City of Culver City, California
Agenda Item Report
Meeting Date: 06/25/12 Item Number: J-1
JOINT CITY COUNCIL/CULVER CITY HOUSING AUTHORITY/SUCCESSOR AGENCY
TO THE CULVER CITY REDEVELOPMENT AGENCY AGENDA ITEM: (1) Adoption of
a City Council Resolution Approving the Transfer of Housing Assets and
Obligations From the City to the Culver City Housing Authority to Implement the
Housing Projects and Programs Identified in the City-Culver City Housing Authority
Cooperation Agreement; (2) Adoption of a Resolution by the Culver City Housing
Authority Accepting the Transfer of Housing Assets and Obligations from the City;
(3) Adoption of a Resolution of the Successor Agency to the Culver City
Redevelopment Agency Effectuating the Transfer of Housing Assets and
Obligations to the Culver City Housing Authority Pursuant to AB 1X 26; and (4)
Adoption of a Culver City Housing Authority Resolution Accepting the Transfer of
Housing Assets and Obligations from the Successor Agency to the Culver City
Redevelopment Agency; and Housing Authority Approval of a Related Budget
Amendment.
Contact Person/Dept.:
Tevis Barnes
Phone Number:
(310) 253-5782
Fiscal Impact: Yes [X] No [] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [X] Attachments: [X]
Commission Action Required: Yes [] No [X] Date:
Public Notification: Meetings and Agendas – City Council (06/21/12)
Department/Assistant Executive Director
Approval: Sol Blumenfeld (05/08/12)
City Attorney/Authority and Successor
Agency Counsel Approval:
Carol Schwab (by H. Baker) (06/21/12)
City/Authority/Successor Agency Special
Counsel Approval:
Murray O. Kane (by D. Rhodes) (6/21/12)
Chief Financial Officer Approval:
Jeff Muir (by N. Kimball)(05/10/12)
City Manager/Executive Director Approval:
John M. Nachbar (06/21/12)
RECOMMENDATION:
Staff recommends the City Council:
(1) Adopt a resolution approving actions related to the transfer of certain
assets and obligations to the Culver City Housing Authority (Housing
Authority) to meet existing obligations set forth in a Cooperation
Agreement with the Housing Authority. (Attachment No. 1);
AND City of Culver City, California
Agenda Item Report
Staff recommends the Housing Authority Board:
(2) Adopt a resolution approving and accepting the transfer of certain assets
and obligations from the City to meet existing obligations set forth in a
Cooperation Agreement with the City to accomplish the public purposes
of increasing, improving and preserving the community’s supply of
affordable housing. (Attachment No. 2); and,
(3) Adopt a resolution approving and accepting the transfer of the housing
function, assets and obligations from the Successor Agency.
(Attachment No. 4); and,
(4) Approve a budget amendment $150,000 be appropriated in account
47697100.619800 to cover legal and financial analysis expenditures associated
with the Tilden Terrace and Globe projects.
AND
Staff recommends the Successor Agency to the Culver City Redevelopment Agency
(Successor Agency) Board:
(5) Adopt a resolution approving actions to effectuate the transfer of housing
functions, assets and obligations of the Successor Agency to the
Housing Authority. (Attachment No.3).
BACKGROUND:
On January 15, 2011, the Culver City Redevelopment Agency and the City of Culver
City entered into a Cooperation Agreement for Payment of Costs Associated With
Certain RDA Funded Capital Improvement and Affordable Housing Projects
(“Agency-City Cooperation Agreement”), which provides for the Redevelopment
Agency’s payment of costs incurred by the City to bring about the redevelopment of
the Culver City Redevelopment Project Area, to accomplish various tasks set forth in
the Redevelopment Plan and the Implementation Plan, and to increase, improve and
preserve the community’s supply of affordable housing.
Pursuant to the provision of Assembly Bill 26 (2011-2012 1
st
Ex. Sess.)and other
applicable State Law, the City Council activated the Housing Authority at the City
Council meeting of January 9, 2012. At that January 9, 2012 meeting, the City
Council and Housing Authority Board adopted respective resolutions which
transferred (the City Council) and accepted the transfer (the Housing Authority
Board) of all housing assets, rights, powers, duties, obligations, liabilities, and
function previously performed by the Culver City Redevelopment Agency under Part
1.85 of Division 24 of the Health and Safety Code subject to the reservations stated
in the resolutions. City of Culver City, California
Agenda Item Report
On January 30, 2012, pursuant to Sections 33220 and 33206 of the Community
Redevelopment Law, Section 34312.5 of California’s Housing Authorities Law and
Section 34509 of California’s Housing Cooperation Law, the City and Housing
Authority entered into a Cooperation Agreement to provide for the Housing
Authority’s implementation of certain low and moderate income housing projects and
programs set forth in the Agency-City Cooperation Agreement.
The Agency-City Cooperation Agreement included funding for a number of
affordable housing programs, including but not necessarily limited to the Rental
Assistance Program, Homeless Outreach, and the Homeless Rental Assistance
Program, and housing projects, including, but not necessarily limited to, the Tilden
Terrace (11042-11058 West Washington Boulevard) and Globe (4044-4068 Globe
Avenue) sites.
A Disposition and Development Agreement (“DDA”) for the Tilden Terrace site was
executed between the City, the Agency and Tilden Terrace, L.P. on March 31, 2011.
Tilden Terrace is currently under construction and project completion is expected by
September, 2013. A DDA between the Housing Authority and Habitat for Humanity
of Greater Los Angeles for the development of the Globe site was approved by the
Housing Authority Board at its January 30, 2012 meeting. The proposed City-
Authority Cooperation Agreement authorized an administrative transfer of both
projects from the City to the Housing Authority.
DISCUSSION:
The transfer of the real property and other assets and obligations of the City to the
Authority will accomplish the public purposes of implementing the Redevelopment
Plan for the Project Area and achieving the goals and purposes of such Plan,
sustaining the redevelopment accomplished by the implementation of the Plan,
increasing and improving and preserving the community’s supply of affordable
housing, obtaining the benefits for the Housing Authority for the housing uses to
which the assets will be put, enforcing the existing covenants, contracts, and other
obligations arising from said projects, and carrying out and achieving the goals and
purposes of the Agency-City Cooperation Agreement and the City-Authority
Cooperation Agreement. The transfer of the real property and assets of the City to
the Authority is authorized by the Housing Cooperation Law, including but not limited
to Section 34510.
The real property which is subject to the staff recommendation consists of interests
held by the City and the Successor Agency in real property associated with the
housing functions previously performed by the Agency (collectively, the “Real
Property”).
City of Culver City, California
Agenda Item Report
The assets and obligations are leases, promissory notes, agreements, and other
rights of the Successor Agency to receive payment of funds and/or other
consideration associated with the housing function previously performed by the
Agency, all cash accounts, records, reports, files, furniture, fixtures, equipment and
all other tangible and intangible personal property associated with the housing
functions previously performed by the Agency (collectively, the “Other Assets”).
The above recommended resolutions will address any housing assets and
obligations that are currently held by the City as well as housing assets and
obligations that were not previously transferred by the Agency to the City or that
have since come into the possession of the Successor Agency.
FISCAL ANALYSIS:
On January 9, 2012, the City transferred certain low/moderate income housing
assets and obligations to the Housing Authority, which included approximately $1.1
million in Mortgage Assistance Program loan repayment obligations, $7.3 million in
real property assets, and $1.3 million in cash. Additionally, the Housing Fund is
currently owed approximately $45.4 million by the former Redevelopment Agency
(now an obligation of the Successor Agency) to repay ERAF/SERAF payments
($10.5 million payable by June 2015) and repayment of housing set aside funds that
were deferred pursuant to applicable law between 1985 and 1996 ($34.9 million to
be repaid in future years). These amounts are considered enforceable obligations of
the Agency under ABx1 26 and will be repaid to the Housing Authority by the
Successor Agency per the Recognized Obligations Payment Schedule. The above
assets will support all affordable housing related administration, programs, and
development.
With approval of the above resolutions, $3.4 million in land proceeds from the sale of
the Tilden Terrace site will be transferred from the City to the Housing Authority.
From this amount, staff recommends $150,000 be appropriated in account
47697100.619800 to cover legal and financial analysis expenditures associated with
the Tilden Terrace and Globe projects.
ATTACHMENTS:
1. Proposed City Council Resolution transferring the housing assets and
obligations from the City to the Housing Authority to implement the housing
projects and programs identified in the City-Authority Cooperation Agreement;
2. Proposed Housing Authority Resolution accepting the transfer of housing
assets and obligations from the City;
3. Proposed Successor Agency Resolution effectuating the transfer of housing
assets and obligations to the Authority; and
4. Proposed Housing Authority Resolution accepting the transfer of housing
assets and obligations from the Successor Agency City of Culver City, California
Agenda Item Report
MOTION:
That the City Council:
1. Adopt a Resolution approving the transfer of the housing assets and
obligations from the City to the Authority to implement the housing projects
and programs identified in the City-Culver City Housing Authority Cooperation
Agreement;
AND
That the Housing Authority Board:
2. Adopt a Resolution accepting the transfer of housing Assets and obligations
from the City; and,
3. Adopt a Resolution accepting the transfer of housing assets and obligations
from the Successor Agency.
4. Approve a budget amendment appropriating $150,000 from available fund
balance to account 4767100.619800 to cover existing legal and financial
expenses (A Budget Amendment requires a Four-Fifths Vote).
AND
That the Successor Agency:
5. Adopt a Resolution effectuating the transfer of housing assets and obligations from
the Successor Agency to the Authority Pursuant to AB 1X 26.
MEETING DATE: 06.25.12
AGENDA ITEM: (1) Adoption of a City Council Resolution Approving the
Transfer of Housing Assets and Obligations From the City to
the Culver City Housing Authority to Implement the Housing
Projects and Programs Identified in the City-Culver City
Housing Authority Cooperation Agreement; (2) Adoption of a
Resolution by the Culver City Housing Authority Accepting
the Transfer of Housing Assets and Obligations from the
City; (3) Adoption of a Resolution of the Successor Agency
to the Former Redevelopment Agency Effectuating the
Transfer of Housing Assets and Obligations of the Culver
City Housing Authority Pursuant to AB 1X 26; and (4)
Adoption of a Culver City Housing Authority Resolution
Accepting the Transfer of Housing Assets and Obligations
from the Successor Agency to the Former Redevelopment
Agency
ATTACHMENTS
Pages
1. City Council Resolution No. 2012- transferring the
housing assets and obligations from the City to the Authority
to implement the housing projects and programs identified
in the City-Authority Cooperation Agreement;
1-15
2. Housing Authority Resolution No. HA 2012- accepting
the transfer of housing assets and obligations from the City;
3. Successor Agency Resolution No. 2012---- effectuating the
transfer of housing assets and obligations to the Authority;
4. Housing Authority Resolution No. HA 2012----accepting
the transfer of housing assets and obligations from
the Successor Agency
16-31
32-36
37-40 ATTACHMENT 1
RESOLUTION NO. 2012-R
RESOLUTION OF THE CITY COUNCIL OF CULVER CITY, CALIFORNIA
APPROVING ACTIONS RELATED TO THE TRANSFER OF CERTAIN
ASSETS AND OBLIGATIONS OF THE CITY OF CULVER CITY TO THE
CULVER CITY HOUSING AUTHORITY TO MEET EXISTING OBLIGATIONS
SET FORTH IN A COOPERATION AGREEMENT WITH THE AUTHORITY
AND TO ACCOMPLISH OTHER IMPORTANT PUBLIC PURPOSES.
