HomeMy WebLinkAboutOSB Resolution 2012-04 05/09/2012 Resolution No. 2012-04
Petaluma Oversight Board to the
Successor Agency of the Former
Petaluma Community Development Commission
RESOLUTION OF THE OVERSIGHT BOARD FORMED PURSUANT TO HEALTH AND
SAFETY CODE SECTION 34179 TO OVERSEE THE SUCCESSOR AGENCY FOR THE
FORMER PETALUMA COMMUNITY DEVELOPMENT COMMISSION,
ACKNOWLEDGING THE TRANSFER OF THE HOUSING ASSETS AND FUNCTIONS
OF THE FORMER PETALUMA COMMUNITY DEVELOPMENT COMMISSION
TO THE CITY OF PETALUMA AS HOUSING SUCCESSOR AGENCY
WHEREAS, on December 29, 2011, the California Supreme Court delivered its
decision in California Redevelopment Association v. Matosantos, finding ABX1 26 (the
"Dissolution Act") largely constitutional; and,
WHEREAS, under ABx1 26 (the "Dissolution Act") and the California Supreme
Court's decision in California Redevelopment Association v. Matosantos, all California
redevelopment agencies, including the Petaluma Community Development Commission
(the "PCDC" or the "former PCDC"), were dissolved on February 1, 2012; and,
WHEREAS, on January 9, 2012 by Resolution No. 20.12-007 N.C.S. the City Council of
the City of Petaluma adopted a resolution electing to serve as the Successor Agency to the
Petaluma Community Development Commission ("PCDC") pursuant to Health and Safety
Code Section 34177 and other applicable law; and,
WHEREAS, on January 23, 2012 by Resolution No. 2012-009 N.C.S. the City Council
of the City of Petaluma adopted a resolution electing that the City of Petaluma retain the
housing assets and functions of the PCDC, assumed the transfer thereof, and thereby agreed
to serve as the Housing Successor to the PCDC pursuant to Health and Safety Code Section
34176(a) and other applicable law; and,
WHEREAS, under Resolution No. 2012-009 N.C.S. and subject to the terms thereof,
and consistent with ABx1 26, the City of Petaluma has accepted all rights and obligations
of the former PCDC relating to its housing assets, including, without limitation, the Low
and Moderate Income Housing Fund; all rights, interests, privileges, and property (real,
personal and intangible), including all loans and grants, all land, buildings and dwelling
units held by the former PCDC; and the rights to all property to be transferred to the former
PCDC for affordable housing production; and has accepted all rights and obligations of the
former PCDC with respect to its housing functions, including, without limitation, the entry
into new contracts (including without limitation subordination agreements), the
amendment of existing contracts, and the monitoring of affordable housing compliance
pursuant to regulatory agreements and otherwise; and,
WHEREAS, some enforceable obligations relating to the former PCDC's housing
assets and functions have been included in the Recognized Obligations Payment Schedule
Resolution No. 2012-04 Page 1
("ROPS") prepared by the City as Successor Agency and approved by the Oversight Board
on April 25, 2012, and maybe included in future ROPS submitted to the Oversight Board;
and,
WHEREAS, Health and Safety Code Section 34177(g) provides that the Oversight
Board shall effectuate the transfer of housing functions and assets to the appropriate entity
designated pursuant to Section 34176, which is the City of Petaluma.
NOW,THEREFORE, BE IT RESOLVED that the Oversight Board, formed pursuant to
California Health and Safety Code Section 34179 to oversee the Successor Agency for the
former PCDC, hereby finds, resolves, and determines as follows:
1. The foregoing recitals are true and correct.
2. The Oversight.Board hereby acknowledges that, as of January 23, 2012, the City
of Petaluma effectuated the transfer of the housing functions and assets of the
former Petaluma Community Development Commission to the City of Petaluma
as Housing Successor,vesting in the Housing Successor the performance of the
right to retain the housing assets and functions previously performed by the
former PCDC.
3. The Oversight Board further acknowledges that the Housing Successor may
exercise all rights and obligations relating to such housing assets and functions,
consistent with ABx1 26, including but not limited to entering into new
contracts, amending existing contracts, applying and using proceeds from the
housing assets, and disposing of housing assets, and that such actions by the
Housing Successor are not and shall not be subject to review and approval by
this Oversight Board under the authority or duties vested in it pursuant to ABx1
26, except to the extent that the City as Successor Agency seeks to use property
tax revenue funds for the payment or performance of enforceable obligations
under ABx1 26.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Petaluma Oversight Board to the Successor
Agency of the Former Petaluma Community Development Commission at a Regular meeting on the 9thiday of May,
2012,by the following vote:
AYES: Duiven;Chair Healy; Herrington;Jolley;Vice Chair Rabbitt; Scharer
NOES: None
ABSENT: Davis
ABSTAIN: None
n �1 yll
ATTEST: l ' . •' Are
i 1 1 \ 4O
Recording Secretary Chair
Resolution No. 2012-04 Page 2
Exhibit A
HOUSING SUCCESSOR AGENCY
Transfer of Assets
2/1/2012
ASSETS:
Gen. Operating Account $ 743,031
GASB 31 4,676
Non-current interest receivable 3,380,195
Notes Receivable:
First Time Homebuyers 3,736,875
BHDC Old Elm 1,305,961
BHDC Roundwalk 933,400
Buckelew Boulevard Apts 480,200
Eden Downtown River Apts 3,662,836
BHDC Park Lane Apts 164,486
PEP 575 Vallejo Street 851,184
PEP 579 Vallejo Street 990,000
PEP Edith Street 889,964.
PEP Lieb Senior Apts 810,241
PEP Casa Grande Senior Apts 198,445
PEP Wood Sorrell 1,347,513
BHDC Logan Place 2,943,219
Salishan Apartments 388,380
USA Props- Vintage Chateau II 4,499,825
23,202,528
LIABILITIES:
Deferred Revenue 3,380,196
Deposits (Casa Grande) 60,000
Wages Payable 319
EQUITY: - 23,889,916
$ 27,330,431 27,330,431
Resolution No.2012-04 Page 3