HomeMy WebLinkAboutORD FOR ADOPTION 09-08-81AGENDA' ITW-M .-
ORDINANCES FOR ADOPTION
9-8-81
No. 1
ORDINANCE NO. 855
An Ordinance of the City Council of the City of Tustin, California,
AMENDING THE FINANCIAL LIMITATIONS OF THE REDEVELOPMENT PLAN FOR THE
TOWN CENTER AREA REDEVELOPMENT PROJECT
BACKGROUND:
Ordinance No. 855 had first reading by title only and introduction
at the August 17, 1981 meeting.
RECOMMENDATION:
M.O.- That Ordinance No. 855 have second reading by title only.
M.O.- That Ordinance No. 855 be passed and adopted.
(Roll Call Vote)
1
2
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
2O
21
22
23
24
25
26
27
28
ORDINANCE NO. 855
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF TUSTIN, CALIFORNIA, AMENDING THE
FINANCIAL LIMITATIONS OF THE REDEVELOPMENT
PLAN FOR THE TOWN CENTER AREA REDEVELOPMENT
PROJECT
The City Council of the City of Tustin, California, hereby ordains
that Title Vr (Sec. 600) LIMITATIONS ON FINANCES Title VII (Sec.
700) LIMITATION ON BONDED INDEBTEDNESS of the Redevelopment Plan
for the Town Center Area Redevelopment Project be amended as
follows:
1. Title VI is hereby amended to read as follows:
VI. (Sec. 600) LIMITATIONS ON FINANCES
As required by law, the Agency establishes a limitation on
itself as to the amount of tax increment dollars which it
may collect and allocate to projects and programs within
the project area. The average yearly tax increment which
may be collected shall not exceed $3 million. Dollar
amounts in excess of this average yearly figure shall
revert back to the individual taxing agencies who are
collecting those taxes generated below the incremental
level. This limitation does not apply to funds received
by the Agency in the form of gifts, loans; from the sale
of property or services or from funds obtained from
services other than tax increment financing.
The length of time that the Town Center Project Area
exists shall not exceed thirty years. No loans, advances,
bonds, and other forms of indebtedness necessary to
finance this plan, shall be incurred or established by the
agency beyond the period of 30 years from the adoption of
the Ordinance approving the Redevelopment Plan. This
limitation on the time of indebtedness shall not be
construed to place any limitation on the formation or
financing of another Redevelopment Project Area.
2. Title VII is hereby amended to read as follows:
VII. (Sec. 7007 LIMITATION ON BONDED INDEBTEDNESS
The Town Center Redevelopment Area may not exceed $20 million
of outstanding bonded indebtedness to be paid for through tax
increment funds. This limitation may not be exceeded unless
there is an amendment to the Redevelopment Plan.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
2O
21
22
23
24
25
26
27
28
Ordinance 855
Page Two
e
The findings required by Section 33367 of the Health and Safety
Code of the State of California and as contained in City of
Tustin Ordinance No. 701 are reaffirmed including the finding
that the City Council is convinced that the effect of tax
increment financing will not cause a severe financial burden or
detriment on any taxing agency deriving revenues from the tax
increment project area.
This amendment pertains only to the finance plan for subject
redevelopment project area and does not include a change in the
boundaries of the project area to add land to or exclude land
from the project area.
PASSED AND ADOPTED at a regular meeting of the City Council, City
of Tustin, California, held on the day of 1981.
ATTEST:
James B. Sharp
Mayor
Mary E. Wynn
City Clerk