Loading...
HomeMy WebLinkAboutRDA AB 265 12-16-85DATE: ..... REDEVELOPMENT AGENCY  NO. 8 ~.~. 12.-16-85 Inter- Com December 10, 1985 TO: FROM: SU BJ ECT: The Honorable Chairman and Members of the Redevelopment Agency Community Development Department Recently Enacted Legislation--AB 265 RECOMMENDATION It is recommended that the Redevelopment Agency adopt a resolution approving and adopting a Statement of Existing Obligations and a Statement of Existing Programs for the Town Center Redevelopment Project area. BACKGROUND The State Legislature has passed and the Governor has signed AB 265 (Hughes). This new statute requires that all redevelopment agencies set aside twenty percent (20%) of their tax increment for the purpose of increasing and improving the supply of low and moderate income housing within redevelopment projects. Previously, this 20% set aside provision applied only to redevelopment projects adopted subsequent to 1977. Since the Town Center Project was adopted prior to 1977, it has not, to date, been subject to this 20% set aside requirement. The new legislation requires that all projects, regardless of their adoption date, comply with the requirement. The legislation recognizes that, in certain project areas, pre-existing obligations and programs could render the 20% set aside infeasible. Thus, the statute allows an agency to set aside less than the 20% if it can show a need to use all or a portion of the 20% set aside funds to carry out existing projects or programs. However, if an agency wishes to set aside less than the 20%, it must take certain actions prior to January 1, 1986. The legislation states that an agency may deposit less than the 20% required set aside if, in any fiscal year prior to 1996, the agency finds: (a) that all or a portion of these funds are needed to meet existing obligations, that is obligations incurred prior to January 1, 1986; or (b) that all or a portion of these funds are necessary to provide for the orderly and timely completion of public and private projects, programs Memorandum--Page 2 December 10, 1985 and activities, on which there is evidence of an intent to carry out the projects, programs or activities, prior to January 1, 1986. In order to utilize the exceptions listed above, the agency must also approve, prior to September 1, 1986, by resolution, a Statement of Existing Obligations or a Statement of Existing Programs, or both. The existing obligations, projects or programs approved prior to September 1, 1986 by resolution, must have been "intended" by the Agency prior to January 1, 1986. In order to meet the requirements of AB 265, a resolution has been prepared adopting a Statement of Existing Obligations and Existing Projects and Programs for the Town Center Redevelopment Project. Prior to September 1, 1986, the list of obligations, projects and programs will be readopted in as much specificity as is possible at that time. Re de ve lop(.~ent Consultant Community Development Department DRAFT RESOLUTION RESOLUTION RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF TUSTIN ADOPTING A STATEMENT OF EXISTING OBLIGATIONS AND A STATEMENT OF EXISTING PUBLIC AND PRIVATE PROJECTS, PROGRAMS AND ACTIVITIES FOR THE DOWNTOWN REDEVELOPMENT PROJECT WHEREAS, the Redevelopment Plan ("Redevelopment Plan") for the Town Center Project ("Project") in the City of Tustin k vas ~pproved and adopted by the City Council of the City of Tustin on ///~/'Ty~by Ordinance No. 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 to 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 (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 during the Fiscal year under existing obligations incurred by the Agency to finance or refinance, in whole or in part, the Project ("Existing Obligations") which Existing Obl.igations 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 or required to be committed, set aside or reserved during the fiscal year under the 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, programs or activities approved by the Agency prior to January 1, 1986 and which are contained in a Statement of Existing Programs adopted by resolution of the Agency prior to September 1, 1986; *All references herein are to the California Health and Safety Code. NOW, THEREFORE, THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY (hereinafter referred to as the "Agency") in order to effectuate and complete the Town Center Redevelopment Plan, in a timely and orderly manner hereby: 1) Sets forth and approves the specific projects, programs and activities required to complete the Redevelopment Plan in a timely and orderly manner; 2) Pledges its intent to carry out such projects, programs and activities; and 3) Stands ready to consider and take appropriate actions on these projects, programs and activities as