HomeMy WebLinkAboutRDA Reso 2004-1873
RDA RESOLUTION NO. 2004-1873
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF CHULA VISTA APPROPRIATING $202,292 FROM THE
MERGED PROJECT AREA AS A LOAN REPAYMENT TO THE
BA YFRONT/TOWN CENTRE I PROJECT AREA; AND
APPROPRIATING THESE FUNDS IN THE BAYFRONT/TOWN
CENTRE I FUND AND AN ADDITIONAL $199,476 FROM THE
MERGED PROJECT AREA FOR THE 2003-2004 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, Health and Safety Code 36381.7 of the State Statutes was adopted which
requires a shift of $135 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, 2004, 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 Bayfront/Town 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 (a) appropriate $202,292 from the Merged Project Area as a loan
repayment to the Bayfront/Town Centre I Project Area; and (b) appropriate these funds in the
Bayfront/Town Centre I fund and an additional $199,476 from the Merged Project Area for the
2003-2004 State Educational Revenue Augmentation Fund (ERAF) Shift of Tax Increment
Revenues.
Presented by
Approved as to form by
A. Madigan
unity Development Director
rA- ~~
Ann Moore
Agency Counsel
RDA Resolution No. 2004-1873
Page 2
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency ofthe City of
Chula Vista, California, this 4th day of May 2004, by the following vote:
-
AYES:
Agency Members: Davis, Rindone, Salas, and Padilla
NAYES:
Agency Members: None
ABSENT:
Agency Members: None
ABSTAIN:
Agency Members:
ATTEST:
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
)
)
)
...........,
I, Laurie A. Madigan, Secretary of the Chula Vista Redevelopment Agency, do hereby certify
that the foregoing Resolution No. 2004-1873 was duly passed, approved, and adopted by the
Redevelopment Agency at a regular meeting held on the 4th day of May 2004.
Executed this 4th day of May 2004.
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