HomeMy WebLinkAboutReso 1996-18311 RESOLUTION NO. 18311
(AGENCY RESOLUTION NO. 1498)
RESOLUTION OF THE CITY COUNCIL AND THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA
APPROPRIATING ,~643,000 OF HOME FUNDS AND
DEPOSITING THOSE FUNDS IN THE AGENCY'S
LOW/MODERATE INCOME HOUSING FUND AS REPAYMENT
FOR FUNDS PREVIOUSLY ADVANCED FOR PURCHASE OF
PROPERTY LOCATED AT 746-750 ADA STREET
WHEREAS, the City of Chula Vista ("City") is in control of funds under the Home
Investment Partnerships Program (42 U.S.C. § 12741 et seo.) ("Home Program funds"),
which program is designed to provide assistance to affordable housing projects; and,
WHEREAS, the Redevelopment Agency of the City of Chula Vista ("Agency") is
required to set-aside and oversee disposition of certain tax increment funds in a Low and
Moderate Income Housing Fund ("Low/Mod Fund") for the purpose of encouraging the
development of low and moderate income affordable housing within the City; and,
WHEREAS, on July 19, 1994, Council appropriated Home Program funds for the
purchase of real property located at 746 and 750 Aria Street for Redevelopment of
affordable housing; and,
WHEREAS, it was determined that Home Program funds could not be obligated to
buy the property until the project was in a more advanced stage and that Low and
Moderate Income Housing funds were temporarily needed to close escrow in a timely
manner and that in the future, as the project progressed to a more defined stage, that
Home funds would be used to reimburse the Low and Moderate Housing funds; and,
WHEREAS, on September 20, 1994, the Agency authorized staff to purchase said
real property and appropriated 9643,000 from the Low and Moderate Income Housing
Fund.
NOW THEREFORE, the City Council of the City of Chula Vista does hereby find,
order, determine and resolve as follows:
1. Six hundred forty-three thousand dollars ($643,000) is hereby appropriated
from the FY 1994-95 and the FY 1995-96 Home funds account to reimburse the Agency
for monies previously advanced for the purchase of 746 and 750 Ada Street property.
NOW THEREFORE, the Redevelopment Agency of the City of Chula Vista does
hereby find, order, determine and resolve as follows:
1. Six hundred forty three thousand (9643,000) of Home funds is hereby
accepted and deposited in the Agency's Low and Moderate Income Housing Fund as
repayment for funds previously advanced for purchase of the 746 and 750 Ada Street
property.
Resolution 18311
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Pre~/~/~ Approved as to form by
Resolution 18311
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PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 21st day of May, 1996, by the following vote:
AYES: Councilmembers: Alevy, Moot, Padilia, Rindone, Horton
NAYES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
~/;
Shirley Horton, Mayor
ATTEST:
Beverly/(. Authelet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify
that the foregoing Resolution No. 18311 was duly passed, approved, and adopted by the
City Council at a regular meeting of the Chula Vista City Council held on the 21st day of
May, 1996.
Executed this 21 st day of May, 1996.
Beverly A/. Authelet, City Clerk