HomeMy WebLinkAboutCVRC Reso 2006-016
CVRC RESOLUTION NO. 2006-016
RESOLUTION OF THE CHULA VISTA REDEVELOPMENT
CORPORATION RECOMMENDING APPROVAL AND
EXECUTION BY THE REDEVELOPMENT AGENCY OF THE
EDUCATIONAL REVENUE AUGMENTATION FUND (ERAF)
LOAN AGREEMENT AND ASSOCIATED DOCUMENTS WITH
THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY
WHEREAS, Municipal Code Section 2.55.060(B) authorizes the Chula Vista
Redevelopment Corporation (CVRC) to make recommendations to the Redevelopment Agency
(Agency) on approvals and agreements requiring the expenditure of funds; and
WHEREAS, on March 21, 2006, the Agency will be considering an agreement with the
California Statewide Communities Development Authority to participate in 2006 in the CRA/ERAF
Loan Program created by the California Redevelopment Association (CRA) for payments to the
state's Educational Revenue Augmentation Funds (ERAF); and
WHEREAS, as part of the effort to balance the 2005/2006 Budget of the State of California,
redevelopment agencies are obligated to make payments totaling $250 million to ERAF; and
WHEREAS, this is the second year that such payments will be required; and
WHEREAS, the magnitude of the ERAF payment imposes a significant burden on the
Agency's cash flow; and
WHEREAS, as part of the legislation mandating the payment, the CRA created the
CRA/ERAF Loan Program allowing agencies to spread the payment over the next 10 years; and
WHEREAS, the Agency participated in this program in 2005; and
WHEREAS, by participating in the Loan Program, the Agency will be able to improve its
cash flow by spreading the payment over time; and
WHEREAS, by pooling loan requests from several redevelopment agencies in the State and
by using standardized documents and processing procedures, the cost of this program will be kept
low for the Agency's benefit.
NOW, THEREFORE, BE IT RESOLVED that the Chula Vista Redevelopment Corporation
does hereby recommend approval and execution by the Redevelopment Agency of the ERAF loan
agreement with the California Statewide Communities Development Authority.
Presented by:
9~~ fir ~
Dana M. Smith
Assistant City Manager/Director of
Community Development
Approved as to form by
~?/;/~kJj~A .~
oore (
General Counsel '
CVRC Resolution No. 2006-016
Page 2
PASSED, APPROVED, and ADOPTED by the Chula Vista Redevelopment Corporation of
the City ofChula Vista, this 9th day of March 2006, by the following vote:
AYES:
Directors: Chavez, Desrochers, Lewis, McCann, Paul, Rooney
NAYS:
Directors: None
ABSENT:
Directors: Padilla
ABSTAINED: Directors: Castaneda, Rindone
ATTEST:
Cilvv~ /1(. ~
Dana M. Smith, Secretary
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
)
)
)
I, Dana M. Smith, Secretary of the Chula Vista Redevelopment Corporation of the City of Chula
Vista, California, do hereby certify that the foregoing CVRC Resolution No. 2006-016 was duly
passed, approved, and adopted by the Chula Vista Redevelopment Corporation at a regular meeting
of the Chula Vista Redevelopment Corporation held on the 9th day of March 2006.
Executed this 9th day of March 2006.
~q~
Dana M. Smith, Secretary