HomeMy WebLinkAboutAgenda Statement 1979/07/05 Item 01Item No. 1
07/05/79 CITY OF CHULA VISTA Item No: ��
, � � CITY C011�lCIL/cE�EVEL(jD'1F^!T ASE�JCY �
AGENDA STATEMENT For meeting of 7/5/79
ITEM TITLE Joint Public Hearing - Merger of Bayfront and Town Centre Projects
SUBMITTED BY Comnunity Development Director"`La—
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ITEM EXPLANATION (4/5TH'S VOTI: REQUIRED YES _ NO X )
A6405 permits the Redevelopment Agency and City to merge both the Bayfront and Town
Centre I projects. Town Centre II was not included because tax increments were not ,
provided for in the Redevelopment Plan. The purpose of the public hearing is to
take testimony from the public and then consider the enabling ordinance. Certified,
return receipt requested notices of this hearing were sent to all property owners
in both projects .
It is important to note:
1. The Redevelopment Plans of both projects will not be changed.
2. The purpose of the merger is to accorrunodate financial planning
and to obtain funds to implement both projects . Due to the new
property tax income receipts, the combined strength of both
projects will facilitate the development of both projects .
PGD:as
E�-I IBITS
Agreement _ Resolution X Ordinance X Plat _ �otification List
Other X ENVIRONMENTAL DOCUMENT: Attached Submitted on
FINANCIAL IMPACT
Due to the significant issue in the escallating cost of property values , co�struction
and associated services , considerable savings can be realized by implementation now
rather than in several years whicF, would be the case without the merger.
STAFF REC0�4MENDATION
Hold public hearing.
BOARD/COMMITTEE RECOh1MENDATION
CITY COUIdCIL/REDEVELOPh1ENT AGENLY ACTION'
/ ai/I �i RA-4 (REV. 1'Ji71)