WHEREAS, the City Council of the City of Culver City adopted the
Redevelopment Plan, as amended, for the Culver City Redevelopment Project, which
comprises Component Area Nos. 1, 2, 3 and 4 (the "Project Area"), which results in the
allocation of property taxes from the Project Area to the Culver City Redevelopment Agency
(the "Agency") for purposes of redevelopment; and
WHEREAS, pursuant to Section 33220 of the California Community
13 Redevelopment Law [Health and Safety Code Section 33000 et seq.], the City and Agency
14 entered into a Cooperation Agreement dated as of January 15, 2011 and related documents
15 (collectively, the "Agency-City Cooperation Agreement") to continue the effort to redevelop,
16 revitalize and/or eliminate blight in the Project Area to achieve the purposes and goals of the
17 Project Area and to provide for affordable housing, as appropriate and as authorized by
18 redevelopment law in effect at the time of approval of the Agency-City Cooperation
19 Agreement; and
20 WHEREAS, certain property, assets and obligations of the Agency, including
21 property, assets and obligations associated with the housing activities of the Agency, have
22 been transferred to the City in order to allow the City to appropriately complete redevelopment
23 projects and other related activities as set forth in the Agency-City Cooperation Agreement;
24 and
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WHEREAS, pursuant to Sections 33220 and 33206 of the Communi
26 Redevelopment Law, Section 34312.5 of California's Housing Authorities Law [Health
27 Safety Code §§34200, et seq.] and Section 34509 of California's Housing Cooperation La
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1 ATTACHMENT 1
[Health & Safety Code §§34500, et seq.], the City and the Culver City Housing Authority (the
"Authority") entered into a Cooperation Agreement dated as of January 30, 2012 (the "City-
3 Authority Cooperation Agreement") to provide for the Authority's implementation of certain low
4 and moderate income housing projects and programs set forth in the Agency-City
5 Cooperation Agreement; and
6 WHEREAS, the City Council hereby finds it necessary and appropriate to
7 transfer the Real Property, the Other Assets and the Obligations, all as described below, to
the Authority in order to allow the Authority to appropriately complete the housing projects and
9 other related activities as set forth in the City-Authority Cooperation Agreement; and
10 WHEREAS, pursuant to Section 15301 of the State CEQA Guidelines, the
11 transfer of the Real Property, the Other Assets and the Obligations is exempt from
12 environmental review under CEO.A because the transfer will result in a continuation of an
13 existing facility involving no expansion of use and is therefore exempt from environmental
14 review, and any future development for the Real Property and the Other Assets will require
15 separate environmental review; and
16 WHEREAS, the transfer of the Real Property, Other Assets, and Obligations of
17 the City to the Authority will accomplish the public purposes of implementing the
18 Redevelopment Plan for the Project Area and achieving the goals and purposes of such Plan,
19 sustaining the redevelopment accomplished by the implementation of the Plan, increasing,
20 improving and preserving the community's supply of affordable housing, obtaining the benefits
21 for the City of the municipal uses to which the assets will be put, enforcing the existing
22 covenants, contracts and other obligations arising from said projects, and carrying out and
23 achieving the goals and purposes of the Agency-City Cooperation Agreement and the City-
24 Authority Cooperation Agreement; and
25 WHEREAS, the transfer of the Real Property and the Other Assets of the City to
26 the Authority is expressly authorized by the Housing Cooperation Law, including but not
27 limited to Section 34510; and
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2 ATTACHMENT 1
WHEREAS, all other legal prerequisites to the adoption of this Resolution have
occurred.
NOW THEREFORE, the City Council of the City of Culver City DOES HEREBY
RESOLVE, as follows:
1. The City Council has received and heard all oral and written objections to
matters pertaining to this transaction, and all such oral and written objections are hereby
overruled.
2. The City Council hereby finds and determines that the foregoing recitals are
true and correct.
3. The City Council hereby approves and authorizes the transfer of the Real
Property and the Other Assets associated with the housing projects described in the City-
Authority Cooperation Agreement for use by the Authority for housing purposes consisten
with the City-Authority Cooperation Agreement and related documents for ongoing efforts to
increase, improve and preserve housing that is affordable to low and moderate income
persons and families and for other public purposes:
(a) The real property which is the subject of this Resolution consists o
the real property located in the City of Culver City, County of Los Angeles, State of California
associated with the housing projects described in the City-Authority Cooperation Agreement,
including but not limited to the real property described in the Schedule of Real Pope
attached hereto (Attachment No. 1) (collectively, the "Real Property"); and
(b) The other assets which are the subject of this Resolution are the
leases, promissory notes, agreements and other rights of the City to receive payment of funds
and/or other consideration associated with the housing projects described in the City-Authority
Cooperation Agreement, including but not limited to the leases, promissory notes and
agreements described in the Schedule of Other Assets attached hereto (Attachment No. 2)
and the cash accounts associated with the housing projects and programs described in the
City-Authority Cooperation Agreement (collectively, the "Other Assets"), other than the City's
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24 ATTEST:
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26 MARTINI R. COLE, City Clerk
27 Al2-000400
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ANDREW WEISSMAN, MAYOR
City of Culver City, California
APPR
OL A. S- CIRWAB7City Attorney
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ATTACHMENT 1
1 rights to receive payment or recapture of funds and/or other consideration relating to funds
2 provided through the HOME Investment Partnerships Program, which rights shall remain with
3 the City.
4 4. The City Council hereby approves of and authorizes an assignment by the
5 City to the Authority of the City's rights and obligations under any and all agreements relating
6 to the housing projects and programs described in the City-Authority Cooperation Agreement
7 (the "Obligations"), other than the City's rights and obligations in connection with any fundsl
8 provided through the HOME Investment Partnerships Program, which rights and obligations
9 shall remain with the City.
10 5. The City Council hereby approves and ratifies any and all previous transfers
11 to the Authority of any portion of the Real Property, the Other Assets and the Obligations.
12 6_ The City Manager or designee is hereby authorized and directed to take all
13 reasonable and necessary actions and sign on behalf of the City all reasonable and
14 necessary documents and instruments first approved in writing by the City Attorney to car
15 out the transfer of the Real Property, the Other Assets and the Obligations from the City to the
16 Authority.
7. This Resolution shall take effect immediately upon its adoption.
APPROVED AND ADOPTED, this day of
, 2012.
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19 ATTACHMENT NO. 1
SCHEDULE OF REAL PROPERTY
Address Parcel Number(s) Description
4031-4035 Jackson Avenue 4209-001-903 9 unit very-low, low, and
moderate income multi-
family housing
4044-4068 Globe Avenue 4233-033-014 DDA executed with Habitat
4233-033-003 for Humanity for the creation
4233-033-004 9 affordable ownership units
4233-033-005
4233-033-006
4233-033-007
4233-033-008
9743-49 Braddock/4075 4207-008-914-916 Group Home for 6 very-
Lafayette low and low-income
persons with
developmental disabilities
5 ATTACHMENT NO. 2
SCHEDULE OF OTHER ASSETS
Mortgage Assistance Program (MAP) Loan payments - Exhibit A
Affordability Income and Rent Restriction Covenants — Exhibit B
Jackson Avenue Rent Proceeds
Housing Set Aside Deferrals
ERAF Loan Payment
Tilden Terrace Land Proceeds
Tilden Terrace Residual Receipts
Globe Avenue Project Mortgage Proceeds
Culver Terrace Mobile Home Park Loan Payment
6 MORTGAGE ASSISTANCE PROGRAM
ATTACHMENT I
PARTICIPANTS
EXHIBIT A
NAME ADDRESS
COVENAN
SIGNED
COVENANT
LENGTH
COVENANT
TYPE
COVENANT
EXPIRATION
LOAN
. AMOUNT COMMENTS
M0001 5900 Canterbur Dr. #B114 03/0211994 20 ears Maintenance & Resale Coy. 03/02/2014 $12,750.00 Paid 2/23/99
M0002 11505 McDonald St. 05/04/1994 20 years Maintenance & Resale Coy. 05/04/2014 $32,625.00 Foreclosure 3/6/97
M0003 5005 Ma ime Lane 06/09/1994 20 ears Maintenance & Resale Cov. 06/09/2014 $21,000.00
M0004 3105 Raintree Circle #1 06/27/1994 20 ears Maintenance & Resale Coy. 06/27/2014 $16,200.00 Paid 11/3/98
M0005 4133 Harter Ave. 07/15/1994 20 ears Maintenance 8, Resale Coy. 07/15/2014 $27,000.00 Paid 4/28/98
M0006 5651 Windsor Wa #304 08/29/1994 20 ears Maintenance & Resale Coy. 08/29/2014 $12,000.00 Paid 6/19/01
M0007 4304 Duiuesne Ave. 08130/1994 20 ears Maintenance & Resale Cov. 08/30/2014 $27,000.00 Paid 1/6/99
MOODS 6000 Canterbur Dr. #208D 09113/1994 20 ears Maintenance & Resale Coy. 09113/2014 $15,750.00 Paid/Sold 10/18/05 to Fluellen. El Sh 12/12105
M0009 4818 Hollow Corner Rd. #168 09/28/1994 20 ears Maintenance & Resale Coy. 09128/2014 $13,950.00 Paid/Sold 2/10/99 to Noble? Foreclosed
M0010 10731 Oregon Ave. 10/17/1994 20 ears Maintenance & Resale Cov. 10/17/2014 $22,500.00
M0011 5215 Se' ulveda Bl. #26C 11/28/1994 20 years Maintenance & Resale Coy. 11/28/2014 $23,400.00 Paid 11/27/01
M0012 6000 Canterbury Dr. #316D 10/25/1994 20 ears Maintenance & Resale Coy. 10/25/2014 $11,985.00 Foreclosure 5/28/98
M0013 5815 Doverwood Dr. #6 02/03/1995 20 ears Maintenance & Resale Cov. 02/03/2015 $20,700.00 Paid/Sold 12/20/00 to Malicdem M082
M0014 5451 Overland Ave. 02/01/1995 20 ears Maintenance & Resale Cov. 02/01/2015 $21,075.00 Paid 7/18/02
M0015 11221 Hannum Ave. 07/18/1995 20 ears Maintenance & Resale Cov. 07/18/2015 $27,000.00
M0016 3234 Roberts Ave. 03/23/1995 20 ears Maintenance & Resale Cov. 03/23/2015 $24,600.00 Foreclosure 7/1/98
M0017 5007 Stone Creek Rd. #329 09/25/1995 20 ears Maintenance & Resale Coy. 09/25/2015 $11,850.00 Paid 8/11/99
M0018 10845 Garfield Ave. 07/18/1995 20 ears Maintenance & Resale Cov. 07118/2015 $21,500.00 Paid 5/25/99
M0019 IIIIIIIIIIIIIIIIIII 4207 Neosho 07/10/1995 20 ears Maintenance & Resale Cov. 07/10/2015 $24,750.00 Paid 6/24/08
M0020 5950 Canterbur Dr. #C113 07/31/1995 20 ears Maintenance & Resale Coy. 07/31/2015 $17,010.00 Paid 11/30/01
M 0021 11111 11111.15950
Canterbur Dr. #C205 08/25/1995 20 ears Maintenance & Resale Coy. 08/25/2015 $10,650.00 Paid 7/2/04
M0022 3401 Cattaraugus Ave. 08/28/1995 20 years Maintenance & Resale Cov. 08/28/2015 $25,500.00 Paid 2/10/99
M0023 IIIIIIIIIIIII 11237 Braddock Dr. 09/12/1995 20 ears Maintenance & Resale Coy. 09/12/2015 $25,500.00 Paid 3/24/97
M0024 .1111111111111111 3410 Fa Ave. 09/11/1995 20 ears Maintenance & Resale Cov. 09/11/2015 $24,300.00 Paid 5/5/03
M0025 .11111111111MIIIIIIIIIII
4830 Hollow Corner Rd. #189 10/04/1995 20 ears Maintenance & Resale Cov. 10/04/2015 $10,900.00
M0020 IIIIIIIMIIIIIII III
4828 Hollow Corner Rd. #190 12/21/1995 20 ears Maintenance & Resale Cov. 12/21/2015 $14,700.00 Paid 1104?
M0027 11256 Franklin Ave. 01/12/1996 20 ears Maintenance & Resale Coy. 01/12/2016 $25,500.00 Paid/Equit Shared 1/26/04
M0028 MIIIIIIII II
6505 Green Valle Circle #301 03/07/1996 20 ears Maintenance & Resale Cov. 03107/2016 $15,150.00 Paid 9/7/05. Equity Shared 1/31/06
M0029 5427 Emporia Ave. 02/16/1996 20 ears Maintenance & Resale Cov. 02/16/2016 $29,550.00 Paid 6/20/01
M0030 IIIIIIIIIIIIIIIII[ 4362 Hurdle Ave.
03/06/1990 20 ears Maintenance & Resale Cov. 03106/2016 $28,500.00 Paid/Sold 12/1/99 to Pori! Lem'
M0031 IIIIIIII
IIII.113439 McManus Ave. 03/20/1996 20 years Maintenance & Resale Cov. 03/20/2016 $16,725.00 Paid 10/18/01
7 MORTGAGE ASSISTANCE PROGRAM
ATTACHMENT 1
PARTICIPANTS
EXHIBIT A
# NAME
• -
.
