letter of understanding. Agency assistance was
later amended to include a "certification fee" reimbursement or assistance of $425 each
for low-income buyers or renters.
The park has received another grant of $1,500,000 in MPROP from the California
Department of Housing and Community Development for the purpose of providing loans
to help low-income buyers purchase their lots. This action is to formally allow the
Agency to make subordinate "gap" loans to the low-income buyers as part of the
MPROP loan program, and authorize the Executive Director to execute all documents
necessary to close the transactions.
FISCAL IMPACT: IFinance Director Review '
This action formally authorizes the release of $150,000 iT reviously allocated funds for
the project.
Joh S. ay o d, Thomas J:Wilson,
Dire r of Co unity & Economic Development Assistan?City Manager
David H. Ready, City Manag
Attachments:
Resolution
RESOLUTION NO.
OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF PALM SPRINGS,
CALIFORNIA,APPROVING PARTICIPATION IN
THE CALIFORNIA MOBILE HOME PARK
RESIDENT OWNERSHIP PROGRAM (MPROP)
LOANS TO LOW-INCOME RESIDENTS OF EL
DORADO MOBILE COUNTRY ESTATES TO
EFFECTUATE THE PURCHASE OF THEIR
LOTS, IN AN AGGREGATE AMOUNT NOT TO
EXCEED $150,000, AND GRANT THE
EXECUTIVE DIRECTOR AUTHORITY TO SIGN
ALL ESCROW DOCUMENTS NECESSARY TO
COMPLETE THE TRANSACTIONS
NOW THEREFORE BE IT RESOLVED by the Community Redevelopment Agency of the
City of Palm Springs that it approves participation in the California Mobile Home Park
Resident Ownership Program (MPROP)loans to low-income residents of El Dorado Mobile
Country Estates to effectuate the purchase of their lots, in an aggregate amount not to
exceed $150,000, and grants the Executive Director to sign all escrow documents
necessary to complete the transactions.
ADOPTED this day of 2005.
AYES:
NOES:
ABSENT:
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PALM SPRINGS,
CALIFORNIA
By
Assistant Secretary Executive Director
REVIEWED & APPROVED AS TO FORM
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