HomeMy WebLinkAboutRDA Reso 1996-1498 AGENCY RESOLUTION 1498
COUNCIL RESOLUTION 18311
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA AND THE CITY COUNCIL 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 seq.) ("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 Ada 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 furore, 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 $643,000 from the Low and Moderate Income Housing Fund.
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 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 ($643,000) 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.
PRESENTED BY: APPROVED AS TO FORM BY:
~or iSmmSuanl~:°Dn,;elopme~Dir ec,or ~C~t;/Ag~to~de~ ~
Resolution No. 1498
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE
CITY OF CHULA VISTA, CALIFORNIA this 21st day of May 1996 by the following vote:
AYES: Members Alevy, Moot, Padilla, Rindone, Horton
NOES: None
ABSENT: None
ABSTENTIONS: None
Shirley .Hf~ton
Chairman
ATTEST: · , ~
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss:
CITY OF CHULA VISTA )
I, Chris Salomone, Executive Secretary to the Redevelopment Agency of the City of Chula
Vista, California DO HEREBY CERTIFY that the foregoing is a full, true and correct copy
of Resolution No. 1498 and that the same has not been amended or repealed.
Chris Salomone y
Executive Secretary