HomeMy WebLinkAboutRDA Reso 2000-1668 RESOLUTION NO. 1668
RESOLUTION OF THE REDEVELOPMENT AC ~ENCY OF THE CITY
OF CHULA VISTA APPROVING THE AGEN(;Y FINANCIAL PLAN
AND AMENDING VARIOUS AGENCY PRO,~ECT AREA FISCAL
YEAR 2000 BUDGETS IN ACCORDANCE WI TH THE APPROVED
AGENCY FINANCIAL PLAN AND AUTHORIi'.ING THE VARIOUS
INTER-pRoJECT AREA ADVANCES AND ADVANCE
REPAYMENTS RELATED THERETO, AND AUTHORIZING THE
EXPENDITURE OF LOW AND MODERATE INCOME HOUSING
FUNDS OUTSIDE THE PROJECT AREA
WHEREAS, the Redevelopment Agency of the City ~f Chula Vista ("Agency") hired Rod
Gunn Associates ("RGA") to conduct an Agency financial analy ~is and prepare a financial plan; and
WHEREAS, RGA conducted the analysis and prepare d an Agency Financial Plan ("Plan")
that recommends the issuance of tax-exempt tax allocation I-onds from the Town Centre II, Otay
Valley, and Southwest projects for the purposes of repaying ~ ome interfund advances and raising
capital for projects; and
WHEREAS, the Plan includes loan repayment advanc es from Town Centre II, Otay Valley
and Southwest in various amounts to the General Fund, Sew,~r Fund, and the Bayfront project as
identified in the table below; and
WHEREAS, the Plan includes the provision for Town .~entre II to pay a portion of the Low
and Moderate Income Housing Fund obligations attributable to the Southwest Project ($30,000) and
the Bayfront Project ($526,000) from Town Centre II tax incre~ ~ent revenue as allowed for pursuant
to Health and Safety Code Section 33334.3(i); and
WHEREAS, the Agency at the time of considerati~n of the merits of the plan, also
considered the merits of Town Centre II paying a portion ofth~ Low and Moderate Income Housing
Fund obligations (the "Housing Fund Contribution") attributable to Southwest and Bayfront, and has
concluded that Town Centre II will benefit from the expenditure of Iow and moderate income housing
funds outside of those respective project areas pursuant to He~ Ith and Safety Code Section 33334.2
(g); and
WHEREAS, concurrently herewith, the City Council of t le City of Chula Vista ("City") and the
Agency after consideration of the merits of the Plan, approve :1 the issuance of bonds (RDA 2000
Tax Allocation Bonds; "Bonds") and related documents on May 2, 2000; and
WHEREAS, in order to implement the Plan and issue the Bonds, the Fiscal Year 1999-00
budget for the Redevelopment Agency needs to be amended Jrsuant to the table below.
NOW, THEREFORE, BE IT RESOLVED that the development Agency of the City of
Chula Vista does hereby approve the Agency Financial Plan the form presented and amend the
FY 2000 Agency Budget as follows:
Resolution No. 1668
Page 2
AGENCY FINANCIAL PLAN - PHASE I
REQUIRED BUDGET AMENDMENTS
APPROPRIATION SOURCE OF FUNDING
Town Centre II
Repay Bayfront Advances $3,681,667 Bond Proceeds
Repay General Fund Advances $610,960 Bond Proceeds
Advance to Southwest $300,000 Available Fund Balance
Transfer to Low/Mod for Southwest $30,000 Tax Increment Revenue
Transfer to Low/Mod for Bayfront $526,000 Tax Increment Revenue
Olay Volley
Repay Bayfront Advances $5,364,520 Bond Proceeds
Southwest
Repay Town Centre II Advance $300,000 Bond Proceeds
Repay 8ayfront Advances $333,985 Bond Proceeds
Repay Sewer Loan Interest $218,391 Bond Proceeds
Low/Mod Credit from Town Centre II ($30,000)
Bayfront/'rown Centre I
Repay Sewer Loan Interest $94,470 Interest Revenue
Low/Mod Credit from Town Centre II ($526,000)
BE IT FURTHER RESOLVED that the Redevelopment Agency of the City of Chula Vista
does hereby find, pursuant to Health and Safety Code Section 33334.2 (g) that Town Centre II
project, made up of non-contiguous commercial and pubfic facility properties, will benefit from the
expenditure of Iow and moderate income housing funds outside of the project area.
BE IT FURTHER RESOLVED that the Redevelopment Agency of the City of Chula Vista
authorizes the allocation of less than the required Housing Fund Contribution attributable to the
Southwest and Bayfront project areas to the extent that the difference between the actual Housing
Fund Contribution and the required Housing Fund Contribution is instead allocated, in the same
fiscal year, from tax increment revenues of Town Centre II or other Agency project areas, and the
Agency hereby directs such allocation from Town Centre II for FY 2000.
PRESENTED BY APPROVED AS TO FORM BY
Chris Salomone :- w
Director of Community Development }~~ ~Q)
Resolution No. 1668
Page 3
PASSED, APPROVED and ADOPTED BY THE REDEVELO ~MENT AGENCY OF THE CITY OF
CHULA VISTA, CALIFORNIA this 2nd day of May, 2000 by the' ollowing vote:
AYES: Members Davis, Moot, Padilla, Salas, ar Chair/Mayor Horton
NOES: None
ABSENT: None
ABSTENTIONS: None
Shirley I-
Chairma
ATTEST: .~.,/L.~ ~~j~.
Chds Salomone
Executive Secretary
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss:
CITY OF CHULA VISTA )
I, Chris Salomone, Executive Secretary to the Redevelopmer Agency of the City of Chula Vista,
California DO HEREBY CERTIFY that the foregoing is a full, tr and correct copy of Resolution No.
1668 and that the same has not been amended or repealed.
Dated: May3,2000 ~------~ ~
Chds Sal ~mone
Executiw ~ Secretary