HomeMy WebLinkAbout223 RDA_CCv0001.pdf RESOLUTION NO. 223
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 ("City") was approved by the Redevelopment
Agency and the City Council of the City of Redland 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 12/15/9 2 , 1992 by Resolution No.2 2 2 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 $549,887 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 $644,094 would otherwise be required to set aside for the
1991-92 fiscal year, an obligation of$94,207 will accrue to the Project Law and Moderate Income Housing
Fund for the 1991-92 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, 1993,
the Agency may deposit less than the twenty percent (20%) 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 adapted 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
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WHEREAS, City Staff has identified a $3,556,000 cash deficit, as shown on Exhibit A, that
existed for the Project as of June 30, 1992; and
WHEREAS, expenditures and revenues for the 1991-92 fiscal year indicate that the entire
amount of tax increment received from the Project was used to fund Existing Obligations and/or Existing
Programs.
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 1991-92 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 1991-92 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), $94,207, is $94,207 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 1 5 th DAY OF December 1992.
APPROVED:
REDEVELOPMENT AGENCY OF THE
CITY OF REDLANDS
X.
i 17—
ATTEST:
SECRET Y
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SCHEDULE 3
City of Redlands
Summary of 1992-93 Financing Sources and Requirements by Fund
Adopted Budget
Redevelopment Agency (RDA) Fund Group
RDA RDA RDA low & Mod.
Projects Debt. Svc. Admin. Housing
(28) (30) (80) (85)
------- -----•------ ------------ ------------
Financing Sources:
Fund Balance Unaudited, 6/30/92 $0 ($4,288,748) s0 $449,593
Revenues 510,000 2,820,580 136,000 0
Interfund Transfers From:
General Fund (01) 0 577,800 0 0
RDA Debt Service (30) 135,146 0 293,558 746,000
Wastewater Service (61) 32,800 0 0 0
Water Service (71) 35,500 0 0 0
------------ ------------ ------------ ------------
Total Financing Sources 713,446 (890,368) 429,558 1,195,593
Financing Requirements:
Appropriations 713,446 2,686,822 429,558 0
Interfund Transfers To:
RDA Projects (28) 0 135,146 0 0
RDA Admin. (80) 0 293,558 0 0
Low & Moderate Housing (85) 0 746,000 0 0
Provision for Set-Aside Reserve 0 0 0 1,195,593
------------ -----•------ ------------ ------------
Total Financing Requirements 713,446 3,861,526 429,558 1,195,593
Estimated Fund Balance, 6/30/93 SO ($4,751,894) $0 s0
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