HomeMy WebLinkAboutAGENDA REPORT 1994 0105 CC REG ITEM 08NTO:
FROM:
AGENDA REPORT
CITY OF MOORPARK
Honorable City Council
ITEm-?*
No
n r Cl/
Steven G. Hayes, Economic Development Manag& 'a
DATE: December 27, 1993 (CC Meeting of 1 -5 -94)
SUBJECT: Allocation of Funds for Purchase of Property at
15508 Mallory Ct. - Griffin First Time home Buyer
Program
DISCUSSION•
On December 15, 1993, the City Council authorized the purchase of
the single family housing unit. The property is located at 15508
Mallory Ct., Moorpark, California. This unit was originally sold
as part of the Griffin First Time Home Buyer Program. Simi Valley
Bank was placed into a position to complete foreclosure proceedings
on the unit or allow the City of Moorpark to intervene and buy the
First Trust Deed. In order to keep the unit available for the
First Time Home Buyer Program, the City Council authorized the
purchase of this unit.
On December 28, 1993, the City of Moorpark closed escrow on the
property. The full purchase price including property, back taxes,
liens and closing costs was in the principal amount of $184,526.00
The previous cost estimate for the property was $178,000.00 and was
determined without the knowledge of the back taxes and liens.
On December 15, 1993 the City Council approved the purchase of the
property but did not appropriate a specific amount of money for the
acquisition.
FUNDING•
Funds for this purchase of this property was previously approved to
come from the City of Moorpark's Affordable Housing Fund and it is
recommended that City Housing Fund be utilized for the full cost of
purchase.
RECOMMENDATION•
That the City Council allocate an amount not to exceed $184,526.00
for the total closing cost for the property located at 15508
Mallory Ct., from the City of Moorpark's Affordable Housing Fund.
MRA /SGH045/AGN/12/29/93