2003 AGN FEB 18 I10 - Laserfiche WebLink

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Item #10 REDEVELOPMENT AGENCY FOR THE CITY OF COLTON For the Redevelopment Agency Board Meeting of February 18, 2003 TO: Honorable Chairperson and Agency Boardmembers FROM: Candace Cassel, Redevelopment Managerck -,5 SUBJECT: Consideration and Approval of Agency Resolution No 810 Amending Resolution to Authorize the Assistant City Manager and Redevelopment Manager to Execute Documents Related to Real Property Matters. DATE: January 30, 2003 B ackground/Discussion On October 17, 2002, the Agency Board adopted Agency Resolution No. 765, attached hereto, which authorizes the Redevelopment Director of the Agency to execute and deliver all documents necessary or appropriate to implement i) the Agency Lot Sales Program and Agency Lot Financing Program for Rancho Mediterrania; ii) the Mortgage Assistance Program and iii) the ARR Program, HUD's Direct Sales Program. The Redevelopment Director tendered his resignation effective November 1, 2001. As part of the City's overall reorganization, the Agency was redefined as a division of the City Manager's office and the Redevelopment Director position was not filled, but replaced with a Redevelopment Manager. The execution of any documents related to the real property matters referenced in Resolution 765, have been referred to the City Manager's office for execution. Given the current economic climate and low interest rates currently being offered, the Agency has experienced an increase in activity related to the Mortgage Assistance Program and in purchasing lots at Rancho Mediterrania. Coupled with the workload in the City Manager's office, the Agency's response time in executing subordination requests for those individuals refinancing their homes, reconveyances for those loans repaid and for the sale of lots within Rancho Mediterrania has decreased, which may have an affect on the homeowner's ability to close escrow and take advantage of the interest rates within a timely manner. In order to aid in expediting the implementation of the Agency's participation in its homeownership programs, Agency Resolution No. 810, attached hereto, amends Agency Resolution 7655 to add the Assistant City Manager and Redevelopment Manager as authorized positions to execute all documents necessary or appropriate in connection therewith. RAShareRDA\Meetings\2003 MeetingsTebruary 18, 2003\Manager and ACM signatures.doc