HomeMy WebLinkAboutRDA 90-05
RESOLUTION NO. RDA 90-5
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 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. 90-5
Page 2
for the orderly and timely completion of public and
private projects, 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 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
1.6 million dollars during the fiscal year 1988-89; and
WHEREAS, 1988-89 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
$2,105,748; and
WHEREAS, of the taxes allocated for the Project
pursuant to Section 33670 of the CRL for the 1988-89
fiscal year an estimated minimum of $421,150 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 1988-89
fiscal year and the amount required to be deposited
pursuant to Section 33334.6(e) of the Community
Redevelopment Law is $421,158 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 1988-89 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
Redevelopment Agency
Resolution No. 90-5
Page 3
the programs which existing obligations and programs are
contained in the "Statement of Exising Obligations or
programs or Both" adopted by Resolution of the Agency on
February 20, 1990.
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 1989-90 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 February, 1990.
HARD B. EDGAR~
Chairman
MARY WYN~
City Cle~.~
City of Tustin
REDEVELOPMENT AGENCY RESOLUTION CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN )
RESOLUTION NO. RDA 90-5
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 90-5 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 ~ler~ecordi~g Secretary