RES-OB-0031 Transfer of Certain Housing AssetsRESOLUTION NO.OB -0031
A RESOLUTION OF THE OVERSIGHT BOARD OF
THE SUCCESSOR AGENCY TO THE ORANGE
REDEVELOPMENT AGENCY DIRECTING THE
SUCCESSOR AGENCY TO TRANSFER TO THE
CITY OF ORANGE IN ITS CAPACITY AS
SUCCESSOR HOUSING AGENCY CERTAIN
HOUSING ASSETS INADVERTENTLY OMITTED
FROM THE HOUSING ASSET TRANSFER FORM.
WHEREAS, by operation of Assembly Bill No. 26 (2011 -2012 1" Ex. Sess.) as
amended by Assembly Bill No. 1484 ( "AB 26 "), the Orange Redevelopment Agency (the
Redevelopment Agency ") was dissolved on February 1, 2012.
WHEREAS, pursuant to AB 26, the City Council of the City of Orange adopted
Resolution No. 10625 on January 10, 2012, electing to be the Successor Agency to the
Redevelopment Agency (the "Successor Agency "), which is a legal entity that exists separate
and independent of the City of Orange.
WHEREAS, pursuant to AB 26, the City Council of the City of Orange adopted
Resolution No. 10626 on January 24, 2012, electing to retain the housing assets and
functions of the Redevelopment Agency.
WHEREAS, on February 1, 2012 all assets, properties, contracts, leases, books and
records, buildings and equipment of the Redevelopment 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.
WHEREAS, on February 1, 2012, the housing assets and functions of the
Redevelopment Agency transferred by operation of law to the City in the City's capacity as
the housing successor to the former Redevelopment Agency.
WHEREAS, pursuant to Section 34176 of AB 26, the City prepared the Housing
Asset Transfer Form (the "HAT ") for the purpose of identifying the housing assets of the
former Redevelopment Agency and submitted the HAT to the California Department of
Finance ( "DOF ") for its review.
WHEREAS, DOF notified the City on August 29, 2012 that it did not object to any
of the housing assets identified on the HAT.
WHEREAS, the Successor Agency has determined that certain promissory notes
identified in Exhibit 1 to this Resolution (the "Housing Notes ") were inadvertently omitted
from the HAT that was approved by DOF.
WHEREAS, Section 34177(g) of AB 26 requires the Successor Agency to effectuate
the transfer of the housing functions and assets of the former Redevelopment Agency to the
City and Section 34181(c) provides for the Oversight Board to direct the Successor Agency
to transfer the housing functions and assets of the former Redevelopment Agency to the City.
WHEREAS, certain title insurance companies have indicated that they will require
evidence that the Oversight Board has approved the transfer of housing assets to the City
before they will issue title policies in connection with the refinancing of loans and other
transactions.
WHEREAS, to facilitate future transactions relating to the housing assets and
functions of the former Redevelopment Agency and pursuant to its obligations under AB 26,
the Oversight Board finds it necessary and appropriate to confirm that the housing assets and
functions of the former Redevelopment Agency will be retained by the City and to direct the
Successor Agency to transfer the Housing Notes to the City at this time.
WHEREAS, effectuating the transfer of the Housing Notes and the other housing
assets identified on the HAT approved by DOF will accomplish the public purpose of
allowing the City to carry out the housing functions previously performed by the
Redevelopment Agency.
WHEREAS, all other legal prerequisites to the adoption of this Resolution have
occurred.
WHEREAS, the Oversight Board of the Successor Agency 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.
NOW, THEREFORE, BE IT RESOLVED BY THE OVERSIGHT BOARD OF
THE SUCCESSOR AGENCY TO THE ORANGE REDEVELOPMENT AGENCY AS
FOLLOWS:
Section 1. The Oversight Board hereby finds and determines that the foregoing
recitals are true and correct.
Section 2. A duly noticed public meeting having been held, the Oversight Board
hereby approves and authorizes the transfer to the City of all of the Successor Agency's right,
title and interest, now held or at any time hereafter acquired, in and to the Housing Notes.
Section 3. The Oversight Board hereby approves and ratifies the previous transfer to
the City of the housing assets identified on the HAT approved by DOF.
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Section 4. The Successor Agency is hereby authorized and directed to take all
reasonable and necessary actions and sign all reasonable and necessary documents, including
but not limited to assignment and assumption agreements, first approved in writing by the
Successor Agency's General Counsel to implement and carry out the transfer from the
Successor Agency to the City of the Housing Notes and the housing assets identified on the
HAT previously approved by DOF.
Section 5. This Resolution shall take effect immediately upon its adoption.
ADOPTED this 27 day of February, 2013.
so f the Oversight Board of the Successor
tot ange Redevelopment Agency
ATTEST:
M ry E. M by
Clerk of thLYOversight Board
I hereby certify that the foregoing Resolution was duly and regularly adopted by the
Oversight Board of the Successor Agency to the Orange Redevelopment Agency at a regular
meeting thereof held on the 27 day of February, 2013, by the following vote:
AYES: BOARDMEMBERS: Remland, Christensen, Davert, Buttress, Cavecche, Schulze
NOES: BOARDMEMBERS: None
ABSENT: BOARDMEMBERS: Yarbrough
ABSTAIN: BOARDMEMBERS: None
11117T Z. r1., ;
Mary E. IuG urphy
Clerk of the Oversight Board
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