1991/11/12 Community Development Agency Minutes C1ONMUNITY DEVELOPMENT AGENCY
OF
THE CITY OF ROHNERT PARK MMMJf'ES
November 12, 1991
The Members of the Community Development Agency of the
City of Rohnert Park met this date immediately after the
City Council meeting at approximately 10:21 p.m. in the
City Offices, 6750 Commerce Boulevard, Rohnert Park, with
Chairman Eck presiding.
Call to Order Chairman Eck called the meeting of the Community
Development Agency of the City of Rohnert Park to
order at approximately 10:21 p.m.
Roll Call Present: (5) Agency Members Hollingsworth, Hopkins,
Reilly, Spiro and Chairman Eck
Absent: (0) None
Staff present for all or part of the meeting: Executive
Director/City Manager Netter, City Attorney Flitner,
Assistant to the City Manager Leivo, Director of Public
Works/City Engineer Brust and Planning Director Skanchy.
Approval of Minutes Upon motion by Agency Member Hopkins, seconded by Agency
Member Hollingsworth, and unanimously approved, the
minutes of September 24, 1991 were approved as submitted.
Approval of Bills Upon motion by Agency Member Hopkins, seconded by
Agency Member Hollingsworth, and unanimously approved,
the bills presented per attached list in the amount of
$355,735.00 were approved.
Acknowledging The Executive Director/Secretary's report on the posting
Exe.Dir./Sec.Report of the agenda was acknowledged.
Unscheduled Public Chairman Eck stated that in compliance with State Law,
Appearances (The Brown Act) , anyone in the audience who wished to make
a comment may do so at this tirre. No one responded.
•esolution No. 91-14 A RESOLUTION OF THE COM 'tt1ITY DEVELOPMENT AGENCY OF THE
CITY OF ROHNERT PARK APPROVING AN AGREEMENT TO PROVIDE
CERTAIN ADMINISTRATIVE SERVICES FOR A HOME OWNERSHIP
ASSISTANCE PROJECT
Assistant to the City Manager Leivo explained the
resolution for consideration as outlined in copies
provided to Agency of his staff report for same.
COMMUNITY DEVELOPMENT AGENCY/CITY OF ROHNERT PARK MINUTES (2) November 12, 1991
Discussion followed during which Assistant to the City
Manager responded to Agency inquiry that property owner
would receive the equity development pertaining to the
referenced loan. Mt. Leivo confirmed to Agency inquiry
that if reverse values continue in real estate the Agency
would lose in proportion to the reversal .
Clark Blasdell , President and Marguerite Kugler, Loan
Program Manager representing North Bay Ecumenical Housing
responded further to the Agency inquiries regarding the
structure of the debt instruments. Mr. Blasdell said the
down payment has to be a minimum of 5%, confirming it
could be higher and that the borrower's example of $10,000
down would be the first risk. If the property devaluates,
North Bay would have the right to purchase it at what the
property is worth. Mr. Blasdell confirmed that the
Windsong Condos is the demonstration project and the only
one this program applies to at this time. He said
Rohnert Park residents do have first option to participate
this program.
Upon motion by Agency umber Hopkins, seconded by Agency
Member Spiro, and unanimously approved, reading of
Resolution No. 91-14 was waived and said resolution
was adopted.
thscheduled Public Chairman Eck asked if anyone in the audience wished to
Appearances make an appearance at this time. No one responded.
Adjournment There being no further business, Chairman Eck adjourned
the meeting at approximately 10:30 p.m.
Se a Chairman