.ADDRESS
COVENANT
SIGNED
COVENANT
LENGTH
COVENANT -
TYPE
COVENANT
•
EXPIRATION
. „
LOAN
AMOUNT COMMENTS
M0032 3900 Lenawee Ave. #2 06/18/1996 20 years Maintenance & Resale Gov. 06/18/2016 $14,250.00 Paid 2/20/03
M0033 3594 Wesley St. 05/02/1996 20 years Maintenance & Resale Coy. 05/02/2016 $24,000.00 Paid 4/3/97
M0034 6124 Buckingham Parkway #205 04126/1996 20years Maintenance & Resale Cov. 04126/2016 $17,400.00 Paid 8/16199
M0035 5236 Emporia Ave. 06/18/1996 20 years Maintenance & Resale Cov. 06/18/2016 $30,750.00 Paid 8/29102
M0036 3042 Reid Ave. 08/30/1996 20 years Maintenance & Resale Cov, 08/30/2016 $21,750.00 Paid 3/20/03
M0037 4363 Globe Ave. 08/09/1996 20 years Maintenance & Resale Cov. 08/09/2016 $27,000.00 Paid/Sold 1/22/02 to Sulkin M089. Eq Sh 8/31/09
M0038 3836 Bentley Ave. #1 03/03/1997 20 years Maintenance & Resale Cov. 03/03/2017 $14,600.00 Paid 817/98. Equity Shared 1/3/07
M0039 5035 Maylime Lane 09/12/1996 20 years Maintenance & Resale Cov. 09/12/2016 $23,400.00 Paid 11/21/02
M0040 5900 Canterbury Dr. #A211 10/15/1996 20 years Maintenance & Resale Coy, 10/15/2016 $10,275.00 Paid 3/12/02
M0041 4056 Jackson Ave. #6 .11/14/1996 20 years Maintenance & Resale Cov. 11/14/2016 $24,000.00 Paid 4/22/03
M0042 3948 Bentley Ave. #104 12/02/1996 20 years Maintenance & Resale Cov. 12/02/2016 $21,750.00 Paid 11/26/01
M0043 5405 Slauson Ave. 12/18/1996 20 years Maintenance & Resale Cov. 12/18/2016 $28,650.00 Paid/Sold 6/5/03 to Rodriguez. Eq Sh 10125104
M0044 6001 Canterbury Dr. #103 12/11/1996 20 years Maintenance & Resale Cov. 12/11/2016 $13,350.00
M0045 11022 Culver BI. 03/14/1997 20 years Maintenance & Resale Cov. 03114/2017 $25,950.00 Paid 11/15/99
M0046 5017 Butterfield Court 04/15/1997 20 years Maintenance & Resale Gov. 04/15/2017 $31,500.00
M0047 5901 Canterbury Dr. #16 05/30/1997 20 years Maintenance & Resale Cov. 05/30/2017 $10,700.00 Paid 5/7/02
M0048 11028 Braddock Dr. 07/14/1997 20 years Maintenance & Resale Coy. 07/14/2017 $28,500.00 Paid 8/16/02
M0049 4450 Elenda St. 08/18/1997 20 years Maintenance & Resale Coy. 08/18/2017 $28,515.00 Paid 4/15/03
M0050 5900 Canterbury Dr. #A319 08/12/1997 20 years Maintenance & Resale Coy. 08/12/2017 $16,500,00 Paid 5/6/02
M0051 4104 Summertime Lane 09/03/1997 20 years Maintenance & Resale Cov. 09/03/2017 $11,175.00 Paid 5/9103
M0052 4900 Overland Ave. #109 09/10/1997 20 years Maintenance & Resale Coy. 09/10/2017 $12,000.00 Paid 11/15/99. Sold-Forecl but paid off 12/27/01
M0053 7304 Summertime Lane 11/21/1997 20 years Maintenance & Resale Cov. 11/21/2017 $13,950.00 Paid 4/1/02. Equity Shared 7/27/05
M0054 4915 Indian Wood Rd. #603 12/31/1997 20 years Maintenance & Resale Cov. 12/31/2017 $11,478.00 Paid 4/21/04
M0055 5870 Green Valley Circle #319 12/18/1997 20 years Maintenance & Resale Cm 12/18/2017 $13,800.00 Paid 2/25/04
M0056 5950 Buckingham Parkway #410 02/05/1998 20 years Maintenance & Resale Coy. 02/05/2018 $14,400.00 Paid 3/13103. Equity Shared 10/09
M0057 4116 Harter Ave. 06/03/1998 20 years Maintenance & Resale Cov. 06/03/2018 $33,750.00 Paid 3/18/03
M0058 5001 Stoney Creek Rd. #353 06/12/1998 20 years Maintenance & Resale Cov. 06/12/2018 $13,500.00 Pald 5/1/00
M0059 5950 Buckingham Parkway #403 08/06/1998 20 years Maintenance & Resale Coy. 08/06/2018 $16,500.00 Paid 10/28/99
M0060 3948 Bentley Ave. #102 11/19/1998 20 years Maintenance & Resale Cov. 11/19/2018 $33,900.00 Paid 7/19/02
M0061
3341 Helms Ave. 09/23/1998 20 years Maintenance & Resale Cov. 09/23/2018 $31,125.00 Paid 11/11/0. Equity Shared 8/2/03
M0062 5625 Sumner Way #111 11/25/1998 20 years Maintenance & Resale Coy. 11/25/2018 $19,500.00 Paid 5/27/03
8 MORTGAGE ASSISTANCE PROGRAM
ATTACHMENT 1
PARTICIPANTS
EXHIBIT A
,
NAME ADDRESS
COVENANT
. SIGNED
COVENANT
.-LENGTH .
COVENANT
TYPE
COVENANT
EXPIRATION
. LOAN
AMOUNT COMMENTS
M0063 5027 Overland Ave. 01/26/1999 20 years Maintenance & Resale Coy. 01/26/2019 $39,000.00 Paid 3/3/03
M0064 6525 Green Valley Circle #212 02/15/1999 20 years Maintenance & Resale Coy. 02/15/2019 520,250.00 Paid 11/13/02
M0065 5116 Westwood BI. 03/09/1999 20 years Maintenance & Resale Coy. 03/09/2019 $40,000.00 Paid 6/2/03
M0066 5950 Buckingham Parkway #404 04/26/1999 20 years Maintenance & Resale Coy. 04/26/2019 $17,250.00 Paid 8/26/05. Equity Shared 8/26/05
M0067 6050 Canterbury Dr. #F122 04/27/1999 20 years Maintenance & Resale Coy. 04/27/2019 $12,600.00 Paid/Sold 10/4/01 to Bevis
M0068 6000 Canterbury Dr. #D111 06/19/1999 20 years Maintenance & Resale Cov. 06/19/2019 $13,050.00 Paid/Sold 4/17/02 to Turner M0110
M0069 5845 Doverwood Dr. #209 07/07/1999 20 years Maintenance & Resale Coy. 07/07/2019 $16,875.00 Paid 4127/07. Equity Shared 4/10/07
M0070 6375 Green Valley Circle #206 07/23/1999 20 years Maintenance & Resale Cov. 07/23/2019 $17,250.00 Paid/Sold 5/6/02 to Penland M0115
M0071 6315 Green Valley Circle #202 11/19/1999 20 years Maintenance & Resale Cov. 11/19/2019 $23,550.00 Paid 12/19/02
M0072 5900 Canterbury Dr. #A101 12/22/1999 20 years Maintenance & Resale Gov. 12/22/2019 $20,100.00 Paid/Sold 2/6/03 to Oden M0122
M0073 6225 Canterbury Dr. #108 02118/2000 20 years Maintenance & Resale Cov. 02/18/2020 $21,300.00
M0074 5005 Stoney Creek Rd. #437 04/11/2000 20 years Maintenance & Resale Coy. 04/11/2020 $18,750.00 Paid/Equity Shared 6/14/05
M0075 6050 Canterbury Dr. #E119 05/02/2000 20 years Maintenance & Resale Coy. 05/02/2020 $24,525.00 Paid 10/25/06. Equity Shared 10/17/06
M0076 6375 Green Valley Circle #302 05/22/2000 20 years Maintenance & Resale Coy. 05122/2020 $19,350.00 Paid 10/14/09. Equity Shared 4/14/09
M0077 4112 Raintree Circle 05/31/2000 20 years Maintenance & Resale Coy. 05/31/2020 $20,400.00 Paid 1/16/04
M0078 6050 Canterbury Dr. #F311 09/28/2000 20 years Maintenance & Resale Coy, 09/28/2020 $17,400.00 Paid 4/1/02
M0079 3610 Helms Avenue 09/29/2000 20 years Maintenance & Resale Cov. 09/29/2020 $30,000.00
BEGIN 10 YR COVENANT
M0080 6355 Green Valley Circle #303 10/31/2000 10 years Maintenance & Resale Cov. 10/31/2010 530,400.00 Paid/Equity Shared 8/11/04
M0081 11116 Matteson Avenue 10/27/2000 10 years Maintenance & Resale Cov. 10/27/2010 549,040.00
M0082 5815 Doverwood Drive #6 11110/2000 10 years Maintenance & Resale Coy. 11/10/2010 $35,980,00 Paid 9/2/03, bought Becraft M013, sold to Kobler
M0083 4840 Hollow Corner Rd. #422 11/13/2000 10 years Maintenance & Resale Coy. 11/13/2010 $28,600,00 Paid 1/19/05
M0084 5950 Buckingham Parkway #412 11/20/2000 10 years Maintenance & Resale Coy. 11/20/2010 $21,000.00 Paid 9/2/03
M0085 5245 Slauson Avenue 12/01/2000 10 years Maintenance & Resale Coy. 12/01/2010 $55,000.00 Paid 1/22/03
M0086 3430 Sherbourne Drive 12/0412000 10 years Maintenance & Resale Coy. 12/04/2010 560,000.00 Paid 6/26/03
M0087 6375 Green Valley Circle #306 12/18/2000 10 years Maintenance & Resale Coy. 12/18/2010 $31,900.00 Paid 6/26103
M0088 5815 Doverwood Drive #33 12/29/2000 10 years Maintenance & Resale Cov. 12/29/2010 $34,600.00
M0089 3109 Summertime Lane 01/30/2001 10 years Maintenance & Resale Coy. 01/30/2011 $25,000.00 Paid/Sold 11/27/01 to Noratto M0103
M0090 6151 Canterbury Dr. #108 03/16/2001 10 years Maintenance & Resale Coy. 03/16/2011 $32,000.00
M0091 5215 Sepulveda Boulevard #9D 04/17/2001 10 years Maintenance & Resale Cov. 04/17/2011 $53,700.00
M0092 4802 Hollow Corner Rd. #220 05/11/2001 10 years Maintenance & Resale Coy. 05/11/2011 $27,980.00 Paid 3118/03
9 MORTGAGE ASSISTANCE PROGRAM
ATTACHMENT 1
PARTICIPANTS
EXHIBIT A
A DRE-SS
COVENANT
SIGNED
COVENANT
LENGTH
COVENANT
TYPE
COVENANT
EXPIRATION
LOAN
AMOUNT COMMENTS
M0093 4236 Tuller Ave. 06/04/2001 10 years Maintenance & Resale Coy. 06/0412011 $59,000.00 Paid 4/13/04
M0094 NO SALE 06/14/2001 10 years Maintenance & Resale Coy. 06/14/2011 $23,000.00 Sale fell through
M0095 5025 Sumner Way #107 06/28/2001 10 years Maintenance 8: Resale Coy. 06/28/2011 $40,540.00
M0096 5650 Sumner Way #304 07/10/2001 10 years Maintenance & Resale Coy. 07/10/2011 $27,800.00 Paid/Sold 9/29/04 to Neves-Cole
M0097 3969 Globe Ave. 08/21/2001 10 years Maintenance & Resale Coy. 08/21/2011 $60,000.00
M0098 5651 Sumner Way #203 08/15/2001 10 years Maintenance & Resale Coy. 08/15/2011 $27,000,00 Paid 12/19/06. Equity Shared 4/8108
M0099 4047 Sawtelle Blvd. 10/11/2001 10 years Maintenance & Resale Coy. 10/11/2011 $60,000.00
M0100 6001 Canterbury Drive #307 10/18/2001 10 years Maintenance 8 t Resale Coy. 10/18/2011 $41,500.00
M0101 4842 Hollow Corner Rd. #307 10/24/2001 10 years Maintenance & Resale Coy. 10/24/2011 $37,600.00
M0102 6050 Canterbury Dr. #E117 10/30/2001 10 years Maintenance & Resale Cov. 10130/2011 $37,400.00
M0103 3109 Summertime Lane 11/05/2001 10 years Maintenance & Resale Coy. 11/05/2011 $26,800.00 Paid 6/2/04
M0104 10112 Summertime Lane 11/05/2001 10 years Maintenance & Resale Cov. 11/05/2011 $29,400.00 Paid 3/3/04. Equity Shared 5/3/04
M0105 6199 Canterbury Dr. #202 11/05/2001 10 years Maintenance & Resale Coy. 11/05/2011 $39,000.00
M0106 5306 Summertime Lane 11/08/2001 lOyears Maintenance & Resale Coy. 11/08/2011 $46,000.00 Paid/Equity Shared 3/10/04
M0107 4900 Overland Avenue #205 11/12/2001 10 years Maintenance & Resale Coy. 11112/2011 $31,800.00
M0108 0305 Green Valley Circle #303 11/26/2001 10 years Maintenance & Resale Coy. 11/2612011 $38,000.00
M0109 5845 Doverwood Dr. #316 12/21/2001 10 years Maintenance & Resale Coy. 12/21/2011 $39,000.00 Paid/Equity Shared 11/15/04
M0110 6000 Canterbury Dr. #D111 04/12/2002 10 years Maintenance & Resale Coy. 04/12/2011 $28,000.00 bought Marks M068
M0111 6000 Canterbury Dr. #D306 12/1912001 10 years Maintenance & Resale Coy. 12/19/2011 $29,000,00
M0112 5845 Doverwood Dr. #201 01/23/2002 10 years Maintenance & Resale Gov. 01/23/2012 $48,000.00
M0113 4211 Summertime Lane 03/12/2002 10 years Maintenance & Resale Cov. 03/12/2012 $36,400.00
M0114 6151 Canterbury Dr. #208 03/12/2002 10 years Maintenance & Resale Coy. 03/12/2012 $48,400.00 Paid 10/4/05
M0115 6375 Green Valley Circle #206 05/01/2002 10 years Maintenance & Resale Coy. 05/01/2012 $25.000.00 bought Scarborough M070. Paid/Eq Sh 6/14/04
M0116 5870 Green Valley Circle #213 07110/2002 45 years Maintenance & Resale Coy. 07/10/2047 $37,000.00 Paid/Sold 8/23/04 to Bamemilyfspelling?)
