HomeMy WebLinkAboutAgenda Statenent 1979/ 07/5/ item 1 CITY OF CHULA VISTA Item No. �
� CITY COI1"lCIL/�E�EVELC1°''lE^!T A�E�dCY For meeting of 7/5/79_�
AGENDA �TATEMENT
ITEM TITLE Joint Public Hearing - Merger of Bayfront and Town Centre Projects
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SUBMITTED BY Corrmunity Develapment Direcior�j--�
ITEM EXPLANATION (4/5TH'S VOT;: REQl7IRED YES NO X )
AB405 permits the Redevelopment Ag�ncy 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 Redevelo�ment Plans of both projects will not be changed.
2. The purpose of the merger is to accommodate financial planning
and to obtain funds to implement both projects . Due to the new
property tax income receipts, the combined str�ength of both
projects will facilitate the development of both projects.
PGD:as
EXI�IBITS
Agreement Resolution X Ordinance X P1at �otification List
Other X ENVIRONMEKTAL DOCIfMENT: Attached Submitted on
FINANCIAL IMPACT
Due to the significant issue in tt•e escallating cost of property values , co��struction
and associated services , con�iderable savings can be realized by implementation now
rather than in several year� whicr would be the case without the merger.
STAFF RECOMMENDATION
Hold public hearing.
BOARD/COMMITTEE RECOMMENQATION
CITY COUTJCIL/REDEVELOPMENT AGENCY ACTION'
RA-4 (REV. ����r ��)
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