HomeMy WebLinkAboutRDA Reso 2003-1812
RESOLUTION NO. 1812
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
CHULA VISTA APPROPRIATING $154,832 FROM THE MERGED
PROJECT AREA AS A LOAN REPAYMENT TO THE BAYFRONTfTOWN
CENTRE I PROJECT AREA; AND APPROPRIATING THESE FUNDS IN
THE BAYFRONTfTOWN CENTRE I FUND AND AN ADDITIONAL $118,427
FROM THE MERGED PROJECT AREA FOR THE 2002-2003 STATE
EDUCATIONAL REVENUE AUGMENTATION FUND (ERAF) SHIFT OF TAX
INCREMENT REVENUES
WHEREAS, the State of California is working to close an extremely large budget deficit which is
affecting school district funding throughout the State with potentially dramatic negative impacts to the State's
long-term fiscal situation; and
WHEREAS, in late 2002, Chapter 1127 of the State Statutes was adopted which requires a shift of
$75 million in local Redevelopment Agency revenues to be transferred into the Education Revenue
Augmentation Fund (ERAF) to help fund K-12 educational programs in California; and
WHEREAS, the Agency is required to complete the transfer by May 15, 2003 to the County Auditor
from available Agency funds based on a specified formula tied to both gross tax increment revenues and tax
increment revenues net of pass-throughs to other taxing entities; and
WHEREAS, the specified reductions have been calculated by the State for each Agency and the
City's Finance Department has determined that the reductions will met by the specified amounts in the
BayfrontITown Centre I and Merged Project Areas, and the ERAF shift will result in unspecified budget
impacts during the current and future fiscal years affecting Agency projects and programs;
NOW, THEREFORE, BE IT RESOLVED the Redevelopment Agency of the City of Chula Vista does
hereby appropriate $154.832 from the Merged Project Area as a loan repayment to the BayfrontITown
Centre I Project Area; and appropriating these funds in the BayfrontITown center I fund and additional
$118,427 from the Merged Project Area for the 2002-2003 State Educational Revenue Augmentation Fund
(ERAF) Shift of Tax Increment Revenues.
PRESENTED BY
APPROVED AS TO FORM BY
Madigan
r of Community Development
Redevelopment Agency Resolution No. 1812
Page 2
PASSED, APPROVED and ADOPTED BY THE REDEVELOI" ENT AGE~THE C. ITY OF CHULA
VISTA, CALIFORNIA this 4th day of March, 2003 by the foil . ~ote: ~
Stephen C. Padilla
Chairman
AYES:
NOES:
ABSENT:
ABSTENTIONS:
Chair/Mayor Padilla; Members Davis, McCann, Salas, Rindone
None
None
None
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, California DO
HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No. 1812 and that the same
has not been amended or repealed.
Dated: March 4, 2003