M0117 6515 Green Valley Circle #106 07/24/2002 45 years Maintenance & Resale Coy. 07124/2047 $49,000.00 Paid/Equity Shared 7/22/11
M0118 4919 Indian Wood Rd. #395 09/05/2002 45 years Maintenance & Resale Cov, 09/0512047 $39,000.00
M0119 6151 Canterbury Dr. #205 09/17/2002 45 years Maintenance & Resale Coy, 09/17/2047 $43,800.00 Paid/Equity Shared 9/28/10
M0120 6050 Canterbury Dr. #E219 10/31/2002 45 years Maintenance & Resale Coy. 10/3112047 $50,860.00
M0121 5901 Canterbury Dr. #5 10/30/2002 45 years Maintenance & Resale Coy. 10/30/2047 $31,000.00 Paid/Equity Shared 11/14/06
M0122 5900 Canterbury Dr. #A101 12/20/1999 20 years Maintenance & Resale Coy. 12/20/2019 $47,000.00 bought Correy M072
1 0
MORTGAGE ASSISTANCE PROGRAM
PARTICIPANTS
ATTACHMENT 1
EXHIBIT A
COVENANT COVENANT
SIGNET) LENGTH
03/18/2003
ADDRESS
5910 Canterbury Dr. #9
6050 Canterbury Dr. #F306 05/12/2003
6575 Green Valley Circle #214 10/28/2003
::•cpyE.NANT:
TYPE
COVENANT LOAN
EXPIRATION AMOUNT
Maintenance & Resale Coy. 03/18/2048 $37,800.00
Maintenance & Resale Coy. 05/12/2048 $55,800.00
Maintenance & Resale Cov. 10/28/2048 $52,800.00
M0123
M0124
M0125
COMMENTS
11 ATTACHMENT 1
2012 COVENANT MONITORING
EXifiTBIT B
-MAILED COMMENTS Owner Address # of Units Income
Level
Covenant
Expires
Description
CCRA 4031-35 Jackson 9 —2 bdrm Low to Originally Multi-family complex for low-to-moderate
do DW Properties Avenue Moderate 11/24/10 income households. Purchased by CCRA in
12240 Venice Blvd. #23 2002 for $1,010,000.
Los Angeles, CA 90066
Tina and Anthony Mollica 8692 Washington 10 Singles Low 10 sgt-Low 7/28/2027 Multi-family complex for low-to-moderate
3928 Van Buren Avenue Blvd. 6 1 bdrtn Mod 1 bd-Mod income households at affordable rents.
Culver City, CA 90230 4 Singles Mod 4 sgl-Mod Received total of $329,000 in loans from
10/06/96 Agency.
Kayne/ERAS Center
8740 Washington Blvd.
11124 Fairbanks Way 6 units Low to
Moderate
1/7/2031 Group home for low-to-moderate income
developmentally disabled at affordable rents.
Culver City, CA 90232 10/01/90 Received $319,211 grant.
Exceptional Children Foundation 10918 Barman 6 units Low to 2/13/2031 Group home for low-to-moderate income
Attn: Scott Bowling Avenue Moderate developmentally disabled at affordable rents.
8740 Washington B1 Received $390,500 for purchase of property.
Culver City, CA 90230 02/11/91
Home Ownership Made Easy 10181 Braddock 6 units Low to 4/22/2032 Group home for low-to-moderate income
(HOME) Drive/4180 Jasmine Moderate developmentally disabled at affordable rents.
Norma Delgado, General Mgr Avenue Purchased property from Agency for
5601 W. Slauson Ave., Suite 180 $412,250.
Culver City, CA 90230 04/20/92
Caroline House Corp,
Norma Delgado, General Mgr
3434 Caroline
Avenue
3 bdrm Low 12/11/2030 Group home for low income at a total house
rent no more than $781. Purchased from
5601 W. Slauson Ave., Suite 180 Agency with a forgivable loan of $91,500.
Culver City, CA 90230
Jovita Cardenas
4178 Center Street
4178 Center Street 1 unit Low (not to
exceed
2013 Density and other bonus (DOBI) for
household up to 80% median at a rent of
Culver City, CA 90230 80%) $563 (AAF). Restricted to one person
household.
Rotary Plaza 5100 Overland 100 units Very Low 2006 sale Multi-unit complex for up-to-low income
Oo Gloria Caster, Regional Mgr Avenue Seniors seniors. Purchased property for $800,000
3/12/12
12 ATTACHMENT 1
2012 COVENANT MONITORING
EXHITBIT B
Retirement Housing Foundation
911 No. Studebaker Road
Long Beach, CA 90815
Disabled
(Low
Seniors)
2022
income
from Agency. Must submit HUD forms.
Menorah Housing Foundation
10991 W. Pico B1
Los Angeles, CA 90064
5166 Sepulveda
Blvd.
48 units Very Low
Seniors
Disabled
(Low
Seniors)
2029
06/12/89
Multi-unit complex for elderly and
handicapped low income seniors. Section
202 program. Purchased property for
$400,000 from Agency.
G & K Management
Gabby Chavez
Head of Compliance
P.O. Box 3623
Culver City, CA 90231
3975 Overland
Avenue
(Studio Royale)
10 Very Low
19 Low
10 Mod
I Very Low
2 Low
Very Low
to Moderate
In
Perpetuity
In
Perpetuity
In
Perpetuity
12/10/2031
12/10/2031
Multi-unit complex for seniors. Agency
provided tax exempt financing of
$4,638,000.
Palm Court units transferred to Studio
Royale (3995 Overland).
Life Steps
5143 W. Washington Bl. #104
Los Angeles, CA 90016
5527-33 Kinston
Avenue
4— 2 bchm Low 3/29/2024?
03/29/94
Multi-unit complex for low income
households and rents not to exceed 30% of
60% AMI. Purchased property from Agency
Life Steps
5143 W. Washington BI. N104
Los Angeles, CA 90016
5539-45 Kinston
Avenue
4 — 2 bcirm Low 8/16/2024?
08/16/94
Multi-unit complex for low income
households and rents not to exceed 30% of
60% AMI. Purchased property from Agency
Home Ownership Made Easy
(HOME)
Norma Delgado, General Mgr
5601 W. Slauson Ave., Suite 180
Culver City, CA 90230
9743-45 and 9747-
9749 Braddock
4075 Lafayette Ave
Low (not to
exceed
80%)
Agreement to Lease 3 properties. All 5 units
for low income at affordable rents, Must
provide insurance yearly.
Grandview Palms
Attn: Jerry Katz
4061 Grandview Bl.
Los Angeles, CA 90066
4061 Grandview Bl.
Los Angeles, CA
90066
8 — low
11 — mod
2034
3/12/12
13 ATTACHMENT 1
2012 COVENANT MONITORING
EXHITBIT B
RECENTLY EXPIRED COVENANTS
Paul Guerrero
1517-17 th Street #1
Santa Monica, CA 90404
5428-34 Kinston
Avenue
2 — 2 bdrm Moderate 3 It', 1)11
05/1( ' 6
Multi-unit complex for moderate income
households and rent not to exceed FMR.
$100,000 grant
Irison Jones
P.O. Box 950641
Mission Hills, CA 90395
5603-09 Kinston
Avenue
2 — 2 bdrm Moderate 5,'I 640.1
05/16/96
Multi-unit complex for moderate income
households and rent not to exceed FMR.
$100,000 grant
Terri McGowan
5334 Kinston Avenue
Culver City, CA 90230
5334-40 Kinston
Avenue
2 —2 bdrm Moderate Y
07/18/96
Multi-unit complex for moderate income
households and rent not to exceed FMR.
$100,000 grant
Terri McGowan
5334 Kinston Avenue
Culver City, CA 90230
5344-50 Kinston
Avenue
2 — 2 bdrm Moderate " 'I. .(r`',2t1 -11
07/18/96
Multi-unit complex for moderate income
households and rent not to exceed FMR.
$100,000 grant
Janet Torres
P.O. Box 56025
Van Nuys, CA 91413
5504-10 Kinston
Avenue
2— 2 bdrm Moderate ,'7, 20 2011
08/20/96
Multi-unit complex for moderate income
households and rent not to exceed FMR.
$100,000 grant
William Bragg
5306 W. 57th St.
Los Angeles, CA 90056
Elizabeth Hyatt
P.O. Box 2445
Culver City, CA 90231
5528-34 Kinston
Avenue
5616-22 Kinston
Avenue
2 —2 bdrm
2 — 2 bdrm
Moderate
Moderate
i 3 2011
08/13/96
9 24,'2011
09/24/96
Multi-unit complex for moderate income
households and rent not to exceed FMR.
$100,000 grant
Multi-unit complex for moderate income
households and rent not to exceed FMR.
$100,000 grant.
UCP/Spastic Children
4222 Van Buren P1
Culver City, CA 90230
4222 Van Buren
Avenue
12— 1 bdrm
1 —2 bdrm
Low 11.'2412010 Group home for low income
developmentally physically handicapped.
Purchased from Agency for $60,000.
Mahesh Desai
5951 Smiley Drive
Culver City, CA 90232
5951 Smiley Drive 4 — 2 bdrm Low to
Moderate
fP242') 1t0
08/11113
Multi family complex for low-to-moderate
income households at affordable rents.
Purchased from Agency for $161,500.
Frank Perez
c/o Frank Navarro
4054 264th Ave NE
Redmond, WA 98053
9015 Hubbard
Avenue
4— 1 bdrm Low to
Moderate
i1Z4d20I
04/11/83
Multi family complex for low-to-moderate
income households. Loan of $75,000 for 15
years (completed)
3/12/12
14 ATTACHMENT I
2012 COVENANT MONITORING
Michael & Victoria Cruickshank : 5962 Smiley Drive 2 Low to i 1 '24 2010 Purchased duplex from Agency for
5962 IA Smiley Drive Moderate $109,000. Beginning 1986 @ $520 (no
Culver City, CA 90232 (no
students)
05/12/86 utilities AAF increase.
Debi Nayak
1918 Granville Avenue
5551-57 Kinston
Avenue
2 —2 bdmi Moderate li,t)y,,i0 201) Multi-unit complex for moderate income
households and rent not to exceed FMR.
Los Angeles, CA 90071 10/3, , ' ,5 $170,504.40 grant.
Asefaw Bereket
5579 Kinston Avenue
5575-81 Kinston
Avenue
2 —2 bdrm Moderate 1 (1- , -1:,,- 2010 Multi-unit complex for moderate income
households and rent not to exceed FMR.
Culver City, CA 90230 11/15/95 $100,000 grant. (Sulejmanagic)
New Directions 11303 Wilshire Blvd. Not less than 23 Very Low Not 1c Multi-unit complex for homeless veterans
Toni Reinis, Exec. Director — VA Bldg. 116 beds (15% of thao , , with an affiliation with Culver City.
11303 Wilshire Blvd. total) Nu \ 201:0 Received $750,000 grant from Housing Set
VA Bldg. 116 Aside funds.
Los Angeles, CA 90073
3/12/12
15 ATTACHMENT 2
RESOLUTION NO. 2012-HA
RESOLUTION OF THE CULVER CITY HOUSING AUTHORITY
APPROVING AND ACCEPTING THE TRANSFER OF CERTAIN ASSETS
AND OBLIGATIONS OF THE CITY OF CULVER CITY TO THE AUTHORITY
TO MEET EXISTING OBLIGATIONS SET FORTH IN A COOPERATION
AGREEMENT WITH THE CITY AND TO ACCOMPLISH OTHER
IMPORTANT PUBLIC PURPOSES.
