HomeMy WebLinkAbout203 RDA_CCv0001.pdf RESOLUTION NO. 203
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
REDLANDS MAKING A FINDING RELATING TO THE REDLANDS
REDEVELOPMENT PROJECT LOW AND MODERATE INCOME
HOUSING FUND DEPOSITS FOR FISCAL YEAR 1986-87 PURSUANT
TO SECTION 33334.6 OF THE COMMUNITY REDEVELOPMENT LAW
WHEREAS, the Redevelopment Plan ("Redevelopment Plan") for the
Redlands Redevelopment Project ("Project") in the City of Redlands was approved
by the Redevelopment Agency and the City Council of the City of Redlands on
September 26, 1972 and amended on February 17, 1986; and
WHEREAS, Section 33334.6(c) of the California Community Redevelopment
Law (Health and Safety Code, Section 33000 et sect.) (HSC) provides that unless the
Redevelopment Agency by resolution makes one of the findings described in
paragraphs (1) to (3), inclusive, of subdivision (a) of Section 33334.2, not less
than twenty percent (20%) of the Project tax increment revenues allocated to the
Agency pursuant to HSC Section 33670 for the 1985-86 fiscal year and each
succeeding fiscal year shall be deposited into a Low and Moderate Income Housing
Fund for the Project established pursuant to HSC Section 33334.3 to be used for
the purposes set forth in HSC Section 33334.2, except that:
A) In any fiscal year, the Agency may deposit less than twenty
percent (20%) of such Project tax increment revenues into the Project Low and
Moderate Income Housing Fund if the Agency finds that the difference between the
amount deposited, or to be deposited, and the amount required to be deposited
(twenty .percent (20%) of Project tact increment revenues) is necessary to make
payments of amounts due or required to be committed, set aside, or reserved by
the Agency to finance or refinance, in whole or in part, the Project ("Existing
Obligations") which Existing Obligations are contained in a statement of Existing
Obligations adopted by resolution of the Agency prior to September 1, 1986; and
B) In each fiscal year prior to July 1, 1996, the Agency may deposit
less than the amount required to be deposited (twenty percent (20%) of Project
tax increment revenues, less payments of amounts due or required to be
committed, set aside, or reserved during the fiscal year under Existing
Obligations) into the Low and Moderate Income Housing Fund if the Agency finds
that the deposit of such less amount is necessary in order to provide for the
orderly and timely completion of public and private projects, programs, or
activities approved by the Agency prior to January 1, 1986 ("Existing Programs")
and which Existing Programs are contained in a Statement of Existing Programs
adopted by resolution of the Agency prior to September 1, 1986; and
WHEREAS, the Agency adopted Resolution No. 195 on August 26, 1986
which adapted the Statement of Existing Obligations or Programs or Both of the
Redlands Redevelopment Project listing obligations incurred and programs
approved prier to January 1, 1986; and
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WHEREAS, the payments required for the Existing Obligations and
Existing Programs adopted in the Statement of Existing Obligations or Programs or
Both in Resolution No. 195 is $13,566,333 during fiscal year 1986-871; and
WHEREAS, 1986-87 revenues allocated or to be allocated to the Redlands
Redevelopment Project pursuant to HSC Section 33670 are estimated to be
$2,658,597; and
WHEREAS, combined 1986-87 revenues allocated or to be allocated to the
Redlands Redevelopment Project pursuant to HSC Section 33670 and other revenues
are estimated to be $3,917,249; and
WHEREAS, of the taxes allocated for the Project pursuant to HSC Section
33670 for the 1986-87 fiscal year an estimated minimum of $531,719 is to be
deposited into the Low and Moderate Income Housing Fund pursuant to HSC
Section 33334.6(c) except as otherwise permitted by subdivisions (d) and (e) of
said Section.
