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RESOLUTION NO. CRA 2004-07
A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF
SANTA ANA MAKING THE FINDING THAT THE
AGENCY MUST BORROW HOUSING SET
ASIDE FUNDS IN ORDER TO MAKE THE 2003-
2004 PAYMENT TO THE EDUCATIONAL
REVENUE AUGMENTATION FUND
BE IT RESOLVED BY THE MEMBERS OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS:
Section 1. The Community Redevelopment Agency of the City of Santa Ana
hereby finds, determines and declares as follows:
A. As a result of Senate Bill 1045 (SB 1045) implementing the
California State Budget for fiscal year 2003-2004, the Community Redevelopment
Agency ("Agency") is required to make a $1,830,569 payment to the County Educational
Revenue Augmentation Fund ("ERAF") by May 1 0, 2004.
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B. The legislation allows the Agency to borrow up to fifty percent of the
amount required to be allocated to the Low and Moderate Income Housing Fund during
fiscal year 2003-2004 in order to make this payment. The funds may be borrowed for up
to ten years.
C. As a condition of borrowing from the Low and Moderate Income
Housing Fund pursuant to Health & Safety Code § 33681, the Agency must make a
finding that there are insufficient other moneys to remit the required ERAF payment.
D. The legislation implementing the State's fiscal year 2003-2004
budget authorized the County Auditor/Controller to withhold property tax revenue from the
City's general fund to the extent that the $1,830,569 payment is not made by the Agency
by May 10, 2004.
E. SB 1045 also includes a provision that allows the legislative body to
adopt an ordinance to amend the redevelopment plan extending the time limit on the use
of tax increment to repay indebtedness and extend the time limit on the use of tax
increment to repay indebtedness and extend the plan effectiveness by one year for a
redevelopment agency making an ERAF payment.
Section 2. The Agency hereby finds that borrowing $1,830,569 from the Low and
Moderate Income Housing funds is necessary due to the insufficiency of other revenue
sources.
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Resolution No. CRA 2004-07
Page 1012
Section 3. The Executive Director of the Agency is hereby authorized to take all
necessary actions and to sign all documents and instruments necessary to make the
$1,830,569 payment to the County Auditor for deposit into the Educational Revenue
Augmentation Fund on or before May 10, 2004.
ADOPTED this 3rd day of May, 2004.
APPROVED AS TO FORM:
Joseph W. Fletcher, General Counsel
BY:~~ r ~.
Lisa E. Storck
Assistant General Counsel
AYES:
Boardmembers:
Alvarez Bist Chris
Franklin Pulido Solorio 6
NOES:
Boardmembers:
None (0)
ABSTAIN:
Boardmembers:
None (0)
NOT PRESENT: Boardmembers:
Garcia (1)
CERTIFICATION OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Secretary of the Agency, do hereby attest to and certify the
attached Resolution No. CRA 2004-07 to be the original resolution adopted by the
Community Redevelopment Agency of the City of Santa Ana on Mav 3. 2004.
Date:
5-/d2.-6J1
/ Secretary, Community
City of Santa Ana
Resolution No. CRA 2004-07
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