7 WHEREAS, the City Council of the City of Culver City adopted the
8 Redevelopment Plan, as amended, for the Culver City Redevelopment Project, which
9 comprises Component Area Nos. 1, 2, 3 and 4 (the "Project Area"), which results in the
10 allocation of property taxes from the Project Area to the Culver City Redevelopment Agency
11 (the "Agency") for purposes of redevelopment; and
12 WHEREAS, pursuant to Section 33220 of the California Community
13 Redevelopment Law [Health and Safety Code Section 33000 et seq.], the City and Agency
14 entered into a Cooperation Agreement dated as of January 15, 2011 and related documents
15 (collectively, the "Agency-City Cooperation Agreement") to continue the effort to redevelop,
16 revitalize and/or eliminate blight in the Project Area to achieve the purposes and goals of the
17 Project Area and to provide for affordable housing, as appropriate and as authorized b
18 redevelopment law in effect at the time of approval of the Agency-City Cooperation
19 Agreement; and
20 WHEREAS, certain property, assets and obligations of the Agency, including
21 property, assets and obligations associated with the housing activities of the Agency, have
22 been transferred to the City in order to allow the City to appropriately complete redevelopmen
23 projects and other related activities as set forth in the Agency-City Cooperation Agreement;
24 and
25 WHEREAS, pursuant to Sections 33220 and 33200 of the Community
26 Redevelopment Law, Section 34312.5 of California's Housing Authorities Law [Health &
27 Safety Code §§34200, et seq.] and Section 34509 of California's Housing Cooperation Law
28
I
2
3
4
5
6
16 ATTACHMENT 2
1 [Health & Safety Code §§34500, et seq], the City and the Culver City Housing Authority (the
2 "Authority") entered into a Cooperation Agreement dated as of January 30, 2012 (the "City-
3 Authority Cooperation Agreement") to provide for the Authority's implementation of certain low
4 and moderate income housing projects and programs set forth in the Agency-City
5 Cooperation Agreement; and
6 WHEREAS, the Authority hereby finds it necessary and appropriate to accep
7 the transfer of the Real Property, the Other Assets and the Obligations, all as described
8 below, from the City to the Authority in order to allow the Authority to appropriately complete
9 the housing projects and other related activities as set forth in the City-Authority Cooperation
10 Agreement; and
11 WHEREAS, pursuant to Section 15301 of the State CEQA Guidelines, the
12 transfer of the Real Property, the Other Assets and the Obligations is exempt from
13 environmental review under CEQA because the transfer will result in a continuation of an
14 existing facility involving no expansion of use and is therefore exempt from environmental
15 review, and any future development for the Real Property and the Other Assets will require
16 separate environmental review; and
17 WHEREAS, the transfer of the Real Property, Other Assets, and Obligations o
18 the City to the Authority will accomplish the public purposes of implementing the
19 Redevelopment Plan for the Project Area and achieving the goals and purposes of such Plan,
20 sustaining the redevelopment accomplished by the implementation of the Plan, increasing,
21 improving and preserving the community's supply of affordable housing, obtaining the benefits
22 for the Authority of the housing uses to which the assets will be put, enforcing the existing
23 covenants, contracts and other obligations arising from said projects, and carrying out and
24 achieving the goals and purposes of the Agency-City Cooperation Agreement and the City-
25 Authority Cooperation Agreement; and
26
27
28
-2-
17 ATTACHMENT 2
1 WHEREAS, the transfer of the Real Property and the Other Assets of the City to
2 the Authority is expressly authorized by the Housing Cooperation Law, including but not
3
4 WHEREAS, all other legal prerequisites to the adoption of this Resolution have
5 11 occurred.
6 NOW THEREFORE, the Culver City Housing Authority Board DOES HEREBY
7
8 1_ The Authority Board has received and heard all oral and written objections to
9 matters pertaining to this transaction, and all such oral and written objections are hereby
10 overruled.
11
12 II are true and correct.
13 3. The Authority Board hereby approves and accepts the transfer of the Real
14 Property and the Other Assets for use by the Authority for housing purposes consistent with
15 the City-Authority Cooperation Agreement and related documents for ongoing efforts t
16 increase, improve and preserve housing that is affordable to low and moderate income
17 persons and families and for other public purposes:
18 (a) The real property which is the subject of this Resolution consists o
19 the real property located in the City of Culver City, County of Los Angeles, State of California
20 associated with the housing projects described in the City-Authority Cooperation Agreement,
21 including but not limited to the real property described in the Schedule of Real Property
22 attached hereto (Attachment No. 1) (collectively, the "Real Property"); and
23 (b) The other assets which are the subject of this Resolution are the
24 leases, promissory notes, agreements and other rights of the City to receive payment of funds
25 and/or other consideration associated with the housing projects described in the City-Authority
26 Cooperation Agreement, including but not limited to the leases, promissory notes and
27 agreements described in the Schedule of Other Assets attached hereto (Attachment No. 2)
28
-3-
18
limited to Section 34510; and
RESOLVE, as follows:
2. The Authority Board hereby finds and determines that the foregoing recitals ATTACHMENT 2
1 and the cash accounts associated with the housing projects and programs described in the
2 City-Authority Cooperation Agreement (collectively, the "Other Assets"), other than the City's
3 rights to receive payment or recapture of funds and/or other consideration relating to funds
4 provided through the HOME Investment Partnerships Program, which rights shall remain with
5 the City.
B 4. The Authority Board hereby approves of and authorizes an assignment by
7 the City to the Authority of the City's rights and obligations under any and all agreements
8 relating to the housing projects and programs described in the City-Authority Cooperation
9 Agreement (the "Obligations"), other than the City's rights and obligations in connection with
10 any funds provided through the HOME Investment Partnerships Program, which rights and
11 obligations shall remain with the City.
12 5. The Authority Board hereby approves and ratifies any and all previous
13 transfers to the Authority of any portion of the Real Property, the Other Assets and the
14 Obligations.
15 6. The Executive Director or designee is hereby authorized and directed to take
16 all reasonable and necessary actions and sign on behalf of the Authority all reasonable and
17 necessary documents and instruments first approved in writing by the Authority's General
18 Counsel to accept the transfer of the Real Property, the Other Assets and the Obligations
19 from the City to the Authority.
20 7_ The Authority authorizes and directs the Secretary or designee to execute
21 the Certificates of Acceptance of the deeds for the transfer of ownership of the Real Property
22 from the City to the Authority upon preparation and subject to prior written approval of the
23 Authority's General Counsel.
24 / / /
25 /1/
26 1/1
27 III
28
-4-
19 APPROVED AS TO FORM:
) tisatrirl e im
i... A. S WAR, Housing Authority 5 51
Counsel
ATTACHMENT 2
8. This Resolution shall take effect immediately upon its adoption.
APPROVED AND ADOPTED, this day of ,2012.
ANDREW WEISSMAN, Chairperson
Culver City Housing Authority
ATTEST:
MARTIN R. COLE, Secretary
Al 2-00403
18
19
20
21
22
23
24
25
26
27
28
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20
I
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17 ATTACHMENT 2
ATTACHMENT NO. 1
SCHEDULE OF REAL PROPERTY
Address Parcel Number(s) Description
4031-4035 Jackson Avenue 4209-001-903 9 unit very-low, low, and
moderate income multi-
family housing
4044-4068 Globe Avenue 4233-033-014 DDA executed with Habitat
4233-033-003 for Humanity for the creation
4233-033-004 9 affordable ownership units
4233-033-005
4233-033-006
4233-033-007
4233-033-008
9743-49 Braddock/4075 4207-008-914-916 Group Home for 6 very-
Lafayette low and low-income
persons with
developmental disabilities
21 ATTACHMENT 2
ATTACHMENT NO. 2
SCHEDULE OF OTHER ASSETS
Mortgage Assistance Program (MAP) Loan payments - Exhibit A
Affordability Income and Rent Restriction Covenants — Exhibit B
Jackson Avenue Rent Proceeds
Housing Set Aside Deferrals
ERAF Loan Payment
Tilden Terrace Land Proceeds
Tilden Terrace Residual Receipts
Globe Avenue Project Mortgage Proceeds
Culver Terrace Mobile Home Park Loan Payment
22 MORTGAGE ASSISTANCE PROGRAM
ATTACHMENT 2
PARTICIPANTS
EXHIBIT A
# NAME ADDRESS
COVENANT
SIGNED
COVENANT
. -
LENGTH
- COVENANT
TYPE
COVENANT
EXPIRATION
LOAN
AMOUNT COMMENTS
M000 .1 5900 Canterbury Dr. #8114 03102/1994 20 years Maintenance & Resale Coy. 03/02/2014 $12,750.00 Paid 2/23/99
M0002 11505 McDonald St. 05/04/1994 20 years Maintenance & Resale Coy, 05/04/2014 $32,625.00 Foreclosure 316/97
M0003 5005 Maytime Lane 06/09/1994 20 years Maintenance & Resale Cov. 06/09/2014 $21,000.00
M0004 3105 Raintree Circle #1 06/27/1994 20 years Maintenance & Resale Coy. 06/27/2014 $16,200.00 Paid 11/3/98
M0005 4133 Harter Ave. 07/15/1994 20 years Maintenance & Resale Coy. 07/15/2014 $27,000.00 Paid 4/28/98
M0006 5651 Windsor Way #304 08/29/1994 20 years Maintenance & Resale Cov. 08/29/2014 $12,000.00 Paid 6/19/01
M0007 4304 Duquesne Ave. 08/30/1994 20 years Maintenance & Resale Coy. 08/30/2014 $27,000.00 Paid 1/6199
M0008 6000 Canterbury Dr. #208D 09/13/1994 20 years Maintenance & Resale Coy. 09/13/2014 $15,750.00 Paid/Sold 10/18/05 to Fluelien. Eq Sh 12/12/05
M0009 4818 Hollow Corner Rd. #168 09/28/1994 20 years Maintenance & Resale Coy. 09/28/2014 $13,950.00 Paid/Sold 2/10/99 to Noble? Foreclosed
MONO 10731 Oregon Ave. 10/17/1994 20 years Maintenance & Resale Cov. 10/17/2014 $22,500.00
M0011 5215 Sepulveda 81. #26C 11/28/1994 20 years Maintenance & Resale Cov. 11/28/2014 $23,400.00 Paid 11/27/01
M0012 6000 Canterbury Dr. #316D 10/25/1994 20 years Maintenance & Resale Coy. 10/25/2014 $11,985.00 Foreclosure 5/28/98
M0013 5815 Doverwood Dr. #6 02/03/1995 20 years Maintenance & Resale Cov. 02/03/2015 $20,700.00 Paid/Sold 12/20/00 to Malicdem M082
M0014 5451 Overland Ave. 02/01/1995 20 years Maintenance & Resale Coy. 02/01/2015 $21,075.00 Paid 7/18/02
M0015 11221 Hannum Ave. 07/18/1995 20 years Maintenance & Resale Coy. 07/18/2015 $27,000.00
M0016 3234 Roberts Ave. 03/23/1995 20 years Maintenance & Resale Cov. 03/23/2015 $24,600.00 Foreclosure 7/1/98
M0017 5007 Stoney Creek Rd. #329 09/25/1995 20 years Maintenance & Resale Coy. 09/25/2015 $11,850.00 Paid 8/11/99
M0018 10845 Garfield Ave. 07/18/1995 20 years Maintenance & Resale Coy. 07/18/2015 $21,500.00 Paid 5/25/99
M0019 4207 Neosho 07/10/1995 20 years Maintenance & Resale Cov. 07/10/2015 $24,750.00 Paid 6/24/08
M0020 5950 Canterbury Dr. #C113 07/31/1995 20 years Maintenance & Resale Cov. 07/31/2015 $17,010.00 Paid 11/30/01
M0021 5950 Canterbury Dr. #C205 08/25/1995 20 years Maintenance & Resale Coy. 08/25/2015 $10,650.00 Paid 7/2/04
M0022 3401 Cattaraugus Ave. 08/28/1995 20 years Maintenance & Resale Coy. 08/28/2015 825,500.00 Paid 2/10/99
M0023 11237 Braddock Dr. 09/12/1995 20 years Maintenance & Resale Coy. 09/12/2015 $25,500.00 Paid 3/24/97
M0024 3410 Fay Ave. 09/11/1995 20 years Maintenance & Resale Coy. 09/11/2015 $24,300.00 Paid 5/5/03
M0025 4830 Hollow Corner Rd. #189 10/04/1995 20 years Maintenance & Resale Coy. . 10/04/2015 $10,900.00
M0026 4828 Hollow Corner Rd. #190 12/21/1995 20 years Maintenance & Resale Coy. 12/21/2015 $14,700.00 Paid 1/04?
