HomeMy WebLinkAboutrda min 1983/01/18
MINUTES OF AN ADJOURNED REGULAR MEETING OF THE REDEVELOPMENT AGENCY
OF THE CITY OF CHULA VISTA, CALIFORNIA
Tuesday, January 18,1983 Council Chamber
10:13 p.m. Public Services Building
ROLL CALL
MEMBERS PRESENT Chairman Cox; Members Moore, McCandliss,
Scott
MEMBERS ABSENT Member Malcolm
STAFF PRESENT Executive Director Goss, Assistant City
Manager Asmus, Community Development
Director Desrochers, Housing Coordinator
Gustafson
A three minute recess was called to read the statement submitted.
1. RESOLUTION NO. 406 APPROPRIATING FUNDS FOR SINGLE FAMILY MORTGAGE
REVENUE BOND PARTICIPATION FEES
Chairman Cox questioned the $6 million reservation of the City of Chula Vista
and stated that there is an additional $4 million that is reserved by private
developers. There will be a total of $10 million bond issue if we receive the
allocation from the State.
Member McCandl i ss asked for c 1 arificat i on as to there bei ng any ri sk to the
City. How does the City recoup the $33,000 and will we be committed to more
funds.
Housing Coordinator Gustafson stated the State bond allocation process
requires that a participation fee of .55% be filed with the State by
January 21 as evidence of good faith. That money then guarantees the City's
participation in the bond issue. If we receive an allocation for that amount
and do not use the whole allocation, the deposit will be forfeited by State
law to the jurisdiction to use for low and moderate income housing. In
effect, what would happen is if we were allocated $10 million and for some
reason we issued $6- million, the participation fee for that additional $4
million would come back to the City and back to the low-income housing fund.
If we don't receive an allocation from the State, there is no forfeiture, and
the good faith deposit simply comes back to the depositers of that fee. So
the $4 million commitment would go back to the private developers and the $6
million would come back to us.
Member McCandl i ss i n summari zi ng the program stated that through these bonds
first-time homebuyers are bei ng gi ven the opportunity to enter the hous i ng
market. The bonds are being used as a tool to not only give first-time
homebuyers a break on mortgages but also to funnel money through local lending
institutions to generate funds that will be of benefit to them.
Redevelopment Agency - 2 - January 18, 1983
Mr. Gustafson responded in the affirmative and that the bonds will generate
some additional housing starts that might otherwise not occur.
RESOLUTION OFFERED BY MEMBER SCOTT, the reading of the text was waived by
unanimous consent, passed and adopted unanimously.
Member Scott stated that he was voting for this and anticipated that when the
time comes near that the developers can see exactly what the advantages are he
thought we would get more participation.
MEMBERS' COMMENTS
Community Deve 1 opment Director Desrochers mentioned the Sweetwater Flood
Control Project had been discussed at the last meeting and that it was going
to be heard before the Coastal Commission between February 22 and February 25
in San Diego. The Redeve 1 opment Agency wi 11 be informed when more specific
details are available.
Chairman Cox noticed the paving for Tom Money's office building had been done
today and asked if the benches out in front of his office building were going
to recei ve any type of treatment. Community Development Director Desrochers
stated that Mr. Money had a landscaping plan that must be completed.
Chairman Cox mentioned the doughnut shop on the corner of Third and "H" Street
looked vacated and that he had heard there was going to be a Taco operation.
Community Development Director Desrochers stated that on Friday, he heard it
was being painted and wrote a letter to the owner and the painter telling them
it was in a Redeve lopment Di stri ct and there are sig~ and color controls.
They ceased painting and were requested to come ln and talk to the
Redevelopment Agency staff. In answer to Chairman Cox's question Community
Development Director Desrochers stated there had been a change in the
operation.
The meeti ng was adj ourned to the regularly scheduled Redevelopment Agency
meeting on January 27, 1983 at 4:00 p.m.
WPC 0243C
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