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Home My WebLink AboutRDA 91-02RESOLUTION NO. RDA 91-2 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 et. 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 RDA Resolution No. 91-2 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 2.2 million dollars during the fiscal year 1989-90; and WHEREAS, 1989-90 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 $2,216,474; and WHEREAS, of the taxes allocated for the Project pursuant to Section 33670 of the CRL for the 1989-90 fiscal year an estimated minimum of $502,934 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 1989-90 fiscal year and the amount required to be deposited pursuant to Section 33334.6(e) of the Community Redevelopment Law is approximately $502,934 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 1989-90 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 February 4, 1991. RDA Resolution No. 91-2 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 1990-91 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 4th day of February, 1991. RICHARD B. EDGAR ~ Chairman MARY WYN~ City Clem STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF TUSTIN CERTIFICATION FOR RDA RESOLUTION NO. 91-2 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 4th day of February, 1991 by the following vote: AGENCY MEMBERS AYES: Edgar, Puckett, Pontious, Potts, Prescott AGENCY MEMBERS NOES: None AGENCY MEMBERS ABSTAINED: None AGENCY MEMBERS ABSENT: None Recordiffg Secretary