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II.
RESOLUTION NO. RDA 86-10
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF TUSTIN, CALIFORNIA, ADOPTING A
STATEMENT OF EXISTING OBLIGATIONS FOR THE TOWN CENTER
PROJECT
The Community Redevelopment Agency of the City of Tusttn, California
hereby resolves as follows:
That the Agency is engaged in activities necessary land
appropriate to carry out the Redevelopment Plan for the Town
Center Project Area; and
Be
That in order to carry out the orderly completion of the Town
Center Redevelopment Plan, the Agency has heretofore lapproved
certain specific public and private projects as hereinafter
described in various resolutions, agreements, and related
documents which are legally binding obligations of the Agency;
and
Co
That the Agency desires to deposit less than the tax increment
amount provided for in Section 33334.6 of the California
Community Redevelopment Law into a Low and Moderate Income
Housing Fund established for the Town Center Redevelopment
Project, as a result of previous obligations incurred by the
Agency in implementing the Redevelopment Plan in order to
provide for the orderly and timely implementation of the Town
Center Redevelopment Project; and
That the Agency hereby approves this Statement of Existing
Obligations which obligations existed prior to January 1, 1986
and were incurred in the implementation of the Town Center
Redevelopment Project; and
That the Agency believes that the redevelopment pursuant to the
Redevelopment Plan continues to be and is in the best interests
of the City of Tusttn and the health, safety, morals and welfare
of its residents, and in accord with the public purposes and
provisions of applicable State and local law and requirements.
The following obligations of the Community Redevelopment Agency of
the City of Tusttn, California, incurred in relation to the Town
Center Redevelopment Project are:
A. Town Center Tax Allocations Bonds, Series 1982.
2.
3.
4.
Date of Obligation:
Amount:
Annual Payments:
Date of Discharge:
November 1, 1982
$22,404,147
$ 933,506
January 1, 2006
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RDA Resolution No. 86-10
page two
B. Owner Participation Agreement/Carver Development
2.
3.
4.
Date of Obligation:
Amount:
Annual Payments:
Date of Discharge:
December 18, 1985
$ 439,069
Not applicable
365 days after commencement of
construction
C. Tustln Ranch Road (Jamboree) I-5 Interchange.
1. Date of Obligation: August 20, 1984
2. Amount: $ 500,000
3. Annual Payments: Not applicable
4. Date of Discharge: July 1986
De
Undetermined amount of funds required to implement projects
approved prior to January 1, 1986.
E. Owner Participation Agreement/Burnett Ehline
1. Date of Obligation:
2. Amount:
3. Annual Payments:
4. Date of Discharge:
July 1, 1985
$ 36,000
Not applicable
Upon project completion
(Estimated Nov. 1986)
III. The Secretary is authorized and directed to send a copy of this
Resolution to the Department of Housing and Community Development.
PASSED AND ADOPTED at a regular meeting of the Tustin Community
Redevelopment Agency held on the· 18th day of August, 1986.
, 1986.
MI[RY E. W~t~N,
Secretary
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, Ca)ifornia, 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. RBA 86-10 was duly and regularly
introduced, passed and adopted at a regular meeting of the City Council as the
Community Redevelopment Agency held on the 18th day of August, 1986, by the
following vote:
AYES :
NOES :
ABSENT:
COUNCILPERSONS:
COUNCILPERSONS:
COUNCILPERSONS:
Edgar, Hoesterey, Kelly, Kennedy, Saltarelli
None
None
MARY E. WYNN~/)~ity Cler~/Secretary Clerk
City of Tusti-6, California