HomeMy WebLinkAboutReso 2002-461 RESOLUTION NO. 2002-461
AGENCYRESOLUT[ON NO. I802
RESOLUTION OF THE CITY COUNCIL AND
REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA APPROVING PARTICIPATION IN THE SAN DIEGO
REGIONAL REVOLVING LOAN FUND PROGRAM;
APPROVING A MEMORANDUM OF UNDERSTANDING
(MOU) BETWEEN THE CITY OF SAN DIEGO AND THE
CITY OF CHULA VISTA AND AUTHORIZING THE CITY
MANAGER TO SIGN; AND AMENDING THE FISCAL YEAR
2003 BUDGET BY APPROPRIATING $124,897 FROM THE
AVAILABLE FUND BALANCE IN THE MERGED PROJECT
AREA FUND FOR REPAYMENT OF ADVANCES TO THE
BAYFRONT/TOWN CENTER PROJECT AREA FUND AND
APPROPRIATING $124,897 FROM UNANTICIPATED
REVENUES IN THE BAYFRONT/TOWN CENTRE I PROJECT
AREA FUND FOR THE SAN DIEGO REGIONAL
REVOLVING LOAN FUND
WHEREAS, the City of Chula Vista has the opportunity to participate in a $3.0 million
dollar regional revolving loan program funded by a $1.5 million dollar grant from the Economic
Development Administration (EDA) along with $1.5 million dollars in matching funds provided
by Chula Vista and the neighboring cities of San Diego, Imperial Beach and National City; and
WHEREAS, the purpose of the regional revolving loan fund, known as the San Diego
Regional Revolving Loan Fund (SDRRLF) is to stimulate economic development in underserved
areas by offering "gap" financing and other general financial resources to viable, small
businesses located in Housing and Urban Development (HUD) designated low and moderate-
income census tracts to help them expand, purchase new equipment, purchase or rehab their
property, or provide working capital: and
WHEREAS, participating in this program fills a financing gap not currently filled
through conventional banking institutions or local lending agencies; and
WHEREAS, by participating in this regional loan program, Chula Vista demonstrates its
commitment to small business development and its desire to inject financial resources into viable
enterprises located in these low and moderate income census tracts to stimulate area wide
economic rejuvenation.
NOW, THEREFORE, BE IT RESOLVED by the City Council/Redevelopmem Agency
of the City of Chula Vista, do hereby (a) endorse and authorize participation in the San Diego
Regional Revolving Loan Fund, administered by the City of San Diego, 00) authorize the City
Manager or his designee to sign the Memorandum of Understanding 0VIOU) between the City of
Chula Vista and the City of San Diego, (c) authorize an immediate appropriation of $124,897 out
of un-appropriated funds from the Bayfront/'rown Centre Merged Project Redevelopment Area
for loan capitalization costs ($100,000), predevelopment costs ($12,500), and first year
administrative costs ($12,397), and (d) authorize an appropriation of $24,794 in the next two
year budget, or $12,397 for each of the next two years which is an amount estimated at 7% of
total program administrative costs, to reimburse the City of San Diego for costs incurred with the
administration of the SDRRLF.
Resolution 2002-461
Page 2
Presented by
Approved as to form by
Chris Salomone
Community Development Director
Johl~. Kaheny
Cit~Attomey ~)
PASSED, APPROVED, and ADOPTED by the City Council and the Redevelopment
Agency of the City of Chula Vista, California, this 12th day of November, 2002, by the following
vote:
AYES:
NAYS:
ABSENT:
Agency/Councilmembers:
Agency/Councilmembers:
Agency/Councilmembers:
Davis, Padilla, Rindone, Salas, and Horton
None
None
ATTEST:
Shirley H~tton, Mayor/Chair
Susan Bigelow, City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing City
Council Resolution No. 2002-461/Redevelopment Agency Resolution No. 1802 was duly
passed, approved, and adopted by the City Council and Redevelopment Agency at a regular
meeting held on the 12th day of November, 2002.
Executed this 12th day of November, 2002.
Susan Bigelow, City Clerk