HomeMy WebLinkAboutRDA Reso 2002-1802
AGENCY RESOLUTION NO. 1802
AND
COUNCIL RESOLUTION NO. 2002-461
JOINT RESOLUTION OF THE CITY COUNCIL AND THE REDEVELOPMENT AGENCY OF
THE CITY OF CHULA VISTA 1) APPROVING PARTICIPATION IN THE SAN DIEGO
REGIONAL REVOLVING LOAN FUND PROGRAM; 2) APPROVING A MEMORANDUM OF
UNDERSTANDING (MOU) BE1WEEN THE CITY OF SAN DIEGO AND THE CITY OF
CHULA VISTA AND AUTHORIZING THE CITY MANAGER TO SIGN; AND 3) AMENDING
THE FY 03 BUDGET BY APPROPRIATING $124,897 FROM THE AVAILABLE FUND
BALANCE IN THE MERGED PROJECT AREA FUND FOR REPAYMENT OF ADVANCES
TO THE BAYFRONTfTOWN CENTER PROJECT AREA FUND AND APPROPRIATING
$124,897 FROM UNANTICIPATED REVENUES IN THE BAYFRONTfTOWN 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/Redevelopment 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, (b) authorize the City Manager or his
designee to sign the Memorandum of Understanding (MOU) 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/Town 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.
Presented by
Approved as to form by
. Madigan
of Community Development
(Þ-.- ~
Ann Moore
City Attorney
Resolution No. 1802
Page 2
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA, CALIFORNIA this 12th day of November, 2002 by the following vote:
AYES:
Members Davis, Chair Padilla, Rindone, Salas, and Mayor Horton
NOES:
None
ABSENT:
None
ABSTENTIONS:
None
Æ¿¿Lti
S~Phen C. Padilla
Chairman
ATTEST:
STATE OF CALIFORNIA)
COUNTY OF SAN DIEGO) ss:
CITY OF CHULA VISTA)
I, Laurie Madigan, Executive Secretary to the Redevelopment Agency of the City of Chula Vista, Califomia DO
HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No. 1802 and that the same
has not been amended or repealed.
Dated: November 12, 2002