HomeMy WebLinkAboutRDA Reso 1996-1484
AGENCY RESOLUTION 1484
COUNCIL RESOLUTION 18196
JOINT RESOLUTION OF THE REDEVELOPMENT AGENCY/CITY COUNCIL OF
THE CITY OF CHULA VISTA ESTABLISHING THE FUNDING LEVEL FROM
REDEVELOPMENT TAX INCREMENT REVENUE AT 31.63 PERCENT FORTHE
CITY'S ECONOMIC DEVELOPMENT PROGRAM FOR FISCAL YEAR 1995-96,
AND ESTABLISHING A RETROACTIVE FUNDING LEVEL FROM
REDEVELOPMENT TAX INCREMENT REV~NUE AT 38.53 PERCENT FOR
FISCAL YEARS 1989-90 THROUGH 1994-95'
WHEREAS, as part of the 1994-95 Mid-Year Budget Report, staff identified a
necessary task of re-evaluating the appropriate level of funding for the City's Economic
Development Program from Redevelopment Agency tax increment revenue; and
WHEREAS, this re-evaluation was necessary in light of the passage of AB 1290
(Health and Safety Code Section 33490, effective January 1, 1994) which strengthened and
clarified existing law relative to establishing a nexus between "extra-territorial" spending of
tax increment revenue and the elimination of blight within the respective project areas; and
WHEREAS, AS 1290 required, for the first time, Project Area Implementation Plans
to be adopted every five years in order to demonstrate and document the nexus between
redevelopment project areas' expenditures and the elimination of blight within the respective
project areas; and
WHEREAS'the Redevelopment Agency is reimbursing the City's General Fund for 65
percent of th,e C&st .for the Economic Development program for Fiscal Year 1995-96; and
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WHEREAS, the Redevelopment Agency reimbursed the City's General Fund for 85
percent of the cost for the Economic Development program for Fiscal Year 1991-92 through
Fiscal Year 1994-95; and
WHEREAS, the Redevelopment Agency reimbursed the City's General Fund for 75
percent of the cost for the Economic Development program for Fiscal Year 1989-90.
NOW THEREFORE, THE REDEVELOPMENT AGENCY/CITY COUNCIL OF THE CITY OF
CHULA VISTA does hereby find, order, determine and resolve as follows:
1. To establish the funding level from redevelopment tax increment revenue at 31.63
percent for the current fiscal year (FY95-96).
2. To establish the funding level from redevelopment tax increment revenue,
retroactively, at 38.53 percent for Fiscal Year 1989-90 through Fiscal Year 1994-95.
3. To Authorize City and Agency staff to take all necessary and appropriate steps
to reduce the Agency's Economic Development program budget obligation for Fiscal Year
1995-96 to the General Fund by $214,447 to a total of $203,265;
4. To authorize City and Agency staff to take all necessary and appropriate steps
to reduce the Agency's Economic Development program budget obligation for Fiscal Year
1989-90 through Fiscal Year 1994-95 to the General Fund by $1,162,278 (not including
interest) by making the below listed five adjustments:
Agency Resolution 1484
Council Resolution 181 96
Page 2
[1] Record a loan from the General Fund to Southwest in the amount of
$229,353.
[2J Retire long-term debt owed by Otay Valley Road (OVR) to the General Fund
paid on behalf of Otay Valley by Town Centre I (TC I) in the amount of $415,476
(which will result in shifting debt that currently is owed by OVR to the General Fund
and shifting it so that OVR will owe it to Bayfront/TC I.
[3] Retire long-term debt owed by OVR to the General Fund as paid on behalf of
OVR by Bayfront in the amount of $818,912. Result is the same "shifting" as
described in [2] above.
[4] Retire long-term debt from Town Centre II to the General Fund in the amount
of $117,808.
[5] Retire long-term debt from OVR to the General Fund in the amount of
$39,434.
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ruce M. Boogaard
Agency Counsel
PRESENTED BY:
Chris Salomone
Community Development Director
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Resolution No. 1484
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE
CITY OF CHULA VISTA, CALIFORNIA this 20th day of February 1996 by the following
vote:
AYES: Members Horton, Rindone, Alevy, Padilla, Moot
NOES: None
ABSENT: None
ABSTENTIONS: None
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Chairman
ATTEST:
(J~L ~
Cms Salomone
Executive Secretary
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO) ss:
CITY OF CHULA VISTA)
!, Chris Salomone, 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. 1484 and that the same has not been amended or repealed.
Dated:
February 21. 1996
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Chris Salomone
Executive Secretary