necessary to implement the Redevelopment Plan in accordance with all actions required by law; NOW, THEREFORE, THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY does hereby resolve as follows: Section 1. The Statement of Existing Obligations, attached hereto as Exhibit A and incorporated herein, is hereby found and determined to be 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 net proceeds of such obligations are used to refinance any of the Existing Obligations contained in Exhibit A. Section 2. The Statement of Existing Programs, attached hereto as Exhibit B and incorporated herein, is hereby found and determined to be a complete listing of the Town Center Redevelopment 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 day of , 1986. APPROVED: CHAIRMAN ATTEST: SECRETARY Exhibit A STATEMENT OF EXISTING OBLIGATIONS Town Center Redevelopment Project Description of Existing Obligations Total Amounts of Obligations Annual Payments Date Obligations Will Be Discharged Tustin Co.u~unity RedeveloFment Agency Town Center Area Redevelopment Project Tax Allocation Bonds - Series 1982 $22,404,147 $933,506 l/l/06 (List each obligation information shown in headings.) and provide the the above column EXHIBIT "B" STATEMENT OF EXISTING PROGRAMS Town Center Redevelopment Project I. PRIVATE PROJECT, PROGRAM, OR ACTIVITY II. 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. 2. 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. 3. 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 ar~ (Carver Development). PUBLIC PROJECT, PROGRAM OR ACTIVITY 1. The five year capital improvement program budget adopted for fiscal year 1985-86, totalling $1,880,100. 2. Undetermined costs associated with street improvement plans recommended by the Planning Commission in conjunction with the First Street Specific Plan. 3. 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. 4. "Policy of the Redevelopment Agency for the Allocation of Housing Assistance Funds" as adopted on January 7, 1985. 5. Agency participation in the construction and operation of a Senior Citizens Center. 6. The commtttment of Agency funds to the expansion of civic center facilities as recommended by space needs study commissioned by the Agency. 7. Formulation and implementation of a multi-phase strategy plan for the redevelopment of the downtown business district. Community Development Department 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. ~- 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 approved and adopted by the City Council of the City of Tustin on November 22, 1976 by Ordinance No. 701. WHEREAS, Section 33334.6(c) of the California Health and Safety Code 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 to 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 (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 during the Fiscal Year under existing obligations incurred by the Agency to finance or refinance, in whole or in part, the Project which existing obligations are contained in a statement of existing obligations adopted by resolution, of the Agency prior to September 1, 1:986; 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 or required to be committed, set aside or reserved during the fiscal year under the 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, programs or activities approved by the Agency prior to January 1, 1986 and which are contained in a statement of existing programs adopted by resolution of the Agency prior to September 1, 1986. NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE TUSTIN COM- MUNITY REDEVELOPMENT AGENCY in order to effectuate and complete the Project in a timely and orderly manner hereby: 1. Finds that the existing obligations, the specific pro- 1 2 3 4 5 6 7 8 9 10 11 12 15 16 17 18 19 20 21 22 23 24 25 26 27 28 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 day of · 198 . APPROVED: C~ AIRMAN ATTEST: SECRETARY Exhibit A STATEMENT OF EXISTING OBLIGATIONS Town Center Redevelopment Project Description of Existin~ Obligations Total Amounts of Obligations Annual Payments Date Obligations Will Be Discharged Tustin Co.m~anity Redevelopment Agency Town Center Area Redevelopment Project Tax Allocation Bonds - Series 1982 $22,404,147 $933,506 1/1/06 (List each obligation information shown tn headings.) and provide the 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 area (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. Undetermined costs associated with street improvement plans recommended by the Planning Commission in conjunction with the First Street Specific Plan. 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. "Policy of the Redevelopment Agency for the Allocation of Housing Assistance Funds" as adopted on January 7, 1985. 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