HomeMy WebLinkAboutReso 2000-143- RESOLUTION NO. 2000-143
AGENCY RESOLUTION NO. 1668
JOINT RESOLUTION OF THE CITY OF CHULA VISTA AND THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA
APPROVING THE AGENCY FINANCIAL PLAN AND AMENDING
VARIOUS AGENCY PROJECT AREA FISCAL YEAR 2000 BUDGETS
IN ACCORDANCE WITH THE APPROVED AGENCY FINANCIAL
PLAN AND AUTHORIZING THE VARIOUS iNTER-PROJECT AREA
ADVANCES AND ADVANCE REPAYMENTS RELATED THERETO,
AND AUTHORIZING THE EXPENDITURE OF LOW AND MODERATE
INCOME HOUSING FUNDS OUTSIDE THE PROJECT AREA
WHEREAS, the Redevelopment Agency of the City of Chula Vista ("Agency") hired Rod
Gunn Associates CRGA'') to conduct an Agency financial analysis and prepare a financial plan; and
WHEREAS, RGA conducted the analysis and prepared an Agency Financial Plan ("Plan")
that recommends the issuance of tax-exempt tax allocation bonds from the Town Centre II, Otay
Valley, and Southwest projects for the purposes of repaying some interfired advances and raising
capital for projects; and
WHEREAS, the Plan includes loan repayment advances from Town Centre II, Otay Valley
and Southwest in various amounts to the General Fund, Sewer Fund, and the Bayfront project as
identified in the table below; and
WHEREAS, the Plan includes the provision for Town Centre II to pay a portion of the Low
and Moderate Income Housing Fund obligations attributable to the Southwest Project ($30,000) and
the Bayfront Project ($526,000) from Town Centre II tax increment revenue as allowed for pursuant
to Health and Safety Code Section 33334.3(i); and
WHEREAS, the Agency at the time of consideration of the merits of the Plan, also
considered the merits of Town Centre II paying a portion of the Low and Moderate Income Housing
Fund obligations (the "Housing Fund Contribution") attributable to Southwest and Bayfront, and has
concluded that Town Centre II will benefit from the expenditure of low and moderate income
housing funds outside of those respective project areas pursuant to Health and Safety Code Section
33334.2 (g); and
WHEREAS, concurrently herewith, the City Council of the City of Chula Vista ("City") and
the Agency after consideration of the merits of the Plan, approved the issuance of bonds (RDA 2000
Tax Allocation Bonds; "Bonds") and related documents on May 2, 2000; and
WHEREAS, in order to implement the Plan and issue the Bonds, the Fiscal Year 1999-2000
budget for the Redevelopment Agency needs to be amended pursuant to the table below.
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of
Chula Vista does hereby approve the Agency Financial Plan in the form presented and amend the
Fiscal Year 2000 Agency Budget as follows:
Resolution 2000-143
Page 2
AGENCY FINANCIAL PLAN - PHASE I
REQUIRED BUDGET AMENDMENTS
APPROPRIATION SOURCE OF
FUNDING
Town Centre lI
Repay Bayfront Advances $3,681,667 Bond Proceeds
Repay General Fund Advances $610,960 Bond Proceeds
Advance to Southwest $300,000 Available Fund Balance
Transfer to Low/Mod for Southwest $30,000 Tax Increment Revenue
Transfer to Low/Mod for Bayfront $526,000 Tax Increment Revenue
Otay Valley
Repay Bayfront Advances $5,364,520 Bond Proceeds
Southwest
Repay Town Centre II Advance $300,000 Bond Proceeds
Repay Bayfront Advances $333,985 Bond Proceeds
Repay Sewer Loan Interest $218,391 Bond Proceeds
Low/Mod Credit from Town Centre II ($30,000)
Bayfront/Town Centre I
Repay Sewer Loan Interest $94,470 Interest Revenue _
Low/Mod Credit from Town Centre II ($526,000)
BE IT FURTHER RESOLVED that the Redevelopment Agency of the City of Chula Vista
does hereby find, pursuant to Health and Safety Code Section 33334.2 (g) that Town Centre II
project, made up of non-contiguous commercial and public facility properties, will benefit from the
expenditure of low and moderate income housing funds outside of the project area.
BE IT FURTHER RESOLVED that the Redevelopment Agency of the City of Chula Vista
authorizes the allocation of less than the required Housing Fund Contribution attributable to the
Southwest and Bayfront project areas to the extent that the difference between the actual Housing
Fund Contribution and the required Housing Fund Contribution is instead allocated, in the same
fiscal year, from tax increment revenues of Town Centre II or other Agency project areas, and the
Agency hereby directs such allocation from Town Centre II for Fiscal Year 2000.
Presented by Approved as to form by
· 1
Resolution 2000-143
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
Califomia, this 2na day of May, 2000, by the following vote:
AYES: Councilmembers: Davis, Moot, Padilia, Salas, and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
S~r~ayorj~'
ATTEST:
Susan Bigelow, City Cl~r~
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, Califomia, do hereby certify that the foregoing
Resolution No. 2000-143 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 2na day of May, 2000.
Executed this 2nd day of May, 2000.
Susan Bigelow, City Clerk