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. 8 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- 3 4 9 10 11 12 13 14 15 16 17 18 19 20 21 22 231 24I 25: 26 27~ 28 I. I. I i, 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: 2 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. e Undetermined costs associated with street improvement plans recommended by the Planning Commission in conjunction with the First Street Specific Plan. o 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. e "Policy of the Redevelopment Agency for the Allocation of Housing Assistance Funds" as adopted on January 7, 1985. Se 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