HomeMy WebLinkAboutRDA 88-11RESOLUTION NO. RDA 88-11
RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF TUSTIN MAKING A FINDING 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 Tustln
Town Center Redevelopment Project Area ("Project") in the City of Tusttn
was aproved by the Redevelopment Agency and the City Council of the City of
Tustin on November 12, 1976; and
WHEREAS, Section 33334.6(c) of the California Community Redevelopment
Law (Health and Safety Code, Section 33000 et. seq.) provides that unless
the Redeveloment 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 of 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 requtred to be
deposited (20 percent of Project tax Increment revenues) ts necessary to
make payments of amounts due or requtred to be committed, set aslde, or
reserved by the Agency to ftnance or refinance, In whole or In part, the
Project ("Existing Obligations") which Extsttng Obligations are contained
tn a statement of Extstlng Obligations adopted by resolution of the Agency
prior to September 1, 1986; and
B. In each fiscal year prior to July 1, 1986, 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 less 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 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 Extsting 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.
88-10 will be in excess of 1.4 million dollars during the fiscal year
1987-88; and
Redevelopment Agency
Resolution No. 88-11
Page two
WHEREAS, 1987-88 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 $1,839,385; and
WHEREAS, of the taxes allocated for the Project pursuant to Section
33670 of the CRL for the 1987-88 fiscal year an estimated minimum of
$367,877 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
herby 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 1986-87 fiscal
year and the amount required to be deposited pursuant to Section 33334.6(e)
of the Community Redevelopment Law is $367,877 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 1986-87 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
September 19, 1988.
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 lg87-88 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.
t)8! M~ry~E.~. ynn ~
Secrtar)~;
PASSED AND ADOPTED at a regular meeting of the Community Redevelopment
Agency at Tustln, California, held on the 19th day of September
1988.
~an~ lrmdaBn ~.. H°~rsterey
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) §
CITY OF TUSTIN )
MARY E. WYNN, City Clerk and Secretary Clerk of the Community Redevelopment
Agency of the City of Tustin, California, does hereby certify that the whole num-
ber of the members of the City Council as the Community Redevelopment Agency is
five; that the above and foregoing Resolution No. RDA 88-11 was duly and regularly
introduced, passed and adopted at a regular meeting of the City Council as the
Community Redevelopment Agency held on the 19th day of September, 1988, by the
following vote:
AYES : COUNCILPERSONS:
NOES : COUNCILPERSONS:
ABSENT: COUNCILPERSONS:
ABSTAINED: COUNCILPERSONS:
Hoesterey, Kennedy, Edgar, Kelly, Prescott
None
None
None
MARY E. WYNN, City~lerk/Secre~ary Clerk
City of Tustin, Ca¥~fornia