HomeMy WebLinkAbout1994-03-22; Housing & Redevelopment Commission; Resolution 2461
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HOUSING & REDEVELOPMENT COMMISSION RESOLUTION NO. 24
A RESOLUTION OF THE HOUSING AND REDEVELOPMENT
COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA
TO AUTHORIZE THE APPROPRIATION OF ADDITIONAL
1993 TAX ALLOCATION BOND PROCEEDS/CAPITALIZED
INTEREST TO VARIOUS HOUSING AND REDEVELOPMENT
PROJECTS AND/OR ACTIVITIES.
WHEREAS, the Housing and Redevelopment Commission of 1
Carlsbad approved and authorized the issuance and sale of Village Redel
Project 1993 Tax Allocation Bonds on July 13, 1993; and
WHEREAS, the 1993 Tax Allocation Bonds were issued on t
1, 1993 in the amount of $1 5,495,000; and
WHEREAS, the 1993 bond issuance has resulted in additiona
in the amount of approximately $2,505,000 and capitalized interest in the
approximately $1,223,000; and
WHEREAS, the Village Redevelopment Agency has a need to fu
housing and redevelopment projects/activities with the additional bond prc
capitalized interest.
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Hc
Redevelopment Commission of the City of Carlsbad, California, as follow
1. The above recitations are true and correct.
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That additional 1993 Tax Allocation Bond Proceeds ($2,505
hereby appropriated for the following capital projects which w
a public benefit:
0 Specialty Commercial Center at the Transit Station ($4
0 Roosevelt Block Project, including exercise of option to
property at southeast corner of Roosevelt Street and
Village Drive ($1,006,000);
Program ($75,000);
0 Facade Improvements and Alternative Signage Design I
0 Barrio Study/Land Use Plan ($25,000);
Master Plan for Existing Redevelopment Area - additiot
funding ($25,000);
Redevelopment Area ($400,000); and,
0 Scattered Site Acquisition for Affordable Housing in t
General Redevelopment Administrative Costs ($549,01
That tax increment funds ($1,223,000) resulting from the fa
debt service payments will be required on the bonds for eigl
months are hereby appropriated for the following projects/acti\
their receipt by the Redevelopment Agency:
0 General Redevelopment Administrative Costs ($140,51
0 Special Redevelopment Education Revenue Augment:
(ERAF) as required by State of California ($92,500); a
0 Short-term construction loan ($990,000) for the V
Camino Real Affordable Housing Project with s
repayment of portion sf loan(s) from City of C
Redevelopment Agency.
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4. That the Finance Director is hereby authorized to re(
appropriation for principal and interest on the tax allocation
$686,000 as the debt service requirements have been lowerc
PASSED, APPROVED, AND ADOPTED at a meeting of the Ho
8 II Redevelopment Commission of the City of Carlsbad, California, held on th
9 I1 of MARCH, 1994, by the following vote, to wit:
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” I1 AYES: Commissioners Lewis, Nygaard, Finnila
l2 ll NOES: None
l3 ll ABSENT: Commissioner Kulchin
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ABSTAIN: Commissioner Stanton
CLAUDE A. LEWIS, Chairper
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