HomeMy WebLinkAbout1988-08-16; Housing & Redevelopment Commission; 111; Loan for Blufftop Sidewalk. . HOUSING ANF-SEDEVELOPMENT COMMIS--@N - AGENDA BILL d &, 0 /
AB# ‘11 TITLE
MTG. g/16/88 FINDINGS OF BENEFIT, ACCEPTANCE OF IOAN AND APPROVAL OF DEBT FOR
nwr RED BLUFFTOP SIDEWALK
I Wm. . . I
RECOMMENDED ACTION:
If Housing and Redevelopment Commission concurs, your action is to adopt Resolution No. 115 making findings of benefit, accepting a loan from the City and approving debt of the Redevelopment Agency in the amount of $600,000 for construction of the Blufftop Sidewalk.
ITEM EXPLANATION:
OnJuly5, 1988, the City Council adopted Resolution No. 88- 224 accepting bids and awarding a contract for the construction of the Carlsbad Boulevard Blufftop Sidewalk and directed staff to prepare the necessary documents to fund the project by loaning $600,000 to the Redevelopment Agency.
The Commission must first make the findings of benefit to Redevelopment in order to fund the project. Section 33445 of the California Community Redevelopment Law, revised and effective January 1, 1985, permits the funding of a project which is publicly owned either within or without the project area.
The Commission needs to adopt the resolution which will make the findings of benefit, accept the loan from the City and authorize the debt of the Redevelopment Agency for $600,000.
FISCAL IMPACT:
The Redevelopment Agency will borrow $600,000 from the Capital Construction Fund to be repaid from tax increment funds on demand at an annual interest rate of 8 percent.
EXHIBITS:
1. Housing and Redevelopment Commission Resolution No. 115 making findings of benefit, accepting loan from the City and approving debt of the Redevelopment Agency
2. Section 33445 of the California Community Redevelopment Law
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RESOLUTION NO. 115
A RESOLUTION OF THE HOUSING AND REDEVEu)PMENT COMMISSION OF TBE CITY OF CARLSBAD, CALIFORNIA, MAKING FINDINGS OF BENEFIT, ACCEPTING IlxlAN FROM THE CITY AND APPROVING THE DEBT OF THE AGENCY FOR CONSTRUCTION OF THE BLUFFTOP SIDEWALK
WHEREAS, the Housing and Redevelopment Commission of the
City of Carlsbad, California, has considered the necessity
for funding the Blufftop Sidewalk; and
WHEREAS, the Commission finds that under Section 33445
(1) and (2) of the California Redevelopment Law, revised and
effective January 1, 1985, the construction of such Blufftop
Sidewalk benefits the Redevelopment Agency and is an
acceptable expense to the Agency;
NOW, THEREFORE, be it resolved by the Housing and
Redevelopment Commission of the City of Carlsbad, California
as
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follows:
That the above recitations are true and correct.
That the Housing and Redevelopment Commission hereby makes the following findings:
a. That the construction of the Blufftop Sidewalk improvements are of benefit to the project area, and b. That no other reasonable means of financing such improvements are available to the community.
That the Redevelopment Agency debt for construction of the Blufftop Sidewalk is hereby approved in the amount of $600,000.
That the Housing and Redevelopment Commission hereby accepts the loan of $600,000 from the City and agrees that the Redevelopment Agency will repay this loan on demand from Tax Increment.
That the Housing and Redevelopment Commission hereby agrees to pay an annual interest rate of 8% to the City of Carlsbad on the unpaid balance of the loan.
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PASSED, APPROVED ADOPTED at a regular meeting of the
Housing and Redevelopment Commission of the City of Carlsbad,
California, held on the 16th day of August, 1988, by the
following vote, to wit:
AYES: Commissioners Lewis, Kulchin, Mamaux and Larson
NOES: None
ABSENT: Commissioner Pettine
ABSTAIN: None
I ~ &$7hfIfIerson
ATTEST:
ALETHA L. RAhENXFtANZ, City slerk
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CALIFORNIA
COMMUNITY REDEVELOPMENT LAW
AND
STATUTES REFERENCED THEREIN
DIVISIO N 2 4.
Part 1. Part 1.5.
Part 1.7
APPENDIX-
Excerpts from California Codes
HEALTH AND SAFETY CODE
Community Redevelopment Law Community Redevelopment Financial Assistance and Disaster Project Law Community Development Commission
OTHER CODE SECTIO~TS REFERRED ~0 IN THE COMMUNITY REDEVELOPJ’TENT LAW
Prepared by
WEISER, KANE, BALLMER h BERKMAN 420 Banco Popular Building 354 South Spring Street Los Angeles, California 90013
(213) 617-0480
(Revised and effective l/1/85)
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activities of the agency involving rehabilitation, including, but not limited to, each of the following:
(a) Expenditure of public funds.
(b) Number and kinds of units rehabilitated.
(c) Disposition of rehabilitated units.
33445. Notwithstanding the provisions of Section 33440, an agency may, with the consent of the legislative body, pay all or p8rt of the value of the land for and the cost of the installutfon and conatruetion of any b&Ming, facility, structure, op other improvement which is publicly owned either within or without the profect area, if the legislative body determines both of the following:
(1) That the buildings, facilities, structure& or other improvements art of benefit to the project area or the immediate neighborhood in which the project is located, regardless of whether the improvement is within another project area, or in the case of a project area in which substantially all of the land is publicly owned that the improvement is of benefit to an adjacent project area of the agency.
(2) That no other reasonable meaM of fimrwifi# SWcWddfw, facilities, structures, or other improvements, are available to the cornmunity~~
Those determinations by the agency and the local legislative body shall be final and conclusive. For redevelopment plans, and amendments to those plans which add territory to a project, adopted after October 1, 1976, acquisition of property and installation or construction of each facility shall be provided for in the redevelopment plan. A redevelopment agency shall not pay for the normal maintenance or operations of buildings, facilities, structures, or other improvements which are owned by the
corn muni ty. Normal maintenance or operations do not include the construction, expansion, addition to, or reconstruction of, buildings, facilities, structures, or other improvements owned by the community otherwise undertaken pursuant to this section.
When the value of such land or the cost of the installation and construction of such building, facility, structure, or other improvement, or both, has been, or will be, paid or provided for initially by the community or other public corporation, the agency may enter into a contract with the community or other public corporation under which it agrees to reimburse the community or other public corporation for ail or part of the value of such land or all or part of the cost of the building, facility, structure, or other improvement, or both, by periodic payments over a period of years.
The obligation of the agency under such contract shall constitute an indebtedness of the agency for the purpose of carrying out the redevelopment project for such project area, which indebtedness may be made payable out of taxes levied in such project area and allocated to the agency under subdivision (b) of Section 33670, or out of any other available funds.
In a case where such land has been or will be acquired by, or the cost of the installation and construction of such building, facility, structure or other improvement has been paid by, a parking authority, joint powers entity, or other public corporation to provide a building, facility, structure, or other improvement which has been or will
be leased to the community, the contract may be made with, and the reimbursement may be made payable to, the community. 0
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