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Home My WebLink AboutRDA 90-04 RESOLUTION NO. RDA 90-4 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF TUSTIN REGARDING THE READOPTION OF A STATEMENT OF EXISTING OBLIGATIONS OR PROGRAMS OR BOTH IN CONNECTION WITH THE IMPLEMENTATION OF THE TOWN CENTER REDEVELOPMENT PROJECT 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 22, 1976 by Ordinance No. 701 and amended by Ordinance 89-27, on March 20, 1989. WHEREAS, Section 33334.5 (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 during the fiscal year under existing obligations incurred 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 to 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 Redevelopment Agency Resolution No. 90-4 Page 2 for the orderly and timely completion of public and private projects, programs, or activities approved by the Agency prior to January 1, 1986 and which are contained in a Statement of Existing Programs adopted by resolution of the Agency prior to September 1, 1986; and WHEREAS, the Agency approved existing projects, programs and activities by Resolution No. 85-18 of the Agency adopted on December 16, 1985; and WHEREAS, such existing projects, programs, and activities were described in Exhibits A and B attached and incorporated to Agency Resolution No. 85-18. WHEREAS, the Agency readopted a Statement of Existing Obligations and Programs by Resolution No. RDA 86-10 on August 18, 1986 and Resolution RDA 87-11 on August 17, 1987, and on August 17, 1987 with adoption of Resolution No. 87-11 and 87-12; and on September 19, 1988 by adoption of Resolutions 88-10 and 88-11. NOW, THEREFORE, THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF TUSTIN does hereby resolve as follows: Section 1. The Agency hereby readopts a Statement of Existing Obligations for the Tustin Redevelopment Project No. 1 attached hereto and marked "Attachment 1" and Statement of Existing Programs for the Tustin Town Center Redevelopment attached hereto and marked "Attachment 2" as the statements required by Section 3334.6(c) of the California Community Redevelopment Law for those obligations incurred prior to January 1, 1986. Redevelopment Agency Resolution No. 90-4 Page 3 Section 2. The Agency Secretary is authorized and directed to send a copy of this resolution to the State Department of Housing and Community Development. PASSED AND ADOPTED at a regular meeting of the Community Redevelopment Agency at Tustin, California, held on the 20th day of February, 1990. RICHARD B. EDGAR~ Chairman MARY WYN~ ' City Cle~ ..... ,~ u~o~ 4'~li~.ll| b~IILPUL£ I)[nl~r roJpm~5 P & ~. LIJerk ~ull, el OI to~tks In ¢, '115', ~)L, ler lsL piya~fll yr: O8-Jan-O8 lUSllll i£t~£V£LOfll~lI[ &l'd~llCIr IOHDS DAIEO 1/IJ81 IO.OGO,OPO lei7 Il, ill CLXl(I ~IFA I'lnJFCl .IOIIOS SOL~ B/S/P1 H~JV I rlsc~ YJ flAY I ................. ~ .......... ~ .................. IO/~L $45J,875.00 $272~325.0Q 265~iO.OO 1~91 251,8~)5.U0 251,QOS.UO 213,~20.00 2UOU 157,4~2.$0 157,492.~0 2~12 12O~&~O.OO 126~6~O.OO 2(IOJ IUO~25U.OQ IOU,250.(10 2004 ~0(15 54,0011.00 54,iIUP.Oll 2dUG 25,000 255,0P0 ~lS,OOO J55 ~)S OOO 4O0 Olio 425 455. fliiO 4~0 525 5~0 6tiS,OliO 745,01~ $2~?,325.00 551,865.0Q. 5~,807..50 61J,520.00 660,6~0.00 ?Q5~250.00 112,931.50 $751,200:00 · ?YBp550.OO 801,020.00 80J,~TO.OO .:'602,570.06 602,840.00 803,040.00 O0~,2~O.O0 804,905.00 PO4.,?O5.OO 801,~dO.OO 005,500.0~ OOO,?~O.OO 17,143,J50.~ [] Description off Existinq Obliqations Tustin Community Redevelopment Agency Town Center Area Redevelopment Project Tax Allocation Bonds- Series 1982 1 ATTACHMENT 1 To RDA 90-4 STATEMENT OF EXISTING OBLIGATIONS Town Center Redevelopment Project 1988-89 Total Amounts of Remaining Obligations Range of Annual Payments $14,451,950 Date Obligations Will Be Discharged $798,550 01/01/06 800,875 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 90-4 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. City of Tustin REDEVELOPMENT &GENCY RESOLUTION CERTIFIC&TION STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS CITY OF TUSTIN ) RESOLUTION NO. RDA 90-4 MARY E. WYNN, City Clerk and Recording Secretary of the Community Redevelopment Agency of the City of Tustin, California, does hereby certify that the whole number of the members of the Community Redevelopment Agency of the City of Tustin is four; that the above and foregoing Resolution No. RDA 90-4 was duly and regularly introduced, passed and adopted at an adjourned regular meeting of the Community Redevelopment Agency held on the 20th day of February, 1990, by the following vote: AGENCY MEMBER AYES: Edgar, Kennedy, Kelly, Prescott AGENCY MEMBER NOES: None AGENCY MEMBER ABSTAINED: None AGENCY MEMBER ABSENT: None Mary E. Wynn, City Ci~. k/Re~rding Secretary