News Blog
Seaside Considers Home-Loan Extension for Former City Manager Ray Corpuz
January 15, 2013
Every job has its perks, one might suppose; at the Weekly it's chair massage and pizza on these long production Tuesdays.
If you're the top dog at a local city, however, the perks are a little heftier. Like, a house.
At a special meeting Jan. 15, the Seaside City Council approved a second extension to the former city manager's payback of a city-financed home loan.
In March 2006, the city loaned then-City Manager Ray Corpuz $250,000 as a home purchase assistance loan, a perk promised in Corpuz's employment contract.
Under the terms of the contract, Corpuz was only required to pay the interest on the principal of the loan, by payroll deduction, at low Local Agency Investment Fund interest rates. But the entire sum, including interest, is to be paid back to the city of Seaside when he no longer works there.
Corpuz moved his work address east last year, when he took the position of Salinas city manager. (Above, Corpuz is pictured second from the left on the Salinas City Council dais.) But he's still holding on to his Seaside house.
In June 2012, the Seaside City Council granted Corpuz a six-month extension on the home loan repayment, buying him more time to find new financing. But Corpuz asked for another 90-day extension and the council did him one better, approving a 120-day extension Jan. 15.
“I’m still searching and trying to find financing for my dwelling, and it’s just very difficult and very slow," he says.
Coincidentially, in his new position, Corpuz is now overseeing the last of the paperwork on the home loan given to his predecessor, former Salinas City Manager Artie Fields. He says repayment of that $108,000 structured loan should be finalized within two weeks.
(Editor's Note: This story was updated Jan. 16.)
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