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Home My WebLink AboutRDA 92-02 1 3 4 5 6 7 8 9 10 11 1'~ 13 14 15 1(; 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. RDA 92-2 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF TUSTIN RELATING TO THE TOWN CENTER PROJECT AREA 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 Tustin Town Center Redevelopment Project Area ("Project") in the City of Tustin was approved by the Redevelopment Agency and the City Council of the City of Tustin on November 12, 1976 and amended on March 20, 1989; and WHEREAS, Section 33334.6(c) of the California Community Redevelopment Law (Health and Safety Code, Section 33000 e__t. seq.) 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 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, except that: A) In any fiscal year, the Agency may deposit less than 20 percent 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 (20 percent 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 (20 percent 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 lesser amount is necessary in order to provide for the orderly and timely completion of public and private projects, and which are contained in a Statement of 5 6 7 8 9 10 11 12 13 14 15 1 ¢; 17 18 19~ 22 ~>4 ~5 ~7 ~8 RDA Resolution No. 92-2 Page 2 Existing Programs adopted by resolution of the Agency prior to September 1, 1986; and WHEREAS, the Agency adopted Resolution No. 87-11 on August 17, 1987 reaffirming a Statement of Existing Obligations or Programs or Both of the Tustin Town Center Redevelopment Projects and listing obligations incurred and programs approved prior to January 1, 1986; and WHEREAS, the payments required for the obligations adopted in the Statement of Existing Obligations or Programs or Both in Resolution No. 90-6 are in excess of 2.3 million dollars during the fiscal year 1990-91; and WHEREAS, 1990-91 revenues allocated or to be allocated to the Town Center Project pursuant to Section 33670 of the Health and Safety Code are estimated to be $2,322,962; and WHEREAS, of the taxes allocated for the Project pursuant to Section 33670 of the CRL for the 1990-91 fiscal year an estimated minimum of $464,592 is to be deposited into the Low and Moderate Income Housing Fund pursuant to Section 33334.6(c) of the Community Redevelopment Law except as otherwise permitted by subdivisions (d) and (e) of said Section. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF TUSTIN 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 Tustin Town Center Project Area for the 1990-91 fiscal year and the amount required to be deposited pursuant to Section 33334.6(e) of the Community Redevelopment Law is approximately $464,592 and further finds that such amount is necessary to make payments of amounts due or required to be committed, set aside, or reserved by the Agency during the 1990-91 fiscal year under 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 the programs which existing obligations and programs are contained in the "Statement of Existing Obligations or programs or Both" adopted by Resolution of the Agency on January 20, 1992. 1 2 4 ? 8 9 10 11 12 14 15 17 19,I 2~ 23 24 25 26 27 2g RDA Resolution No. 92-2 Page 3 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 Tustin Town Center Redevelopment Project Area for the 1991-92 fiscal year. Section 3. The Agency Secretary is authorized and directed to send a copy of this resolution to the State Department of Housing and Community Development Department. PASSED AND ADOPTED at a regular meeting of the Community Redevelopment Agency at Tustin, California, held on the 20th day of January, 1992. CHARLES E. PUCKETT Chairman MARY W~ N city C~rk STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF TUSTIN CERTIFICATION FOR RDA RESOLUTION NO. 92-2 MARY E. WYNN, Recording Secretary and ex-officio Clerk of the Redevelopment Agency of the City of Tustin, California, does hereby certify that the whole number of the members of the Redevelopment Agency of the City of Tustin is five; that the above and foregoing Resolution was duly and regularly passed and adopted at a regular meeting of the Redevelopment Agency held on the 20th day of January, 1992 by the following vote: AGENCY MEMBERS AYES: Puckett, Pontious, Ed§ar, Ports, Prescot AGENCY MEMBERS NOES: None AGENCY MEMBERS ABSTAINED: None AGENCY MEMBERS ABSENT: None MARYf _~ WYNN Recording Secretary ATTACHMENT 1 TO RDA 92-2 STATEMENT OF EXISTING OBLIGATIONS Town Center Redevelopment Project 1990-91 Description of Existing Obligations Total Amounts of Remaining Obligations' Date Range of Obligations ~nnual Will Be Paymentsz Discharged Tustin Community Redevelopment Agency Town Center Area Redevelopment Project Tax Allocation Bonds - Series 19821 $12,851,580 $803,590 1-1-06 Undetermined amount of funds required to implement projects approved prior to January 1, 1986. As refinanced on July 1, 1981 with bonds sold on August 5, 1987. See attached debt service schedule. ATTACHMENT 2 TO RDA 92-2 STATEMENT OF EXISTING PROGRAMS Town Center Redevelopment Project Potential expansion and renovation of commercial centers to include: expansion of existing lease space; construction of new, mixed use, structures; construction of parking structure(s); and the possible abandonment of public streets. Agency assistance may be required for construction of necessary off-site improvements or other financing assistance and restoration and expansion of an adjacent residential apartment complex. The five year capital improvement program budget adopted in fiscal year 1986-87 totalling $4,926,192. Undetermined costs associated with street improvement plans recommended by the Planning Commission in conjunction with the First Street Specific Plan. Negotiations underway for acquisition of real property within the project area for the purposes of redevelopment of non-conforming structures and sites. Such acquisition is consistent with the goals and objectives of the adopted Redevelopment Plan. "Policy of the Redevelopment Agency for the Allocation of Housing Assistance Funds" as adopted on January 7, 1985. Agency participation in the construction and operation of a Senior Citizen Center. The commitment of Agency funds to the expansion of civic center facilities as recommended by space needs study commissioned by the Agency. Formulation and implementation of a multi-phase strategy plan for the redevelopment of the downtown business district. CAS: kbc\rda92-1, att ATTACHMENT 2 RDA 92-2 PAGE TWO Debt Service Schedule Year Ending Nov. 1 Principal Maturing Interest Rate Interest Total Debt Service 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Totals $ 25,000 255,000 270,000 285,000 300,000 315,000 335,000 355 000 375 000 400.000 425 000 455000 490.000 525.000 560 000 605 000 645.000 695 000 745,000 $8,060,000 4 4 4 5 5 40 5 70 5 90 6.20 6.40 6.70 7. O0 7.10 7.20 7.30 7.30 7.40 7.40 7.50 7.50 40% 60 90 20 $ 726,200 543,550 531,820 518,590 503,770 487,570 469,615 449,850 427 840 403 840 377 040 347 290 314 985 279 705 241 380 200 500 155 730 108 000 55,875 $7,143,150 $ 751,200 798,550 801,820 803,590 803,770 802,570 804,615 804,850 802,840 803,840 802,040 802 290 804 985 804 705 801 380 805 500 800 730 803 000 800,875 $15,203,150