M0027 11256 Franklin Ave. 01/12/1996 20 years Maintenance & Resale Coy. 01/12/2016 $25,500.00 Paid/Equity Shared 1/26/04
M0028 6505 Green Valley Circle #301 .03/07/1996 20 years Maintenance & Resale Coy. 03/07/2016 $15,150.00 Paid 9/7105. Equity Shared 1/31/06
M0029 5427 Emporia Ave. 02/16/1996 20 years Maintenance & Resale Coy. 02/16/2016 $29,550.00 Paid 6/20/01
M0030 4362 Huntley Ave. 03/06/1996 20 years Maintenance & Resale Cov. 03/06/2016 $28,500.00 Paid/Sold 12/1/99 to April Leung
M0031 3439 McManus Ave. 03/2011996 20 years Maintenance & Resale Coy. 03/20/2016 $16,725.00 Paid 10/18/01
23 MORTGAGE ASSISTANCE PROGRAM
ATTACHMENT 2
PARTICIPANTS
EXHIBIT A
#
—
NAME ADDRESS
COVENANT
SIGNED
COVENANT
LENGTH
COVENANT
TYPE
COVENANT
EXPIRATION
LOAN
_ . AMOUNT . COMMENTS
M0032 3900 Lenawee Ave. #2 06/18/1996 20 years Maintenance & Resale Cov. 06/18/2016 $14,250.00 Paid 2/20/03
M0033 3594 Wesley St. 05/02/1996 20 years Maintenance & Resale Cov. 05/02/2016 $24,000.00 Paid 413/97
M0034 6124 Buckingham Parkway #205 04/26/1996 20 years Maintenance & Resale Cov. 04/26/2016 $17,400.00 Paid 8/16/99
M0035 5236 Emporia Ave. 06/18/1996 20 years Maintenance & Resale Cov. 06/18/2016 $30,750.00 Paid 8/29/02
M0036 3042 Reid Ave, 08/30/1996 20 years Maintenance & Resale Cov. 08/30/2016 $21,750.00 Paid 3/20/03
M0037 4363 Globe Ave. 08/09/1996 20 years Maintenance & Resale Cov. 08/09/2016 $27,000.00 Paid/Sold 1/22/02 to Sulkin M089. Eq Sh 8/31/09
M0038 3836 Bentley Ave. #1 03/03/1997 20 years Maintenance & Resale Coy. 03/03/2017 $14,600.00 Paid 8/7/98. Equity Shared 1/3/07
M0039 5035 Maytime Lane 09/12/1996 20 years Maintenance & Resale COv. 09/12/2016 $23,400.00 Paid 11/21/02
M0040 5900 Canterbury Dr. #A211 10/15/1996 20 years Maintenance & Resale Cov. 10115/2016 $10,275.00 Paid 3/12/02
M0041 4056 Jackson Ave. #6 11/1411996 20 years Maintenance & Resale Coy. 11/14/2016 $24,000.00 Paid 4/22/03
M0042 3948 Bentley Ave. #104 12/02/1996 20 years Maintenance & Resale Cov. 12/02/2016 $21,750.00 Paid 11/26/01
M0043 5405 Slauson Ave. 12/18/1996 20 years Maintenance & Resale Cov. 12/18/2016 $28,650.00 Paid/Sold 6/5/03 to Rodriguez. Eq Sh 10/25/04
M0044 6001 Canterbury Dr. #103 12/11/1996 20 years Maintenance & Resale Cov. 12/11/2016 $13,350.00
M0045 11022 Culver BI. 03/144997 20 years Maintenance & Resale Coy. 03/14/2017 $25,950.00 Paid 11/15/99
M0046 5017 Butterfield Court 04/15/1997 20 years Maintenance & Resale Cov. 04/15/2017 $31,500.00
M0047 5901 Canterbury Dr. #16 05/30/1997 20 years Maintenance & Resale Cov. 05/30/2017 $10,700,00 Paid 5/7/02
M0048 11028 Braddock Dr, 07/14/1997 20 years Maintenance & Resale Coy. 07/14/2017 $28,500.00 Paid 8/16/02
M0049 4450 Benda St. 08/18/1997 20 years Maintenance & Resale Cov. 08/18/2017 $28,615.00 Paid 4/15/03
M0050 5900 Canterbury Dr. #A319 08/12/1997 20 years Maintenance & Resale Coy. 08/12/2017 $16,500.00 Paid 5/6102
M0051 4104 Summertime Lane 09/03/1997 20 years Maintenance & Resale Cov. 09/03/2017 $11,175.00 Paid 5/9/03
M0052 4900 Overland Ave. #109 09/10/1997 20 years Maintenance & Resale Cov. 09/10/2017 $12,000.00 Paid 11/15/99. Sold-Forecl but paid off 12/27/01
M0053 7304 Summertime Lane 11/21/1997 20 years Maintenance & Resale Coy. 11/21/2017 $13,950.00 Paid 4/1/02. Equity Shared 7/27/05
M0054 4915 Indian Wood Rd. #603 12/31/1997 20 years Maintenance & Resale Coy. 12/31/2017 $11,478.00 Paid 4/21/04
M0055 5870 Green Valley Circle #319 12/18/1997 20 years Maintenance & Resale Coy. 12/18/2017 $13,800.00 Paid 2/25/04
M0056 5950 Buckingham Parkway #410 02/05/1998 20 years Maintenance & Resale Cov. 02/05/2018 $14,400.00 Paid 3/13/03. Equity Shared 10/09
M0057 4116 Harter Ave. 06/03/1998 20 years Maintenance & Resale Coy. 06/03/2018 633,750.00 Paid 3/18/03
M0058 5001 Stoney Creek Rd. #353 06/12/1998 20 years Maintenance & Resale Cov. 06/1212018 $13,500.00 Paid 5/1/00
M0059 5950 Buckingham Parkway #403 08/06/1998 20 years Maintenance & Resale Coy. 08/06/2018 $16,500.00 Paid 10/28/99
M0060 3948 Bentley Ave. #102 11/19/1998 20 years Maintenance & Resale Cov. 11/19/2018 $33,900.00 Paid 7/19/02
M0061 3341 Helms Ave. 09/23/1998 20 years Maintenance & Resale Coy. 09/23/2018 $31,125.00 Paid 11/11/0. Equity Shared 8/2/03
M0062 5625 Sumner Way #111 11/25/1998 20 years Maintenance & Resale Coy. 11/25/2018 $19,500.00 Paid 5/27/03
24 MORTGAGE ASSISTANCE PROGRAM
ATTACHMENT 2
PARTICIPANTS
EXHIBIT A
NAME # ADDRESS
COVENANT
SIGNED
r, •
COVENANT
LENGTH
COVENANT
TYPE
COVENANT
EXPIRATION
LOAN
AMOUNT COMMENTS
M0063 5027 Overland Ave. 01/26/1999 20 years Maintenance & Resale Coy. 01/26/2019 $39,000.00 Paid 3/3/03
M0064 6525 Green Valley Circle #212 02/15/1999 20 years Maintenance & Resale Cov. 02/15/2019 $20,250,00 Paid 11/13/02
M0065 5116 Westwood Bl. 03/09/1999 20 years Maintenance & Resale Coy. 03/09/2019 $40,000.00 Paid 612/03
M0066 5950 Buckingham Parkway #404 04/26/1999 20 years Maintenance & Resale Coy. 04/26/2019 $17,250.00 Paid 8/26/05. Equity Shared 8/26/05
M0067 6050 Canterbury Dr, #F122 04/27/1999 20 years Maintenance & Resale Cov. 04/27/2019 $12,600,00 Paid/Sold 10/4/01 to Bevis
M0068 6000 Canterbury Dr. #D111 06/19/1999 20 years Maintenance & Resale Cov. 06/19/2019 $13,050.00 Paid/Sold 4/17/02 to Turner M0110
M0069 5845 Doverwood Dr. #209 07/07/1999 20 years Maintenance & Resale Coy. 07/07/2019 $16,875.00 Paid 4/27/07. Equity Shared 4/10/07
M0070 6375 Green Valley Circle #206 07/23/1999 20 years Maintenance & Resale Coy. 07/23/2019 $17,250.00 Paid/Sold 516/02 to Penland M0115
M0071 6315 Green Valley Circle #202 11/19/1999 20 years Maintenance & Resale Coy. 11/19/2019 $23,550.00 Paid 12/19/02
M0072 5900 Canterbury Dr. #A101 12/22/1999 20 years Maintenance & Resale Coy. 12/22/2019 $20,100.00 Paid/Sold 2/6/03 to Oden M0122
M0073 6225 Canterbury Dr. #108 02/18/2000 20 years Maintenance & Resale Coy. 02/18/2020 $21,300.00
M0074 5005 Stoney Creek Rd. #437 04111/2000 20 years Maintenance & Resale Cov. 04/11/2020 $18,750.00 Paid/Equity Shared 6/14/05
M0075 6050 Canterbury Dr. #E119 05102/2000 20 years Maintenance & Resale Coy. 05/02/2020 $24,525.00 Paid 10/25/06. Equity Shared 10/17/06
M0076 6375 Green Valley Circle #302 05/22/2000 20 years Maintenance & Resale Coy. 05122/2020 $19,360.00 Paid 10/14/09. Equity Shared 4/14/09
M0077 4112 Raintree Circle 05/31/2000 20 years Maintenance & Resale Cov. 05/31/2020 $20,400.00 Paid 1/16104
M0078 6050 Canterbury Dr. #F311 09/28/2000 20 years Maintenance & Resale Coy. 09/28/2020 $17,400.00 Paid 4/1/02
M0079 3610 Helms Avenue 09/29/2000 20 years Maintenance & Resale Coy. 09/2912020 $30,000.00
BEGIN 10 YR COVENANT
M0080 6355 Green Valley Circle #303 10/3112000 10 years Maintenance & Resale Cov. 10/31/2010 $30,400.00 Paid/Equity Shared 8111/04
M0081 11116 Matteson Avenue 10/27/2000 10 years Maintenance & Resale Coy. 10/27/2010 849,040.00
M0082 5815 Doverwood Drive #6 11/10/2000 10 years Maintenance & Resale Cov. 11/10/2010 $35,980.00 Paid 9/2/03, bought Becraft M013, sold to Kobler
M0083 . 4840 Hollow Corner Rd. #422 11/13/2000 • 10 years Maintenance & Resale Coy. 11/13/2010 $28,600.00 Paid 1/19/05
M0084 5950 Buckinipham Parkway #412 11/20/2000 10 years Maintenance & Resale Cov. 11/20/2010 $21,000.00 Paid 9/2/03
M0085 5245 Slauson Avenue 12/01/2000 10 years Maintenance & Resale Cov. 12/01/2010 $55,000.00 Paid 1/22/03
M0086 3430 Sherbourne Drive 12/04/2000 10 years Maintenance & Resale Cov. 12/04/2010 $60,000.00 Paid 6/26/03
M0087 6375 Green Valley Circle #306 12118/2000 10 years Maintenance & Resale Coy. 12/18/2010 $31,900.00 Paid 6/26/03
M0088 5815 Doverwood Drive #33 12/29/2000 10 years Maintenance & Resale Cov. 12/29/2010 $34,600.00
M0089 3109 Summertime Lane 01/30/2001 10 years Maintenance & Resale Gov. 01/30/2011 $25,000.00 Paid/Sold 11/27/01 to Noratto M0103
M0090 6151 Canterbury Dr. #108 03/16/2001 10 years Maintenance & Resale Cov. 03/16/2011 $32,000.00
M0091 5215 Sepulveda Boulevard #9D 04/17/2001 10 years Maintenance & Resale Cov. 04/17/2011 $53,700.00
M0092 4802 Hollow Corner Rd. #220 05/11/2001 10 years Maintenance & Resale Coy. 05/11/2011 $27,980.00 Paid 3/18/03
25 MORTGAGE ASSISTANCE PROGRAM
ATTACHMENT 2
PARTICIPANTS
EXHIBIT A
# ADDRESS
COVENANT
SIGNED
COVENANT
LENGTH
COVENANT
TYPE
COVENANT
EXPIRATION
LOAN
AMOUNT COMMENTS
M0093 4236 Tuller Ave. 06/04/2001 10 years Maintenance & Resale Cov. 06/0412011 $59,000,00 Paid 4113/04
M0094 NO SALE 06/14/2001 10 years Maintenance & Resale Cov. 06/14/2011 $23,000,00 Sale fell through
M0095 5625 Sumner Way #107 06/28/2001 10 years Maintenance & Resale Cov. 06/28/2011 $40,540.00
M0096 5650 Sumner Way #304 07/10/2001 10 years Maintenance & Resale Cov. 07/10/2011 $27,800.00 Paid/Sold 9/29/04 to Neves-Cole
M0097 3969 Globe Ave. 08/21/2001 10 years Maintenance & Resale Cov. 08/21/2011 $60,000.00
M0098 5651 Sumner Way #203 08/15/2001 10 years Maintenance & Resale Cov. 08/15/2011 $27,000.00 Paid 12/19/06. Equity Shared 4/8/08
M0099 4047 Sawtelle Blvd. 10/11/2001 • 10 years Maintenance & Resale Cov. 10/11/2011 $60,000.00
M0100 6001 Canterbury Drive #307 10/18/2001 10 years Maintenance & Resale Coy. 10/18/2011 $41,500.00
M0101 4842 Hollow Corner Rd. #307 10/24/2001 10 years Maintenance & Resale Cov. 10/24/2011 $37,600.00
M0102 6050 Canterbury Dr. #E117 10/30/2001 10 years Maintenance & Resale Coy. 10/30/2011 $37,400.00
M0103 3109 Summertime Lane 11/05/2001 1,0 years Maintenance & Resale Coy. 11/05/2011 $26,800.00 Paid 6/2/04
M0104 10112 Summertime Lane 11/05/2001 10 years Maintenance & Resale Cov. 11/05/2011 $29,400.00 Paid 3/3/04. Equity Shared 5/3/04
M0105 6199 Canterbury Dr, #202 11/05/2001 10 years Maintenance & Resale Cov. 11/05/2011 $39,000.00
M0106 5306 Summertime Lane 11/08/2001 10 years Maintenance & Resale Cov. 11/08/2011 $46,000.00 Paid/Equity Shared 3110/04
M0107 4900 Overland Avenue #205 11/12/2001 10 years Maintenance & Resale Cov. 11/12/2011 $31,800.00
M0108 6305 Green Valley Circle #303 11/26/2001 10 years Maintenance & Resale Cov. 11/26/2011 $38,000.00
M0109 5845 Doverwood Dr. #316 12/2112001 10 years Maintenance & Resale Cov. 12/21/2011 $39,000.00 Paid/Equity Shared 11/15/04
M0110 6000 Canterbury Dr. #D111 04/12/2002 10 years Maintenance & Resale Cov. 04/12/2011 $28,000.00 bought Marks M068
M0111 6000 Canterbury Dr. #D306 12/19/2001 10 years Maintenance & Resale Coy. 12/19/2011 $29,000.00
M0112 5845 Doverwood Dr. #201 01/23/2002 10 years Maintenance & Resale Cov. 01/23/2012 $48,000.00
M0113 4211 Summertime Lane 03/12/2002 10 years Maintenance & Resale Cov. 03/12/2012 $36,400.00
M0114 6151 Canterbury Dr. #208 03/12/2002 10 years Maintenance & Resale Cov. 03/12/2012 $48,400.00 Paid 1014/05
M0115 6375 Green Valley Circle #206 05/01/2002 10 years Maintenance & Resale Cov. 05/01/2012 $25,000.00 bought Scarborough M070, Paid/Eq Sh 6/14/04
M0116 5870 Green Valley Circle #213 07/10/2002 45 years Maintenance & Resale Coy. 07/10/2047 $37,000.00 Paid/Sold 8/23/04 to fiamemily(spellinq?)
