03/06/2001 RA RPT 03 - Laserfiche WebLink

Home

CITY OF RIVERSIDE Riverside ~....~-'1I iijiP REDEVELOPMENT MEMORANDUM People Serving People 1998 HONORABLE MAYOR AND REDEVELOPMENT AGENCY DATE: March 6,2001 ITEM NO.: 3 SUBJECT: Loan Forgiveance - 11089 Campbell Avenue BACKGROUND: Attached is a copy of a letter dated October II, 2000 from the Development Department to Mr. and Mrs, Javier Quiroz regarding a deferred loan they were granted by the Agency in 1992 in order to complete their cash payment for future street improvements at the above referenced address which is at the northeast comer of Campbell and LaSierra Avenues. Approximately two months ago 1 was contacted by the Quiroz family and asked to review this matter. After reviewing the paper work write-up and being familiar with normal building permit requirements, it was my opinion that the required improvements were appropriate and relief from any portion of this requirement did not appear warranted. However in as much as the Quiroz's were very upset with the utility boxes in their front/side yard, I indicated that I would do a field review of the site, After reviewing the situation in the field, I must admit that my recommendation has taken a 180 degree change. While there are logical engineering reasons for the myriad of junction structures on this property, it is inherently unfair to place this entire burden on one property and then in essence require them to bear the total financial burden for standard street improvements adjacent to their property that all other properties along this section of LaSierra Avenue are receiving at no cost. The attached photos depict the magnitude of these structures as they relate to the Campbell and LaSierra Avenues frontages. Based upon what I believe to be a doctrine of fairness, it is my recommendation that the Agency forgive the repayment of Deferred Loan 04-116 in the amount of $10,000 plus accrued interest and direct staff to issue a reconveyance of the Deed of Trust and cancel the Promissory Note and Deferred Payment Agreement.. The Finance Committee reviewed this matter at their meeting of February 12,2001 and unanimously recommended that the Agency concur in the forgiveance of the loan, FISCAL IMP ACT: The CDBG funds will not be repaid AL TERNA TIVES: To not approve the forgiveance of the loan nor the removal of the lien. 3-1