NOW, THEREFORE, THE RE-DEVELOPMENT AGENCY OF THE CITY OF
REDLANDS does hereby resolve as follows•:
SECTION 1, The Agency hereby finds that the difference between the
amount deposited, or to be deposited into the Low and Moderate Income Housing
Fund of the Redlands Redevelopment Project for the 1986-87 fiscal year and the
amount required to be deposited pursuant to HSC Sections 33334.6(d) and (e) is
$39,210,726 and further finds that such amount and other revenues of the Agency
are necessary to make payments of amounts due or required to be committed, set
aside, or reserved by the Agency during the 1986-87 fiscal year for Existing
Obligations incurred and adopted by the Agency to finance or refinance, in whole
or in part, the Project and to provide for the orderly and timely completion of
Existing Programs, which Existing Obligations and Existing Programs are contained
in the Statement of Existing Obligations or ' Programs or Both adopted by
Resolution No. 195 of the Agency on August 26, 1986.
SECTION 2. The Agency directs that pursuant to the above finding
no deposits are to be made to the Low and Moderate Income Housing Fund for the
Redlands Redevelopment Project for the 1986-87 fiscal year.
PASSED, APPROVED AND ADOPTED THIS 191h_ DAY OFJaMJUy1988.
APPROVED:
CHAIFtMA,
ATTEST:
SECRETARY
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ATTACUMENT 1
SUPPORT DATA
1986/87 AB 265
REVENUE
Tax Increment Revenue $2,547,607
Supplemental/State Subvention Revenue 110,990
@20% 531j_719
Additional Revenue
Interest on Bank Deposits 3031501
Rettig Rents 32,253
Plaza Rents 50,000
PSB Rents 5,525
General Projects Rents 22,065
Coast Plaza 153,778
La Farge Land Sale 48,146
Excess Deposits Refunds 65,584
Parking Lease 57700
-1,258,652
TOTAL REVENUE 3,917,249
OBLIGATIONS
1985 Tax Allocation Refunding Bond 1,379,690 (2)
Parking Lease Revenue Bond - A 222,200 (2)
Parking Lease Revenue Bond - B 356,750 (2)
Redlands Plaza 103,200 (2)
Shoppers Lane Note 16,329 (2)
Hillsen Trust Note 30,464 (2)
Redlands Federal Savings & Loan 11,182 (2)
Plaza Maintenance & Operation 107,700 (2)
Redlands Mall Parking Lot 140,568
Santa Fe Depot Rehabilitation 230,000 (2)
Senior Citizens Housing 330,500 (2)
City Loan/Parking Agreement 577,800
Administration 645,619 (3)
Hotel Site 574
Redlands Plaza 1,315
General Projects 1,136,489
Phase 1 10,430
Phase 11 146,829
Phase 111 8,457
OBLIGATIONS (Continued)
Undergrounding/Eureka 624,509
PSB 6,492,229
Temporary Relocation XB/VS 60,946
Santa Fe Deport 18,880
La Farge Plaza 10,415
East Stuart Industrial 1,496
5th & Redlands Parking 42,466
Commercial Facade 142,242
Mission ganja 4,7175
Shoppers Lane 203,698
Senior Citizen Housing 5,129
Glaza Auto 3,174
Coast Plaza 398
Kramer 64,4714
H.G.H. 81,028
Verteeg 63,917
Barnes 68,437
Rettig —__2221024
TOTAL OBLIGATIONS 131566,333
TOTAL REVENUE 3,917,249
TOTAL OBLIGATIONS (FY 86/97) 1315661.333
(9,649,048)
Obligations per "Statement of Obligations" $59,602,055 (4)
less 85/86 obligations 6,824,996
less 86/87 obligations 13,566,333
TOTAL OUTSTANDING OBLIGATIONS $39,210,726
(1) San Bernardino County Auditor-Controller
(2) From 1986/87 Statement of Indebtedness
(3) Includes Personal Services, Contractual Services & Commodities
(4) Redlands Redevelopment Agency Resolution No. 195, adopted 8/26/86
Unless otherwise noted all figures are taken from the 1986/87 Adjusted Budget
figures as found in the adopted 1987/88 Annual Budget. Item (2) above is also
from the 1986/87 Adjusted Budget figures.
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