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HomeMy WebLinkAboutAgenda Statement 1985/01/08 Item 11a,b COUNCIL AGENDA STATEMENT 11 Item d Meeting Date 1/8/85 ITEM TITLE: a) Resolution ,/17d Determining that the development of the Bayfront Trolley Station will be a benefit to the Bayfront Redevelopment Project Area b) Resolution //7j� Determining that no other reasonable means of financing the Bayfront Trolley Station are presently available to the City SUBMITTED BY: Community Development Director (4/5ths Vote: Yes No X ) REVIEWED BY: City Manager At the meeting of December 20, 1984, the Redevelopment Agency approved the above resolutions and appropriated funds for the development of the E Street trolley station. State Community Redevelopment Law requires that the use of Agency funds to develop a project which will be publicly owned be approved by both the Agency and the City Council. The City Council is therefore asked to approve the above resolutions in concurrence with the Redevelopment Agency. RECOMMENDATION: That the Council adopt the resolutions a) that the development of the Bayfront Trolley Station will be a benefit to the Bayfront Redevelopment Project Area and b) determining other reasonable means of financing the Bayfront Trolley Sta- tion are notipresently available to the City. BOARDS/COMMISSIONS RECOMMENDATION: The Redevelopment Agency adopted the above resolutions at their meeting of December 20, 1984, and appropriated funds for the development of the station. DISCUSSION: With the recent approval of the Environmental Impact Report for the "E" Street Trolley Station, the County has begun phase I acquisition activities. County staff have requested that Agency funds be available by late January in anticipation of reaching purchase agreements with several of the major property owners of the proposed station site. In accordance with Section 333445 of the State Community Redevelopment Law, the Redevelopment Agency may, with the consent of the legislative body, pay all or part of the value of land and the cost of development of an improvement which is to be publicly owned either within or outside of the project area. However, such action requires both the Agency and Council to determine that the project will be a benefit to the project area or the immediate neighborhood in which the project is Page 2, Item 11 Meeting Date 1/8/85 located, and that no other reasonable means of financing the project are available to the community. The City Council is therefore requested to concur in the Agency 's findings that the project will provide substantial benefits both to the Bayfront Redevelopment Project Area and the immediate neighborhood in which the station is located, and that there are presently no other reasonable means for financing the development of the station. FINANCIAL IMPACT: Funds for the subject project were included as part of the $25 million Agency Tax Allocation Note of 1984. The total City share of the project is estimated at $1 ,708,500 of which $1 ,561 ,500 will be provided by Agency funds. WPC 1349H by tho G ,., l' Chain T COUNCIL AGENDA STATEMENT 11 Item Meeting Date 1/8/85 ITEM TITLE: a) Resolution f p�a Determining that the development of the Bayfront Trolley Station will be a benefit to the Bayfront Redevelopment Project Area y b) Resolution //f7 Determining that no other reasonable means of financing the Bayfront Trolley Station are presently available to the City SUBMITTED BY: Community Development Director (4/5ths Vote: Yes No X ) REVIEWED BY: City Manager At the meeting of December 20, 1984, the Redevelopment Agency approved the above resolutions and appropriated funds for the development of the E Street trolley station. State Community Redevelopment Law requires that the use of Agency funds to develop a project which will be publicly owned be approved by both the Agency and the City Council. The City Council is therefore asked to approve the above resolutions in concurrence with the Redevelopment Agency. RECOMMENDATION: That the Council adopt the resolutions a) that the development of the Bayfront Trolley Station will be a benefit to the Bayfront Redevelopment Project Area and b) determining other reasonable means of financing the Bayfront Trolley Sta- tion are not presently available to the City. BOARDS/MISSIONS RECOMMENDATION: The Redevelopment Agency adopted the above resolutions at their meeting of December 20, 1984, and appropriated funds for the development of the station. DISCUSSION: With the recent approval of the Environmental Impact Report for the "E" Street Trolley Station, the County has begun phase I acquisition activities. County staff have requested that Agency funds be available by late January in anticipation of reaching purchase agreements with several of the major property owners of the proposed station site. In accordance with Section 333445 of the State Community Redevelopment Law, the Redevelopment Agency may, with the consent of the legislative body, pay all or part of the value of land and the cost of development of an improvement which is to be publicly owned either within or outside of the project area. However, such action requires both the Agency and Council to determine that the project will be a benefit to the project area or the immediate neighborhood in which the project is Page 2, Item 11 Meeting Date 1/8/85 located, and that no other reasonable means of financing the project are available to the community. The City Council is therefore requested to concur in the Agency's findings that the project will provide substantial benefits both to the Bayfront Redevelopment Project Area and the immediate neighborhood in which the station is located, and that there are presently no other -reasonable means for financing the development of the station. FINANCIAL IMPACT: Funds for the subject project were included as part of the $25 million Agency Tax Allocation Note of 1984. The total City share of the project is estimated at $1 ,708,500 of which $1 ,561 ,500 will be provided by Agency funds. WPC 1349H r...-A4,.."—p_e_eQ_-- by tho City C ouncil of Chula Vista, C ifornia Dated / 1` 1Ss