The URL can be used to link to this page

Home My WebLink About220 RDA_CCv0001.pdf RESOLUTION NO.220 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS MAKING A FINDING RELATING TO THE DOWNTOWN REDEVELOPMENT PROJECT LOW AND MODERATE INCOME HOUSING FUND DEPOSITS PURSUANT TO SECTION 33334.6 OF THE COMMUNITY REDEVELOPMENT LAW WHEREAS, the Redevelopment Plan ("Redevelopment Plan") for the Downtown 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, 1976; and WHEREAS,Section 33334.6(c) of the California Community Redevelopment Law (Health and Safety Code, Section 33000 et seq.) ("HSC") provides that not less than 20 percent of the Project tax increment revenues allocated to the Agency pursuant to 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 Section 33334.3 to be used for the purposes set forth in Section 33334.2 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; and WHEREAS, on December 17, 1991 by Resolution No. 219 the Redevelopment Agency found, in accordance with HSC Section 33334.2(a)(3), that a substantial effort is being made by the community to meet its existing and projected housing needs, that contributions totalling $294,235 are equivalent in impact to a like amount of funds otherwise required to be set aside, and that pursuant to such finding, and based on the determination that $584,384 would otherwise be required to set aside for the 1990-91 fiscal year, an obligation of$290,149 will accrue to the Project Low and Moderate Income Housing Fund for the 1990-91 fiscal year; and WHEREAS,pursuant to HSC Section 33334.6(d), in any fiscal year the Agency may deposit less than the twenty percent (20%) of Project tax increment revenues required by HSC Section 33334.6(c) to be deposited into the Project Low and Moderate Income Housing Fund if the Agency finds that the difference between the amount deposited and the amount required by subdivision (c) to be deposited is necessary to make payments of amounts due or required to be committed, set aside or reserved by the Agency during that fiscal year on existing obligations ("Existing Obligations") incurred by the Agency to finance or refinance, in whole or in part, the Project, which Existing Obligations are contained in a Statement of Existing Obligations adopted by the Agency pursuant to subdivision (f) prior to September 1, 1986; and WHEREAS, pursuant to HSC Section 33334.6(e), in each fiscal year prior to July 1, 1996, the Agency may deposit less than the twenty percent (2010) of Project tax increment revenue required by HSC Section 33334.6(c) and (d) to be deposited into the Project Low and Moderate Income Housing Fund if the Agency finds that the deposit of less than the amount required by those subdivisions is necessary in order to provide for the orderly and timely completion of public and private projects, programs, or activities ("Existing Programs")approved by the Agency prior to January 1, 1986,which are contained in a Statement of Existing Programs adopted by the Agency pursuant to subdivision (f) prior to September 1, 1986; and WHEREAS, on August 26, 1986 the Agency adopted Resolution No. 195 which adopted a Statement of Existing Obligations and a Statement of Existing Programs for the Project which described obligations incurred and programs approved prior to January 1,-1986-and WHEREAS, by a letter dated October 9, 1991, the Agency's financial consultant has provided a fiscal report, attached as Exhibit A hereto, outlining the $3,329,000 cash deficit experienced by the Project as of June 30, 1991; and 4296.rdi/l 121991/se WHEREAS, expenditures and revenues for the 1990-91 fiscal year indicate that the entire amount of tax increment received from the Project was used to fund Existing Obligations and/or Existing Programs; and WHEREAS, the Agency has reviewed and considered the consultant's letter and the information attached thereto and the oral and written information submitted at the meeting at which the consultant's letter was received. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS does hereby find and resolve as follows: SECTION 1. That based on the above recitations, the Agency will be unable to deposit any funds into the Project Low and Moderate Income Housing Fund for the 1990-91 fiscal year, and directs that no deposit shall be made. SECTION 2. That based on the above recitations, and pursuant to HSC Section 33334.6(g), the difference between the amount deposited or to be deposited into the Project Low and Moderate Income Housing Fund for the 1990-91 fiscal year, $0, and the amount required to be deposited pursuant to HSC Sections 33334.6(c), Section 33334,6(d) and Section 33334.6(e), $290,149, and that such amount shall constitute a deficit of the Project and the Agency shall adopt a plan to eliminate such deficit in subsequent years as determined by the Agency. PASSED,APPROVED AND ADOPTED THIS 17 th DAY OF MARCH 1992. APPROVED: REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS ATTEST: S-EJMETAR)( Annual Budget Exhibit A REDLANDS REDEVELOPMENT AGENCY cash#lopr I Fiscal Year: 1991-92 FIVE YEAR CASH FLOW Including Projections thru 96.97 1991-92 1992.93 1993-94 1994.95 1995.96 1996-97 RESOURCES Beginning Cash Balance Discretionary Funds (53,329,000) ($3,092,648) ($3,226,727) ($3,085,130) (52,783,895) (52,316,306) Annual Revenues Fund 28 RDA Projects $3,370,321 5612,661 $627,122 $642,017 S657,359 S673,161 Land Sale Proceeds 38,036 0 0 0 0 0 Fund 30 RDA Debi Service 3,771,168 3,865,010 4,034,791 4,213,415 4,401,348 4,599,081 Less: Housing Set-Aside 0 0 0 0 0 (804,256) Fund 80 RDA Administation 0 0 0 0 0 0 Annual Revenues 57,179,525 54,477,671 54,661,913 54,855,432 55,058,707 $4,467,986 Total Resources S3,850,525 51,385,023 S1,435,186 $1,770,302 52,274,812 52,151,680 Memorandum Only Land Sale Proceeds SO 52,300,000 50 SO 50 50 EXPENDITURES Fund 28 RDA Projects S2,883,137 $798,116 $701,412 $710,689 S720,431 5730,659 Fund 30 RDA Debt Service 3,257,788 3,264,807 3,248,867 3,251,197 3,254,992 3,250,443 Fund 80 RDA Administation 802,248 548,827 570,038 592,310 615,696 640,250 Total Expenditures 56,943,173 $4,611,750 S4,520,317 54,554,196 $4,591,118 $4,621,353 ENDING BALANCE ($3,092,648} ($3,226,727} ($3,085,130) ($2,783,895) ($2,316,306} ($2,d69,672� Assumptions: 1 -- Assumes the refinancing of Redlands Plaza; net proceeds are assumed to equal $2,771,700. Debt Service for fiscal year 1991.92 is assumed to be $174,419 and $261,629 in fiscal year 1992-93 and thereafter. 2 — Land sale proceeds assumed for 1991-92 only include proceeds anticipated to be received from the Parkwest Group, Inc No other Land sale proceeds are assumed. 3 -- Does not assume the issuance of new tax allocation bonds. 4 •- All expenditure amounts are included based on the 1991.92 Agency budget and assumed expenditures thereofter.