M0117 6515 Green Valley Circle #106 07/24/2002 45 years Maintenance & Resale Cov. 07124/2047 $49,000.00 Paid/Equity Shared 7/22/11
M0118 4919 Indian Wood Rd. #395 09/05/2002 45 years Maintenance & Resale Cov. 09/05/2047 $39,000.00
M0119 6151 Canterbury Dr. #205. 09/17/2002 45 years Maintenance & Resale Coy. 09/17/2047 $43,800.00 Paid/Equity Shared 9/28/10
M0120 6050 Canterbury Dr. #E219 10/31/2002 45 years Maintenance & Resale Cov. 10/31/2047 $50,860.00
M0121 5901 Canterbury Dr. #5 10/30/2002 45 years Maintenance & Resale Cov. 10/30/2047 $31,000.00 Paid/Equity Shared 11/14/06
M0122 5900 Canterbury Dr. #A101 12/20/1999 20 years Maintenance & Resale Cov. 12/20/2019 $47,000.00 bought Correy M072
26 5910 Canterbury Dr. #9 M0123
M0124
M0125
MORTGAGE ASSISTANCE PROGRAM
ATTACHMENT 2
PARTICIPANTS
EXHIBIT A
COVENAN11 cpyRNAto.
COVENANT
COVENANT LOAN
TYPE
EXPIRATION •.'AMOUNT
03118/2003 45 years Maintenance & Resale Coy. 03/18/2048 $37,800.00
6050 Canterbury Dr. #F306 05/12/2003 45 years Maintenance & Resale Cov. 05/12/2048 $55,800.00
6575 Green Valley Circle #214 10/28/2003 45 years Maintenance & Resale Cov. 10/28/2048 $52,800.00
27
COMMENTS ATTACHMENT 2
2012 COVENANT MONITORING
EXHITBIT B
-MAILED COMMENTS Owner Address # or Units Income
Level
Covenant
Expires
Description
CCRA 4031-35 Jackson 9 —2 bdrm Low to Originally Multi-family complex for low-to-moderate
c/o DW Properties Avenue Moderate 11/24/10 income households, Purchased by CCRA in
12240 Venice Blvd. #23 2002 for $1,010,000.
Los Angeles, CA 90066
Tina and Anthony Mollica 8692 Washington 10 Singles Low 10 sgl-Low 7/28/2027 Multi-family complex for low-to-moderate
3928 Van Buren Avenue Blvd. 6 1 bdmt Mod 1 bd-Mod income households at affordable rents.
Culver City, CA 90230 4 Singles Mod 4 sgl-Mod Received total of $329,000 in loans from
10/06/96 Agency.
Kayne/ERAS Center
8740 Washington Blvd.
11124 Fairbanks Way 6 units Low to
Moderate
1/7/2031 Group home for low-to-moderate income
developmentally disabled at affordable rents.
Culver City, CA 90232 10/01/90 Received $319,211 grant.
Exceptional Children Foundation 10918 Barman 6 units Low to 2/13/2031 Group home for low-to-moderate income
Attn: Scott Bowling Avenue Moderate developmentally disabled at affordable rents.
8740 Washington B1 Received $390,500 for purchase of property.
Culver City, CA 90230 02/11/91
Home Ownership Made Easy 10181 Braddock 6 units Low to 4/22/2032 Group home for low-to-moderate income
(HOME) Drive/4180 Jasmine Moderate developmentally disabled at affordable rents.
Norma Delgado, General Mgr Avenue Purchased property from Agency for
5601 W. Slauson Ave., Suite 180 $412,250.
Culver City, CA 90230 04/20/92
Caroline House Corp.
Norma Delgado, General Mgr
3434 Caroline
Avenue
3 bdnn Low 12/11/2030 Group home for low income at a total house
rent no more than $781. Purchased from
5601 W. Slauson Ave., Suite 180 Agency with a forgivable loan of $91,500.
Culver City, CA 90230
Jovita Cardenas
4178 Center Street
4178 Center Street 1 unit Low (not to
exceed
2013 Density and other bonus (DOBI) for
household up to 80% median at a rent of
Culver City, CA 90230 80%) $563 (AAF). Restricted to one person
household.
Rotary Plaza 5100 Overland 100 units Very Low 2006 sale Multi-unit complex for up-to-low income
do Gloria Caster, Regional Mgr Avenue Seniors seniors. Purchased property for $800,000
3/12/12
28 ATTACHMENT 2
2012 COVENANT MONITORING
EXHITBIT B
Retirement Housing Foundation
911 No. Studebaker Road
Long Beach, CA 90815
Disabled
(Low
Seniors)
2022
income
from Agency. Must submit HUD forms.
Menorah Housing Foundation
10991 W. Pico B1
Los Angeles, CA 90064
5166 Sepulveda
Blvd.
48 units Very Low
Seniors
Disabled
(Low
Seniors)
2029
06/12/89
Multi-unit complex for elderly and
handicapped low income seniors. Section
202 program. Purchased property for
$400,000 from Agency.
G & K Management
Gabby Chavez
Head of Compliance
P.O. Box 3623
Culver City, CA 90231
3975 Overland
Avenue
(Studio Royale)
10 Very Low
19 Low
10 Mod
1 Very Low
2 Low
Very Low
to Moderate
In
Perpetuity
In
Perpetuity
In
Perpetuity
12/10/2031
12/10/2031
Multi-unit complex for seniors. Agency
provided tax exempt financing of
$4,638,000.
Palm Court units transferred to Studio
Royale (3995 Overland).
Life Steps
5143 W. Washington 131. #104
Los Angeles, CA 90016
5527-33 Kinston
Avenue
4 —2 bdrm Low 3/29/2024?
03/29/94
Multi-unit complex for low income
households and rents not to exceed 30% of
60% AM1. Purchased property from Agency
Life Steps
5143 W. Washington Bl. #104
Los Angeles, CA 90016
5539-45 Kinston
Avenue
4 — 2 bdrm Low 8/16/2024?
08/16/94
Multi-unit complex for low income
households and rents not to exceed 30% of
60% AML Purchased property from Agency
Home Ownership Made Easy
(HOME)
Norma Delgado, General Mgr
5601 W. Slauson Ave., Suite 180
Culver City, CA 90230
9743-45 and 9747-
9749 Braddock
4075 Lafayette Ave
Low (not to
exceed
80%)
Agreement to Lease 3 properties. All 5 units
for low income at affordable rents. Must
provide insurance yearly.
Grandview Palms
Attn: Jerry Katz
4061 Grandview 131.
Los Angeles, CA 90066
4061 Grandview Bt.
Los Angeles, CA
90066
8— low
11 — mod
2034
3/12/12
29 ATTACHMENT 2
2012 COVENANT MONITORING
EXHITBIT B
RECENTLY EXPIRED COVENANTS
Paul Guerrero
1517-17 th Street #1
Santa Monica, CA 90404
5428-34 Kinston
Avenue
2 - 2 bdrm Moderate ,.7; t tv)44,A.
05/10 96
Multi-unit complex for moderate income
households and rent not to exceed FMR,
$100,000 grant
Irison Jones
P.O. Box 950641
Mission Hills, CA 90395
5603-09 Kinston
Avenue
2 -2 bdrm Moderate 5 ! !'+'Thf 1:
05/1 ,, ' 6
Multi-unit complex for moderate income
households and rent not to exceed FMR.
$100,000 rant
Terri McGowan
5334 Kinston Avenue
Culver City, CA 90230
5334-40 Kinston
Avenue
2 - 2 bdrm Moderate 71 S/201
07/18/96
Multi-unit complex for moderate income
households and rent not to exceed FMR.
$100,000 grant
Terri McGowan
5334 Kinston Avenue
5344-50 Kinston
Avenue
2 - 2 bcirm Moderate - 1S 2011 Multi-unit complex for moderate income
households and rent not to exceed FMR.
Culver City, CA 90230 07/18/96 $100,000 rant
Janet Torres
P.O. Box 56025
5504-10 Kinston
Avenue
2 - 2 bdrm Moderate '; 20 2011 Multi-unit complex for moderate income
households and rent not to exceed FMR.
Van Nuys, CA 91413 08/20/96 $100,000 grant
William Bragg
5306 W. 57th St.
5528-34 Kinston
Avenue
2 - 2 bdrm Moderate mew Multi-unit complex for moderate income
households and rent not to exceed FMR.
Los Angeles, CA 90056 08/13/96 $100,000 rant
Elizabeth Hyatt
P.O. Box 2445
5616-22 Kinston
Avenue
2 - 2 bdrm Moderate ,-) -24/ _'01- 1. Multi-unit complex for moderate income
households and rent not to exceed FMR.
Culver City, CA 90231 09/24/96 $100,000 grant.
UCP/Spastie Children 4222 Van Buren 12- 1 bdrm Low 1 704 2( 1 1(f Group home for low income
4222 Van Buren P1 Avenue 1 -2 bdrm developmentally physically handicapped.
Culver City, CA 90230 Purchased from Agency for $60,000,
Mahesh Desai
5951 Smiley Drive
5951 Smiley Drive 4 - 2 bdrm Low to
Moderate
4 , 2010 Multi-family complex for low-to-moderate
income households at affordable rents.
Culver City, CA 90232
no 'i I 1 ;3 Purchased from A enc for $161 500.
Frank Perez 9015 Hubbard 4- 1 bdrm Low to ,11 24 2010 Multi-family complex for low-to-moderate
c/o Frank Navarro Avenue Moderate income households. Loan of $75,000 for 15
4054 264th Ave NE 04/11/83 years (completed)
Redmond, WA 98053
3/12/12
30 ATTACHMENT 2
2012 COVENANT MONITORING
Michael & Victoria Cruickshank
5962
1/2
Smiley Drive
Culver City, CA 90232
5962 Smiley Drive 2 Low to
Moderate
(no
students)_
, 0 Purchased duplex from Agency for
$109,000. Beginning 1986 @ $520 (no
utilities AAF increase. 05112/86
Nayak
1918 Granville Avenue
5551-57 Kinston
Avenue
2 — 2 bdrm Moderat .7_11 +3 Multi-unit complex for moderate income
households and rent not to exceed FMR.
Los Angeles, CA 90071 10/30/95 $170,504.40 grant.
Asefaw Bereket
5579 Kinston Avenue
5575-81 Kinston
Avenue
2 — 2 bdrm Moderate M:2010 Multi-unit complex for moderate income
households and rent not to exceed FMR.
