HomeMy WebLinkAboutCVRC Reso 2011-004CVRC RESOLUTION NO. 2011-004
RESOLUTION OF THE CHULA VISTA REDEVELOPMENT
CORPORATION (A) RECOMMENDING THAT THE REDEVELOPMENT
AGENCY OF THE CITY OF CHULA VISTA APPROVE AN INTERFUND
LOAN OF $856,613 MILLION FROM THE LOW AND MODERATE
INCOME HOUSING FUND TO THE REDEVELOPMENT FUND FOR THE
STATE REQUIRED SERAF PAYMENT; AND (B) RECOMMENDING THAT
THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA
APPROVE NECESSARY BUDGET ADJUSTMENTS TO APPROPRIATE
THE INTERFUND LOAN OF $856, 613.
WHEREAS, Assembly Bill ABX4-26 of 2009 amended Sections 33334.2 and 33633 of
the Health and Safety Code (H&S) requiring redevelopment agencies to remit an additional
prescribed share to the Supplemental Educational Revenue Augmentation Fund (SERAF); and
WHEREAS, Assembly Bill ABX4-26 of 2009 added Sections 33020.5, 33331.5, 33690,
33690.5, 33691 and 33692 to the Health and Safety Code (H&S) allowing agencies various
options regarding the SERAF payment; and
WHEREAS, the Redevelopment Agency of the City of Chula Vista (the Agency)
submitted its first payment of its prescribed SERAF share of $4.1 million in May 2010; and
WHEREAS, the Redevelopment Agency of the City of Chula Vista (the Agency) is
required to submit a second payment of its prescribed SERAF share of $856,613 by May 10,
2011; and
WHEREAS, state regulations allow agencies to borrow from the Low and Moderate
Income Housing Fund in order to make the SERAF payment; and
WHEREAS, the Agency has insufficient funds in the Redevelopment Fund to make the
SERAF payment and must borrow from the Low and Moderate Income Housing Fund; and
WHEREAS, the funds borrowed from the Low and Moderate Income Housing Fund will
be repaid within 5 years from the date the funds are remitted to the County Auditor.
NOW, THEREFORE, BE IT RESOLVED, that the Chula Vista Redevelopment
Corporation recommends that the Redevelopment Agency of the City of Chula Vista approve as
follows:
(A) An interfund loan of $856,613 from the Low and Moderate Income Housing Fund
to the Redevelopment Fund for the state required SERAF payment in the amount of
4$856,613; and
(B) An amendment to the FY 2010 Redevelopment Agency and Housing Authority
budgets to appropriate the interfund loan and SERAF payment of $856,613.
CVRC Resolution No. 2011-004
Page -2-
Presented by:
i
Gary albe ., AICP
Chief Execu ive Officer
Approved as to form by:
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PASSED, APPROVED, and ADOPTED by the Chula Vista Redevelopment Corporation
of the City of Chula Vista, this 28th day of April 2011, by the following vote:
AYES: Directors: Cannon, Desrochers, Flores, Munoz, Paul
NAYS: Directors: None
ABSENT: Directors: Salas
ABSTAIN: Directors: None
Rafa Munoz, Chajrfn,
ATTEST:
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Eric C. Crockett, Secretary
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
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I, Eric C. Crockett, Secretary of the Chula Vista Redevelopment Corporation of the City of
Chula Vista, California, do hereby certify that the foregoing CVRC Resolution No. 2011-004
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 28th day of April
2011.
Executed this 28th day of April 2011.
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Eric C. Crockett, Secretary