HomeMy WebLinkAboutRDA Reso 2000-1689 RESOLUTION NO. 1689
RESOLUTION OF THE REDEVELOPMENT / ~ENCY OF THE CITY
OF CHULA ~flSTA AMENDING VARIOUS AGENCY PROJECT
AREA FISCAl. YEAR 2001 BUDGETS IN ~,CCORDANCE WITH
THE APPRO~ ED AGENCY FINANCIAL PLA ~ AND AUTHORIZING
THE VARIO~JS INTER-PROJECT ARE/[` ADVANCES AND
ADVANCE REPAYMENTS RELATEDI THERETO, AND
AUTHORIZIN(~ THE EXPENDITURE OF L(pw AND MODERATE
INCOME HOU ~ING FUNDS OUTSIDE THE ~ROJECT AREA
/
WHEREAS, the Rede velopment Agency of the City of Chula Vista ("Agency") hired Rod
Gunn Associates ("RGA") to }nduct an Agency financial ana ~,sis and prepare a financial plan; and
WHEREAS, RGA co :iucted the analysis and prepa ed an Agency Financial Plan ("Plan")
that recommends the issuan¢ of tax-exempt tax allocation bonds from the Town Centre II, Otay
Valley, and Southwest projec for the purposes of repaying some interfund advances and raising
capital for projects; and
WHEREAS, the Plan cludes loan repayment advar ces from Town Centre II, Otay Valley
and Southwest in various am }unts to the General Fund, Se' ver Fund, and the Bayffont project as
identified in the table below; ai ~d
WHEREAS, the Plan ncludes the provision for Towr Centre II to pay a portion of the Low
and Moderate Income Housin ] Fund obligations attributable ~o the Bayfront Project ($49,000) from
Town Centre II tax increment revenue as allowed for pursu~ mt to Health and Safety Code Section
33334.3(i); and
WHEREAS, the Ageilcy at the time of considera ion of the merits of the plan, also
considered the merits of Towr Centre II paying a portion of ti e Low and Moderate Income Housing
Fund obligations (the "Housin ! Fund Contribution") attributab e to Bayfront, and has concluded that
Town Centre II will benefit frol n the expenditure of Iow and m ~derate income housing funds outside
of those respective project are as pursuant to Health and Safe~ , Code Section 33334.2 (g); and
WHEREAS, concurrer lly herewith, the City Council of he City of Chula Vista ("City") and the
Agency after consideration of the merits of the Plan, approv ~d the issuance of bonds (RDA 2000
Tax Allocation Bonds; "Bonds' and related documents on Au! lust 15, 2000; and
WHEREAS, in order t implement the Plan and issu .~ the Bonds, the Fiscal Year 2000-01
budget for the Redevelopmenl ~,gency needs to be amended ~ursuant to the table below.
NOW, THEREFORE, BE IT RESOLVED that the Fedevelopment Agency of the City of
Chula Vista does hereby app~ ~ve the Agency Financial Plan in the form presented and amend the
FY 2001 Agency Budget as fo lows:
Resolution No. 1689
Page 2
AGENCY FINANCIAL PLAN ~ PHASE I
REQUIRED BUDGET AMENDMENTS
APPROPRIATION SOURCE OF FUNDING
Town Centre II
Repay 8ayfront Advances $3,728,082 Bond Proceeds
Repay General Fund Advances $617,993 Bond Proceeds
Transfer to Low/Mod for Bayfront $49,000 Tax Increment Revenue
Otay Valley
Repay Bayfront Advances $6,718,785 Bond Proceeds
Southwest
Repay Bayfront Advances $333,985 Bond Proceeds
Repay Sewer Loan Interest $230,154 Bond Proceeds
Bayfront/Town Centre I
Repay Sewer Loan Interest $106,375 Interest Revenue
Low/Mod Credit from Town Centre II 49,000
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 public 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
Bayfront project area 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
[~rr~tS°ral°°fmCcc~r~munityDevel°pment JA° n'~lV~hren~' L ~(J J
Resolution No. 1689
Page 2
PASSED, APPROVED and ,~ DOPTED BY THE REDEVEL(: PMENT AGENCY OF THE CITY OF
CHULA VISTA, CALIFORNIA 1 ~is 15th day of August, 2000 by :he following vote:
AYES: MembE rs Davis, Moot, Padilla, Salas, id Chair/Mayor Horton
NOES: None
ABSENT: None
ABSTENTIONS: None
Shidey
Chairm~
A~-FEST: ~/~
Chris Salomone
Executive Secre
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss
CITY OF CHULA VISTA )
I, Chris Salomone, Executive ;ecretary to the Redevelopme Agency of the City of Chula Vista,
California DO HEREBY CERT FY that the foregoing is a full, ti and correct copy of Resolution No.
1689 and that the same has no been amended or repealed.
Dated: August 16, 2000 ~'~:~0~.¢4..~_.~
Chris S~ Iomone
Executi~ ~ Secretary