HomeMy WebLinkAboutCC RES 81-094
RESOLUTION NO. 81-94
A JOINT RESOLUTION OF THE REDEVELOPMENT AGENCY
AND CITY COUNCIL OF THE CITY OF TUSTIN RECOMMENDING
AMENDING THE FINANCIAL PLAN FOR THE TOWN CENTER AREA
REDEVELOPMENT PROJECT
The Redevelopment Agency and City Council of the City of Tustin
does hereby resolve as follows:
I. The Redevelopment Agency and City Council finds and determines
as follows:
a. A Redevelopment Plan was approved and adopted by the City
Council of the City of Tustin by Ordinance No. 701 on
November 12, 1976 for the Town Center Area Redevelopment
' Project.
b. Title VI (Sec. 600) LIMITATION ON FINANCES of said plan
establ i shed a 1 imi taxi on of- $6'0'o,ooo.oo 'i'n" the average
yearly tax increment which may be collected and allocated
to projects and programs within the project area.
c. Title VII (Sec. 700) LIMITATION ON BONDED INDEBTEDNESS of
said pl an establ i shed a maXimUm-of $6.5 mi l'l i6n' 6f .....
outstanding bonded indebtedness to be paid for through tax
increment funds ....
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d. The Redevelopment Plan for the Town Center project Area is
for the purpose of eliminating and preventing the spread
of blight and deterioration in the project area by the
acquisition and development of properties and the
construction of public buil dings and improvements.
e. The redevelopment plan was adopted prior to Proposition 13
when tax increments bore a relationship to increasing
property values. The Redeveloment Plan was adopted when
land within the project area could be purchased for $1.00
per square foot and redevelopment bonds could be marketed
at 6 1/2% interest. The first years property tax increment
from the project area amounted to $210,320. Subsequent to
the original adoption of the redevelopment plan the market
value of land has increased 20 times and interest rates
have increased three-fold thereby making obsolete the
financing limitations for tax incremental revenues and the
amount of bonded indebtedness to achieve the objectives of
the redevelopment plan.
f. An amendment to the financing plan for the Town Center
Project Area is essential to carry out the intent and
purpose of the redevelopment plan.
g. The Redevelopment Plan as adopted satisfies the
requirements of Section 33367 of the Health and Safety
Code of the State of California.
Resolution No. 81-92
Page Two
h. A public hearing was duly noticed and jointly held by the
Redevelopment Agency and City Council at 7'30 p.m. on
August 17, 1981.
II. The Redevelopment Agency and City Council of the City of
Tustin, pursuant to Section 3345 of the Health and Safety Code
of the State of California, hereby resolves that Titles VI and
VII of the Redevelopment Plan for the Town Center Area
Redevelopment Project should be amended to read as follows'
VI. {Sec. 600) LIMITATIONS ON FINANCES
, , , , ,
1. 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 col lecting those 'taxes
generated below the incremental level. This
limitation does not apply to funds received by the
Agency in the fora of gifts, loans; from the sale of
property or services or from funds obtained from
services other than tax increment financing.
2. 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
1 imitation on the formation or financing of another
Redevelopment Project Area.
VII. (Sec. 700) LIMITATION ON BOND 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.
PASSED AND ADOPTED at a joint meeting of the Redevelopment Agency
and City Council held on the 17th day of August, 1981.
· .......
James B. Sharp ~/
ATTEST' Chairman and Mayor
City Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF ~JSTIN )
MARX E. WYNN, City Clerk and ex-officio Clerk of the City Council of the City of
Tustin, California, does hereby certify that the whole number of the members of
the City Council of the City of Tustin is five; that the above and foregoing
Resolution No'. 81-94 was duly and regularly introduced, passed and adopted at a
regular meeting of the City Council held on the 17th day of August, 1981 by the
following vote:
AYES : COUNCILPERSONS: Sharp, Hoesterey, Edgar, Kennedy, Saltarelli
NOES : COUNCILPERSONS: None
ABSENT: COUNCILPERSON S: None
City of Tustin, Cal-lfornia