The Hermosa Beach City Council Tuesday night unanimously voted to adopt a resolution approving the issuance of revenue bonds for the purchase of the Marineland mobile home park by the nonprofit corporation Millennium Housing.

The park has been in escrow with Millennium Housing for the past several months. Millennium is a corporation aimed at providing affordable housing by way of acquisition and redevelopment of mobile homes and apartment communities.

“I think this is great deal for these residents, and I think the monkey is off their backs about someone trying to come in and purchase this land,” said City Councilman Peter Tucker. “I think their destiny is in their hands now and I’m very pleased for them that they finally have closure. It looks like the residents finally have some piece of mind and can stop looking over their shoulders for someone coming in with a bulldozer, so to speak.”

The program allows for each resident to stay in the park if they wish to do so and the bonds totaling $8 million are to be issued by the Independent Cities Lease Finance Authority. The bonds are paid back from the income derived from rent collected among the park’s residents.

Although the city maintains no responsibility in repaying the bond, the council is involved in the transaction based on a 1986 Internal Revenue code that requires the municipality to approve the issuance of such bonds.

The bonds will be paid back over a 35-year period and the repayments will come from the residents. Millennium also offered the residents a deal in which they could buy the 4.2-acre park located at 531 Pier Ave., for a set price within a 10-year period.

Formed in 1991, Millennium expanded via the dedication of those involved in the effort to support mobile home residents by helping them retain their homes and lifestyles.

Millennium uses tax-exempt revenue bonds and other financing means such as grants and loans from redevelopment agencies to acquire the parks. Each park acquired comes with a long-term regulatory agreement that outlines limitations on rent increases and the operation of the park.

Millennium assists residents in forming a homeowner’s association and in return, requires an administrative fee with the remaining budget funds reinvested back into the park for projects like capital improvements and maintenance services.

“The program that they operate will allow the residents to buy the park from Millennium at a later date at a price set forth now,” said City Manager Steve Burrell. “The zoning and general plan designations stay the same they are now. The only plans that they have for the park is to improve it and operate as a nonprofit corporation with a high level of input from the residents. This is really a great thing for these residents.”