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Home My WebLink About205 RDA_CCv0001.pdf RESOLUTION NO. 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 1987-88 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 seq.) (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 HSC 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 of 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 331334.2 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 tax 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 adopted the Statement of Existing Obligations or Programs or Both of the Redlands Redevelopment Project listing obligations incurred and programs approved prior to January 1, 1986; and 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 $14,402,976 during fiscal year 1987-88; and WHEREAS, 1987-88 revenues allocated or to be allocated to the Redlands Redevelopment Project pursuant to HSC Section 33670 are estimated to be $2,398,390; and WHEREAS, combined 1987-88 revenues allocated or to be allocated to the Redlands Redevelopment Project pursuant to HSC Section 33670 and other revenues are estimated to be $15,132,282; and WHEREAS, of the taxes allocated for the Project pursuant to HSC Section 33670 for the 1987-88 fiscal year an estimated minimum of $479,678 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 REDEVELOPMENT 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 1987-88 fiscal year and the amount required to be deposited pursuant to HSC Section 33334.6(d) and (e) is $24,807,750, and further finds that such amount and other revenue 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 1987-88 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 1987-88 fiscal year. PASSED, APPROVED AND ADOPTED THIS 19th DAY OFqanuar�,989- APPROVED: CHAIRMAN ATTEST: ' 89CRETARYII ATTACHMENT 1 SUPPORT DATA 1987/88 AD 265 REVENUE Tax Increment Revenue $2,287,400 tit Supplemental/State Subvention Revenue 110,990 (2) @20% 479,67$ j678 Additional Revenue Interest on Bank Deposits 372,574 Land Sale 3,616,000 Rettig 30,000 Land Sale - Notes 13,925 Plaza Rents 445,415 General Projects Rents 24,750 Parking Lease 572,350 Bond Proceeds 1t658,878 12,733,392 TOTAL REVENUE 15,132,282 T OBLIGATIONS 1987 Tax Allocation Refunding Bond 1,259,080 1987 Tax Allocation Subordinated Bond 473,422 Parking Lease Revenue Bond - A 315,200 Parking Lease Revenue Bond - B 357,150 Redlands Plaza 103,200 (3) Shoppers Lane Note 16,329 (3) Hillsen Trust Note 28,448 (3) Redlands Federal Savings & Loan 11,182 (3) Plaza Maintenance & Geration, 222,362 Redlands Mall Parking Lot 142,000 City Loan/Parking Agreement 572,350 Administration 564,735 (4) Hotel 378,500 Fern Avenue 4,000 Phase 11 2,595,695 Underground 447,000 PSB 1,899,073 OBLIGATIONS (Continued) Santa Fe Depot 2,500 Hawken 11 36,700 La Farge 66,250 East Stuart Industrial 2,300 Commercial Facade 179,000 Mission ZanJa 4,606,500 Senior Citizens Housing 500 Glaza Auto 118,000 Coast Plaza 1,500 TOTAL OBLIGATIONS 14,402,976 TOTAL REVENUE 15,132,282 TOTAL OBLIGATIONS (FY 87/88) 14,402,976 729,306 Obligations per "Statement of Obligations" $59,602,055 (6) less 85/86 obligations 6,824,996 less 86/87 obligations 13,566,333 less 87/88 obligations 14,402j976 TOTAL OUTSTANDING OBLIGATIONS 7 X24,807,750— tib Katz, Hollis, Caren & Associates, Inc. (KHCA) estimate (2) San Bernardino County Auditor-Controller (3) From 1987/88 Statement of Indebtedness (4) Includes Personal Services, Contractual Services, Commodities & Capital Outlay (Less Lease-Purchase) (5) Redlands Redevelopment Agency Resolution No. 195, adopted 8/26/86 Unless otherwise noted all figures are taken from the KHCA Preliminary Draft of the 1987/88 Annual Budget which laregely reflects the Agency adopted 1987/88 Annual Budget. Item (4) above is also taken from the Preliminary Draft of the Annual Budget. -4-