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RESOLUTION NO. 13-6878
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HERMOSA BEACH, CALIFORNIA, APPROVING CONVERSION OF
THE PRE -DEVELOPMENT LOAN FOR MARINELAND COMMUNITY
ASSOCIATION, INC. (MCAI) TO A GRANT
WHEREAS, the governing body of the City of Hermosa Beach approved a Pre -
Development Loan on 4/14/2009 in the amount of $60,000 to MCAI to assist in the acquisition of
the Park and conversion to resident ownership;
WHEREAS, the loan amount was revised on 10/12/2009 to $70,000;
WHEREAS, MCAI is in escrow with a closing date of 10/22/2013 to complete the
purchase of the Park;
WHEREAS, MCAI has requested conversion of the loan to a grant to assist low income
resident households;
WHEREAS, the governing body of the City of Hermosa Beach is supportive of the
residents owning the Park as a long-term affordable housing project;
NOW, THEREFORE, BE IT RESOLVED that the governing body of the City of
Hermosa Beach elects to grant Affordable Housing Funds in the amount of $111,831 to support
the continued provision of affordable housing in Hermosa Beach.
PRESID
ATTEST:
I city
PASSED, APPROVED and ADOPTED this 8th day of October, 2013.
the City CoVn4l and MAYOR of the City of Hermosa Beach, California
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13-6878
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF HERMOSA BEACH
I, Elaine Doerfling, City Clerk of the City of Hermosa Beach, California, do
hereby certify that the foregoing Resolution No. 13-6878 was duly and regularly passed,
approved and adopted by the City Council of the City of Hermosa Beach at a Regular
Meeting of said Council at the regular place thereof on October 8, 2013.
The vote was as follows:
AYES: DiVirgilio, Duclos, Fishman, Tucker, Mayor Bobko
NOES: None
ABSTAIN: None
ABSENT: None
Dated: October 8, 2013
Elaine Doerfling, City C1 rk