HomeMy WebLinkAboutReso 2012-024RESOLUTION NO. 2012-024
Successor Agency Resolution No. 2072-002
Hausimg Authority Reso(utiam No. 2012-048
RESOLUTION OF THE CITY OF CHULA VISTA CITY
COUNCIL, SUCCESSOR AGENCY TO THE
REDEVELOPMENT AGENCY, AND HOUSING AUTHORITY
TO RESCIND ACTIONS APPROVED ON MARCH 8, 2011 BY
THE CITY COUNCIL, REDEVELOPMENT AGENCY AND
HOUSING AUTHORITY IN ORDER TO COMPLY WITH AB
1X 26 AND TO THEREAFTER APPROPRIATE FUNDS AS
REQUIRED
WHEREAS, on March 8, 2011, the City Council and Redevelopment Agency entered
into an agreement and took actions to appropriate funds from the Redevelopment Agency to the
General Fund for the Third Avenue capital improvement which supports the implementation of
the Redevelopment Plan for the Project Area; and
WHEREAS, on March 8, 2011, the Housing Authority and Redevelopment Agency
entered into an agreement and took actions to appropriate funds from the Redevelopment
Agency to the Housing Authority for affordable housing related projects; and
WHEREAS, since the adoption of these resolutions the State Legislature with AB 1X 26
has determined that these agreements are not valid; and
WHEREAS, the funds transferred to the General Fund and the Housing Authority need to
be returned to the Redevelopment Agency fund, therefore staff is requesting the necessary
appropriations to reverse the transfers resulting from the March 8, 2011 Council/Housing
Authority/Redevelopment Agency action; and
WHEREAS, the transfer from the General Fund and the Housing Authority to the
Redevelopment Agency fund will allow staff to correctly reflect the Redevelopment Agency's
assets as of January 31, 2012; and
WHEREAS, the requested appropriations are less than the appropriations approved on
March 8, 2011, due the actual available (unassigned) fund balance of the Redevelopment Agency
funds as of June 30, 2011; and
WHEREAS, approval of this resolution will eliminate the General Fund funding in the
Third Avenue Streetscape CIP, these funds will then be transferred back to the Redevelopment
Agency fund resulting in no net fiscal impact to the General Fund and a positive net impact of
$2.5 million to the Redevelopment Agency fund; and
WHEREAS, approval of this resolution will result in the transfer of $4.25 million from
the available fund balance of the Housing Authority fund to the Redevelopment Agency fund;
there is no net fiscal impact to the Housing Authority as is it will no longer pursue the acquisition
of the Best Western property, this transfer will result in a positive impact of $4.25 in the
Redevelopment Agency fund.
Resolution No. 2012-024
SA Resolution No. 1012-002
HA Resolution No. 20/2-048
Page 2
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista, the Chula Vista Housing Authority, and the Successor Agency to the Redevelopment
Agency does hereby rescind the March 8, 2011 actions stated above and approve the following
appropriations:
• A reduction of $2,500,000 in the General Fund's Capital Improvement Projects
expenditure category for the Third Avenue Streetscape CIP and an appropriation
of $2,500,000 to the General Fund's Transfer Out expense category to transfer
these funds to the Redevelopment Agency fund.
• An appropriation of $4,250,000 to the Transfer Out expense category from the
available fund balance of the Housing Authority fund to the Redevelopment
Agency fund.
• An appropriation of $6,750,000 to the Transfer In revenue Category of the
Redevelopment Agency fund from the General Fund ($2,500,000) and the
Housing Authority ($4,250,000).
Presented by
~ `
Maria achadoorian
Director of Finance/Treasurer
Approved as to form by
~` ~~ ~
len R. Go gins ~
Ci ey
Resolution No. 2012-024
SA Resolution N¢ 2012-002
HA Resolution No. 20l2-048
Page 3
PASSED, APPROVED, and ADOPTED by the City Council/Successor Agency to the
Redevelopment Agency/Housing Authority of the City of Chula Vista, California, this 28th day
of February 2012 by the following vote:
AYES: Councilmembers: Aguilar, Bensoussan, Castaneda, Ramirez and Cox
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
"% V
Cheryl Cox, ~ yor
ATTEST:
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Donna R. Norris, CMC, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
City Council Resolution No. 2012-024/Successor Agency Resolution No. 2012-002/Housing
Authority Resolution No. 2012-048 was duly passed, approved, and adopted by the City
Council/Successor Agency to the Redevelopment Agency/Housing Authority at a regulaz
meeting held on the 28th day of February 2012.
Executed this 28th day of February 2012.
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Donna R. Norris, CMC, City Clerk