HomeMy WebLinkAboutRDA 85-182
RESOLUTION NO. RDA 85-18
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TUSTIN COMMUNITY REDEVELOPMENT AGENCY ADOPTING A
STATEMENT OF EXISTING OBLIGATIONS AND A STATEMENT
OF EXISTING PUBLIC AND PRIVATE PROJECTS, PROGRAMS
AND ACTIVITIES FOR THE TOWN CENTER REDEVELOPMENT
PROJECT
WHEREAS, the Redevelopment Plan ("Redevelopment Plan") for
the Town Center Project ("Project") in the City of Tustin was
7 approved and adopted by the City Council of the City of Tustin on
November 22, 1976 by Ordinance No. 701.
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WHEREAS, Section 33334.6(c) of the California Health and
9 Safety Code provides that unless the Redevelopment Agency, by
resolution, makes one of the findings described in paragraphs (1)
101. to (3) inclusive of subdivision (a) of Section 33334.2, not less
than 20 percent of the Project tax increment revenues allocated to
11 the Agency pursuant to Section 33670 for the 1985-86 fiscal year
and each succeeding fiscal year shall be deposited into a Low and
12 Moderate Income Housing Fund for the Project established pursuant
to Section 33334.3 to be used to the purposes set forth in Section
13 33334.2, except that:
14 (A) In any fiscal year, the Agency may deposit less than 20
percent of such Project tax increment revenues into the Project Low
15 and Moderate Income Housing Fund if the Agency finds that the
difference between the amount deposited (20 percent of Project tax
16 increment revenues) is necessary to make payments of amounts due or
required to be committed, set aside, or reserved by the Agency
17 during the Fiscal Year under existing obligations incurred by the
Agency to finance or refinance, in whole or in part, the Project
18 which existing obligations are contained in a statement of existing
obligations adopted by resolution of the Agency prior to September
19 1, 1.986; and
20 (B) In each fiscal year prior to July 1, 1996, the Agency
may deposit less than the amount required to be deposited (20
21 percent of Project tax increment revenues, less payments of amounts
due or required to be committed, set aside or reserved during the
22 fiscal year under the existing obligations) into the Low and
Moderate Income Housing Fund if the Agency finds that the deposit
23 of such less amount is necessary in order to provide for the
orderly and timely completion of public and private projects,
24 programs or activities approved by the Agency prior to January 1,
1986 and which are contained in a statement of existing programs
25: adopted by resolution of the Agency prior to September 1, 1986.
26' NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE TUSTIN COM-
:MUNITY REDEVELOPMENT AGENCY in order to effectuate and complete the
27 Project in a timely and orderly manner hereby:
28. 1. Finds that the existing obligations, the specific pro-
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jects, programs and activities set forth in Exhibit "A" attached
hereto (the existing obligations) and Exhibit "B" attached hereto
(the Existing Programs) are required to complete the Project.
2. The statement of existing obligations is hereby found
and determined to be a complete listing of the existing obligations
incurred by the Agency prior to January 1, 1986 to finance or
refinance, in whole or in part, the Town Center Redevelopment
Project, and such Statement is hereby approved and adopted. Any
Project obligations incurred by the Agency on or after January 1,
1986 shall be deemed to be existing obligations as if set forth in
Exhibit "A", if the proceeds of such obligations are used to
finance or refinance any of the existing obligations contained in
Exhibit "A".
3. The statement of Existing Programs is hereby found and
determined to be a complete listing of the Town Center Redevel-
opment Project's projects, programs and activities approved by the
Agency prior to January 1, 1986, which must be orderly and timely
completed, and such statement is hereby approved and adopted.
PASSED, APPROVED AND ADOPTED this 16th day of
December, 1985 .
16th day of
APPROVED:
C~A IRMAN
ATTEST:
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Exhibit A
STATEMENT OF EXISTING OBLIGATIONS
Town Center Redevelopment Project
Description of Total Amounts Annual Date Obligations
Existing Obligations of Obligations Payments Will Be Discharged
Tustin Com~nity Redex-clopment
Agent' Tmm Center Area
Redevelopment Proj eot Tax ,Lllocation Bonds -
Series 1982 $22,404,147
$933,506
1/ /o6
(List each obligation and
information shown in the
headings.)
provide the
above column
EXHIBIT "B"
STATEMENT OF EXISTING PROGRAMS
Town Center Redevelopment Project
I. PRIVATE PROJECT, PROGRAM, OR ACTIVITY
Potential expansion of the Courtyard Shopping Center to include:
expansion of existing lease space; construction of new, mixed use,
structures; construction of parking structure(s); and the possible
abandonment of Holt Avenue. Agency assistance may be required for
construction of necessary off-site improvements or other financing
assistance.
Potential expansion and renovation of Lucky Shopping Center located at
13224 Newport Avenue which will include a complete upgrading of
building facades; the addition of leasable retail shopping area; the
improvement and covering of an existing flood control channel; and
restoration and expansion of an adjacent residential apartment
complex. A strong potential exists for the use of an Industrial
Development Bond program supported by the Agency.
Owner Participation Agreement, as approved, committing $439,000 for
off-site improvements required in conjunction with the development of
a 130,000 + square foot retail/office complex within the Town Center
Project are~ (Carver Development).
II. PUBLIC PROJECT, PROGRAM OR ACTIVITY
The five year capital improvement program budget adopted for fiscal
year 1985-86, totalling $1,880,100.
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Undetermined costs associated with street improvement plans
recommended by the Planning Commission in conjunction with the First
Street Specific Plan.
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Negotiations are underway for acquisition of real property within the
project area for the purposes of redevelopment of non-conforming
structures and sites, i.e., the car wash site at 535 Main St. Such
acquisition is consistent with the goals and objectives of the adopted
Redevelopment Plan.
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"Policy of the Redevelopment Agency for the Allocation of Housing
Assistance Funds" as adopted on January 7, 1985.
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Agency participation in the construction and operation of a Senior
Citizens Center.
The commtttment 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.
Community Development Department
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
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 85-18 was duly and
regularly introduced, passed and adopted at a regular meeting of the City Council
as the Community Redevelopment Agency held on the 16th day of December, 1985, by
the following vote:
AYES :
NOES :
ABSENT:
COUNCILPERSONS:
COUNCILPERSONS:
COUNCILPERSONS:
Edgar, Greinke, Hoesterey, Kennedy, Saltarelli
None
None
MARY y C etary Clerk
City of Tustin, California