HomeMy WebLinkAboutcc min 1992/04/07 RDA MINUTES OF A JOINT MEETING OF THE CITY COUNCIL/
REDEVELOPMENT AGENCY OF THE CHY OF CHULA VISTA
Tuesday, April 7, 1992 Council Chambers
Reconvened at 9:29 p.m. Public Services Building
CALL TO ORDER
1. ROLL CALL:
PRESENT: Councilmembers/Members Grasser Horton, Moore, Rindone, and
Mayor/Chairman Nader.
ABSENT: Councilman/Member Malcolm
ALSO PRESENT: John D. Goss, Manager/Director; Bruce M. Boogaard, City/Agency
Attorney; and Beve~y A. Authelet, City Clerk.
2. APPROVAL OF MINIYlT~: March 24, 1992
MSC {Rindone/Moore) to approve the minutes of the March 24, 1992 as presented. Approved 4-O-1 with
Councilman Malcolm absenL
3. ¥VRITI'/~I COMMUNICATIONS: None.
4.a. COUNCIL
RESOLUYION 16557 THE CITY APPROVES THE MORTGAGE CREDIT CER-IIFICATE PROGRAM
AND ASSIGNS ITS ALLOCATION AND PROGRAM TO THE AGENCY TO IMPLEMENT; THE CFrY
AUTHORIZING THE AGENCY TO APPLY TO THE CALIFORNIA DEBT LIMIT ALLOCATION COMMfH~d~ FOR
AN ALLOCATION OF QUALIFIED MORTGAGE BONDS; THE AGENCY RI~-CTS TO EXCHANGE SAID
ALLOCATION FOR MORTGAGE CREDIT CERTIFICATES, CER'IIFIES THE AVAILABILITY OF FUNDS FOR TI~
REQUIRED PERFORMANCE DEPOSIT OF $150,000; THE AGENCY APPROVES THE STANDARD FORM
LENDER PARTICIPATION AGBRF. MENT, AND AUTHORIZES ITS EXECUTION IN CONNECTION WITH
LF2qDERS APPROVED BY THE EXECUTIVE DIRECTOR - The Mortgage Credit Certificate (MCC) Program is
an alternative to mortgage revenue bond-backed Financing as a tool for providing home ownership assistance
to lower income households. MCCs are an allocation of Private Activity Bonds which are converted to
Mortgage Credit Certificates according to a federal conversion ration of 4 to 1. In order to receive authority
to issue $3,750,000 of MCCs, the City must apply for an allocation of $15,000,000 of private activity bonds.
Staff recommends the City Council adopt the resolution.
b. AGENCY
RESOLUTION 1245 THE CITY APPROVES THE MORTGAGE CREDIT CERTIFICATE PROGRAM
Minutes
April 7, 1992
Page 2
AND ASSIGNS ITS ALLOCATION AND PROGRAM TO THE AGENCY TO IMPI.EMF2Cr; THE
ALrrHORIZlNG THE AGENCY TO APPLY TO THE CALIFORNIA DEBT LIMIT AILOCATI ON COMMI-I-I-I~ FOR
AN ALLOCATION OF QUALIFIED MORTGAGE BONDS; THE AGENCY' RI.RCTS TO EXCHANGE SAID
AILO C~TI ON FOR MORTGAGE CIIEDIT CERTIFICATES, CERTIFIES THE AVAILABILITY OF FUNDS FOR THE
REQUIRED PERFORMANCE DE. POSIT OF $150,000; THE AGENCY APPROVES THE STANDARD FORM
LENDER PARTICIPATION AGRRRMENT, AND AUTHORIZK~ ITS EXECUTION IN CONNECTION WITH
LENDERS APPROVED BY THE EXECUTIVE DIRECTOR - The Mortgage Credit Certificate (MCC) Program is
an alternative to mortgage revenue bond-backed financing as a tool for providing home ownership assistance
to lower income households. MCCs are an allocation of Private Activity Bonds which are converted to
Mortgage Credit Certificates according to a federal conversion ration of 4 to 1. In order to receive authority
to issue $3,750,000 of MCCs, the City must apply for an allocation of $15,000,000 of private activity bonds.
Staff recommends the Redevelopment Agency adopt the resolution.
S.a. COUNCIL
RESOLUTION 16558 APPROVING PROPOSED BUDGET AND ACCEPTING ACHIEVE,~NT
REPORT FOR THE DOWNTOWN IMPROVEMENT DlsfRICT - Each year the Downtown Business Association
is required to submit its proposed budget and its achievement report for approval. Staff recommends that
the City Council adopt the resolution approving the Downtown Business Association's proposed 1992
Operating Budget and accept the 1991 Report of Achievement. Staff also recommends that the
Redevelopment Agency accept the report.
b. AGENCY ANNUAL REPORT TO THE AGENCY
* * END OF CONSENT CALENDAR * *
PUBLIC HEARINGS AND RELATED RESOLUTIONS AND ORD1NANC~-q
None.
ORAL COMMUNICATIONS
None.
ACT[ON ITEB~
None submitted.
OTHER BUSINESS
6. DIRECTOR°S REPORT - None.
7. CHAIRMAN'S REPORT - None.
Minutes
April 7, 1992
Page 3
8. MEMBERS' COMMENTS - None.
ADJOURNMENT
The meeting adjourned at 9:31 p.m, to a regular meeting of the Redevelopment Agency on Tuesday, May
S, 1992 at 4:00 p.m., City Council Chambers, Public Services Building.
Respectfully submitted,
BEVERLY A. AUTHELET, CMC, City Clerk
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