HomeMy WebLinkAboutCVRC Reso 2006-038
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CVRC RESOLUTION NO. 2006-038
RESOLUTION OF THE CHULA VISTA REDEVELOPMENT
CORPORATION RECOMMENDING THAT THE CHULA
VISTA REDEVELOPMENT AGENCY AUTHORIZE THE
REPAYMENT OF THOSE LOW AND MODERATE INCOME
HOUSING FUNDS USED TO ACQUIRE REAL PROPERTY
WITHIN THE LOWER SWEETWATER VALLEY AREA
FROM THE REDEVELOPMENT AGENCY'S MERGED
PROJECT FUND IN THE AMOUNT OF $290,687
WHEREAS, the Redevelopment Agency of the City of Chula Vista (the "Agency") is a
public body, organized under the California Community Redevelopment Law (California Health
and Safety Code Sections 33000 et seq.); and
WHEREAS, in 1986, the Agency purchased two parcels of land, APN 563-35-1300 and
566-31-0100, located within the Lower Sweetwater Valley area and the Agency's Merged Chula
Vista Redevelopment Project Area (the "Agency Property") with Low and Moderate Income
Housing Funds for the purpose of providing affordable housing; and
WHEREAS, California Health and Safety Code Section 33334.16 requires the Agency to
initiate activities within five years of acquiring an interest in real property consistent with the
development of housing for Low and Moderate Income households; and
WHEREAS, the Agency has received and worked on several development proposals for
the site, but past attempts to develop the site failed due to the location of the property, financial
infeasibility, and issues related to open space/park lands; and
WHEREAS, the Agency has not successfully initiated actions consistent with the
development of affordable housing on that Agency property within the prescribed time period
because of access issues and concerns from surrounding property owners and residents; and
WHEREAS, to comply with the requirements of California Redevelopment Law
regarding the initiation of development of affordable housing on real property purchased with
Low and Moderate Income Housing Funds the Agency now seeks to reimburse the Low and
Moderate Income Fund; and
WHEREAS, the Agency may retain ownership of the Agency Property by repayment of
the Low and Moderate Income Housing Fund with general Tax Increment funding; and
WHEREAS, the Agency desires to retain ownership of the Agency Property until it can
appropriately dispose of such property in a manner that meets the goals of the Agency as set
forth in the Agency's Amended and Restated Redevelopment Plan for the Merged Chula Vista
Redevelopment Project Area; and
CVRC Resolution No. 2006-038
Page 2
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WHEREAS, the Agency Property was purchased in 1986 for a total of $166,107,
including the sales price plus all associated acquisition fees; and
WHEREAS, fifteen years have elapsed since the five year time period from the
acquisition of the Agency Property to its development (1991); and
WHEREAS, the Agency has determined that it is appropriate to repay the Low and
Moderate Income Fund the original purchase price of the Agency Property ($166, I 07) and
compounded annual interest based on the annual average interest rate from the State Treasurer's
Local Agency Investment Fund since 1991 ($124,580).
NOW, THEREFORE, THE CHULA VISTA REDEVELOPMENT CORPORATION
DOES RESOLVE AS FOLLOWS:
1. The Chula Vista Redevelopment Corporation (the "CVRC") hereby finds that the
use of funds from the Agency's Merged Project Fund for the acquisition of real
property for purposes of redevelopment will continue to be of benefit to the
Agency's redevelopment project areas, and will continue to further the goals of
redevelopment as stated in the Merged Chula Vista Redevelopment Plan; and
2.
The CVRC hereby recommends that the Agency approve the payment of
$290,687 from the Agency's Merged Project Fund to reimburse the Low And
Moderate Income Housing Fund for the acquisition of the two parcels of land,
APN 563-35-1300 and 566-31-0100, referred to herein as Agency Property; and
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3. The CVRC hereby recommends that the Agency appropriate $290,687 from the
unappropriated balance in the Merged Project Fund for the repayment of the Low
And Moderate Income Housing Fund for those expenditures and accrued interest
resulting from the Agency's acquisition of the Agency Property.
PRBt:1k
Ann Hix '
Acting Director of Community Development
APPROVED AS TO FORM BY
(]~
Ann Moore
Agency Attorney
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CVRC Resolution No. 2006-038
Page 3
PASSED, APPROVED, and ADOPTED by the Chula Vista Redevelopment Corporation
of the City of Chula Vista, this 26th day of October 2006, by the following vote:
AYES:
Directors:
Castaneda, Chavez, Desrochers, McCann, Padilla, Paul,
Rooney, and Rindone
NAYS:
Directors:
None
ABSENT:
Directors:
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ATTEST:
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Dana M. Smith, Secretary
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
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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. 2006-038 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 26th day of October 2006.
Executed this 26th day of October 2006.
CJ1-A/L" t1fc --.N
Dana M. Smith, Secretary