Culver City, CA 90230 11/15/95 $100,000 grant. (Sulejmanagic)
New Directions 11303 Wilshire Blvd. Not less than 23 Very Low Multi-unit complex for homeless veterans
Toni Reinis, Exec. Director — VA Bldg. 116 beds (15% of Ti 1;m with an affiliation with Culver City.
11303 Wilshire Blvd. total) i, c;,;w4 2 1j- ,I Received $750,000 grant from Housing Set
VA Bldg. 116 Aside funds.
Los Angeles, CA 90073
3/12/12
31 ATTACHMENT 3
RESOLUTION NO. 2012-SA
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE CULVER CITY REDEVELOPMENT
AGENCY APPROVING ACTIONS TO EFFECTUATE THE
TRANSFER OF HOUSING FUNCTIONS, ASSETS AND
OBLIGATIONS OF THE SUCCESSOR AGENCY TO THE GULVER
CITY HOUSING AUTHORITY.
6
7
WHEREAS, by operation of Assembly Bill No. 26 (2011-2012 1st Ex. Seas.)
8 CAB 26"), the Culver City Redevelopment Agency (the "CCRA") was dissolved on February 1,
9
10 2012; and
11
WHEREAS, pursuant to AB 26, the City Council of the City of Culver City
12 adopted Resolution No. 2012-R001 on January 9, 2012, electing to serve as the Successor
13 Agency to the Culver City Redevelopment Agency (the "Successor Agency"); and
'14
WHEREAS, pursuant to AB 26, the City Council adopted Resolution No. 2012-
15 R003 on January 9, 2012, designating the Culver City Housing Authority (the "Authority") as
16
17 the entity responsible for performing the housing functions previously performed by the
18 Agency; and
19
WHEREAS, the Authority adopted Resolution No. 2012-HA002 on January 9,
20 2012, accepting the designation as the entity that will perform the housing functions
21 previously performed by the CCRA; and
22
WHEREAS, on February 1, 2012 all assets, properties, contracts, leases, books
23
and records, buildings and equipment of the CCRA transferred by operation of law to the
24
25 control of the Successor Agency for administration pursuant to Part 1.85 of Division 24 of the
26 Health and Safety Code; and
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1
2
3
4
5
32 ATTACHMENT 3
1 WHEREAS, section 34177(g) of AB 26 requires the Successor Agency to
2 effectuate the transfer of the housing functions and assets of the Successor Agency to the
3 Authority; and
4 WHEREAS, pursuant to its obligations under AB 26, the Successor Agency
5 hereby finds it necessary and appropriate to transfer the Real Property, the Other Assets and
the Obligations, all as described below, to the Authority at this time to allow the Authority to
8 appropriately complete the housing projects and carry out the housing functions previously
9 performed by the CCRA; and
10 WHEREAS, pursuant to Section 15301 of the State CEQA Guidelines, the
transfer of the Real Property, Other Assets, and Obligations is exempt from environmental
review under CEQA because the transfer will result in a continuation of an existing facility
involving no expansion of use and is therefore exempt from environmental review, and any
future development of the Real Property and the Other Assets will require separate
environmental review; and
17 WHEREAS, the transfer of the• Real Property, Other Assets and Obligations o
18 the Successor Agency to the Authority will accomplish the public purposes of allowing the
Authority to appropriately complete the housing projects and carry out the housing functions
previously performed by the CCRA; and
WHEREAS, all other legal prerequisites to the adoption of this Resolution hay -
23 occurred.
24
NOW, THEREFORE, the Board of Directors of the Successor Agency to the
25 Culver City Redevelopment Agency DOES HEREBY RESOLVE as follows:
26
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14
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21
22 ATTACHMENT 3
1. The Board of Directors of the Successor Agency has received and heard
2 all oral and wrttten objections to matters pertaining to this transaction, and all such oral and
3 written objections are hereby overruled.
4 2. The Board of Directors of the Successor Agency hereby finds and
5 determines that the foregoing recitals are true and correct.
3. The Board of Directors of the Successor Agency hereby approves and
8 authorizes the transfer to the Authority of all of the Successor Agency's right, title and
9 interest, now held or at any time hereafter acquired, in and to the Real Property and the
10 Other Assets for use by the Authority to carry out the housing functions previously
performed by the CCRA:
(a) The real property which is the subject of this Resolution consists
of any and all real property located in the City of Culver City, County of Los Angeles, State
of California associated with the housing functions previously performed by the CCRA
(collectively, the "Real Property"); and
17 (b) The other assets which are the subject of this Resolution are
any and all leases, promissory notes, agreements and other rights of the Successor
Agency to receive payment of funds and/or other consideration associated with the
housing functions previously performed by the Agency, all cash accounts, records, reports,
files, furniture, fixtures, equipment and all other tangible and intangible personal property
associated with the housing functions previously performed by the CCRA (collectively, the
"Other Assets").
25 4. The Board of Directors of the Successor Agency hereby approves of and
authorizes an assignment by the Successor Agency to the Authority of the Successor
Agency's rights and obligations under any and all agreements associated with the housing
28
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7
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12
13
14
15
16
18
19
20
21
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23
24
26
27 ATTACHMENT 3
functions previously performed by the CCRA (collectively, the "Obligations"). Provided
2 however, that the Successor Agency shall not be released from any of its monetary
3 obligations under any of the Obligations and the Successor Agency and its successors and
4 assigns, including voluntary successors, involuntary successors and any person or entity
5
deemed to be a successor by operation of law shall remain liable for all payments owing
under the Obligations and all costs arising from or associated with the implementation of
8 the Obligations, including the Authority's administrative costs in amounts that are not
9 disproportionate to the costs of carrying out the Obligations.
10 5. The Successor Agency Executive Director or designee is hereby
authorized and directed to take all reasonable and necessary actions and sign on behalf of
the Successor Agency all reasonable and necessary documents first approved in writing by
the Successor Agency's General Counsel to implement and carry out the transfer of the
Real Property, Other Assets and Obligations from the Successor Agency to the Authority.
6. The Successor Agency Executive Director or designee is hereby
17 authorized and directed to take all reasonable and necessary actions to establish and
18 implement appropriate procedures for the Successor Agency's payment of the Housing
19 Authority's costs of carrying out the Obligations, including administrative costs that are not
20 disproportionate to the costs of carrying out the Obligations.
21
22
23 III
24
I II
25 III
26
I /I
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35
I
6
7
11
12
13
14
15
16 MARTIN R. COLE, Secretary
8
9
10
1 1
ATTACHMENT 3
1
7. This Resolution shall take effect immediately upon its adoption.
2
APPROVED AND ADOPTED, this day of
, 2012_
3
4
ANDREW WEISSMAN , CHAIR
Successor Agency to the Culver City
Redevelopment Agency
7
ATTEST:
APPROVED AS TO FORM:
5
6
12
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14
15
16
17
18
19
20
21
22
23
24
25
26
27
Al 2-00399
28
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36 ATTACHMENT 4
RESOLUTION NO. 2012-HA
RESOLUTION OF THE CULVER CITY HOUSING AUTHORITY APPROVING
AND ACCEPTING THE TRANSFER OF THE HOUSING FUNCTIONS,
ASSETS AND OBLIGATIONS OF THE SUCCESSOR AGENCY TO THE
CULVER CITY REDEVELOPMENT AGENCY.
WHEREAS, by operation of Assembly Bill No. 26 (2011-2012 1st Ex. Sess.)
CAB 26"), the Culver City Redevelopment Agency (the "CCRA") was dissolved on February 1,
2012; and
WHEREAS, pursuant to AB 26, the City Council of the City of Culver City
adopted Resolution No. 2012-R001 on January 9, 2012, electing to serve as the Successor
Agency to the Culver City Redevelopment Agency (the "Successor Agency"); and
WHEREAS, pursuant to AB 26, the City Council adopted Resolution No. 2012-
R003 on January 9, 2012, designating the Culver City Housing Authority (the "Authority') as
the entity responsible for performing the housing functions previously performed by the
CCRA; and
WHEREAS, the Authority adopted Resolution No. 2012-HA002 on January 9,
2012, accepting the designation as the entity that will perform the housing functions
previously performed by the CCRA; and
WHEREAS, on February 1, 2012 all assets, properties, contracts, leases, books
and records, buildings and equipment of the Agency transferred by operation of law to the
control of the Successor Agency for administration pursuant to Part 1.85 of Division 24 of the
Health and Safety Code; and
WHEREAS, section 34177(g) of AB 26 requires the Successor Agency to
effectuate the transfer of the housing functions and assets of the Successor Agency to the
Authority; and
WHEREAS, in order to allow the Authority to appropriately complete the housing
projeets and carry out the housing functions previously performed by the CCRA, the Authority l
I
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
37 ATTACHMENT 4
I hereby finds it necessary and appropriate to accept the transfer of the Real Property, the
2 Other Assets and the Obligations, all as described below, to the Authority at this time; and
3 WHEREAS, pursuant to Section 15301 of the State CEQA Guidelines, the
4 transfer of the Real Property, Other Assets, and Obligations is exempt from environmental
5 review under CEQA because the transfer will result in a continuation of an existing facility
6 involving no expansion of use and is therefore exempt from environmental review, and any
7 future development of the Real Property and the Other Assets will require separate
8 environmental review; and
9
WHEREAS, the transfer of the Real Property, Other Assets, and Obligations o
10 the Successor Agency to the Authority will accomplish the public purposes of allowing the
11 Authority to appropriately complete the housing projects and carry out the housing functions
12 previously performed by the CCRA; and
13
WHEREAS, all other legal prerequisites to the adoption of this Resolution have
14 occurred.
15 NOW THEREFORE, the Culver City Housing Authority Board DOES HEREBY
16 RESOLVE, as follows:
17 1. The Authority Board has received and heard all oral and written objections to
18 matters pertaining to this transaction, and all such oral and written objections are hereby
19 overruled.
20
2. The Authority Board hereby finds and determines that the foregoing recitals
21 are true and correct_
22
3. The Authority Board hereby approves and accepts the transfer of all of the
23 Successor Agency's right, title and interest, now held or at any time hereafter acquired, in and
24 to the Real Property and the Other Assets for use by the Authority to carry out the housing
25 functions previously performed by the CCRA:
26
(a) The real property which is the subject of this Resolution consists of
27 any and all real property located in the City of Culver City, County of Los Angeles, State of
28
-2-
38 ATTACHMENT 4
I California associated with the housing functions previously performed by the CCRA
2 (collectively, the "Real Property"); and
3 (b) The other assets which are the subject of this Resolution are the
4 leases, promissory notes, agreements and other rights of the Successor Agency to receive
5 payment of funds and/or other consideration associated with the housing functions previously
6 performed by the CCRA, all cash accounts, records, reports, files, furniture, fixtures,
7 equipment and all other tangible and intangible personal property associated with the housing
8 functions previously performed by the Agency (collectively, the 'Other Assets").
9 4. The Authority Board hereby approves of and accepts an assignment by th
10 Successor Agency to the Authority of the Successor Agency's rights and obligations unde
11 any and all agreements associated with the housing functions previously performed by the
12 Agency (collectively, the 'Obligations"). Provided however, that the Successor Agency shall
13 not be released from any of its monetary obligations under any of the Obligations and the
14 Successor Agency and its successors and assigns, including voluntary successors,
'15 involuntary successors and any person or entity deemed to be a successor by operation o
16 law shall remain liable for all payments owing under the Obligations and all costs arising from
17 or associated with the implementation of the Obligations, including the Authority's
18 administrative costs in amounts that are not disproportionate to the costs of carrying out the
19 Obligations.
20 5. The Authority Executive Director, or designee, is hereby authorized and
21 directed to take all reasonable and necessary actions and sign on behalf of the Authority all
22 reasonable and necessary documents first approved in writing by the Authority General
23 Counsel to implement and carry out the transfer of the Real Property, Other Assets and
24 Obligations from the Successor Agency to the Authority.
25
6. The Authority Secretary, or designee, is hereby authorized and directed to
26 execute Certificates of Acceptance of the deeds for the transfer of ownership of the Real
27
28
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39 ATTEST:
MARTIN R. COLE, Secretary
Al 2-00402
15
16
17
18
APPROVE ORM:
OL A SCHWAB, Housing Authority
Counsel
ATTACHMENT 4
1 Property from the Successor Agency to the Authority upon preparation and subject to prior
2 written approval of the Authority General Counsel.
3
7. The Authority Executive Director or designee is hereby authorized and
4 directed to take all reasonable and necessary actions to establish and implement appropriate
5 procedures to obtain the Successor Agency's payment of the Authority's costs of carrying out
6 the Obligations, including administrative costs that are not disproportionate to the costs o f
7 carrying out the Obligations.
8
& This Resolution shall take effect immediately upon its adoption.
9
10
APPROVED AND ADOPTED, this day of
, 2012.
11
12
ANDREW WEISSMAN, Chairperson
Culver City Housing Authority
13
14
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24
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40