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HomeMy WebLinkAbout1993-19 CRA . . . RESOLUTION NO. 93-19 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA MAKING CERTAIN FINDINGS PURSUANT TO SECTION 33334.2 OF THE COMMUNITY REDEVELOPMENT LAW FOR FISCAL YEAR 1993-94. WHEREAS, section 33334.6 was added to the Community Redevelopment Law (Health and Safety Code sections 33000 et sea.) by Chapter 1135 of the Statutes of 1985 of the State of California (Assembly Bill No. 265); and WHEREAS, said section 33334.6 has the effect of requiring, subject to certain exceptions, that the Community Redevelopment Agency of the City of Santa Ana (the "Agency") deposit at least 20 percent of the tax increment revenues from its original ("Central city") redevelopment project area (as established by the Santa Ana Redevelopment Plan as amended by Ordinance No. NS-1258 on June 2, 1975) into said Agency's "Low and Moderate Income Housing Fund;" and WHEREAS, among the exceptions to said requirement is the exception set forth in paragraph (3) of subdivision (a) of section 33334.2 of the Community Redevelopment Law, to the effect that the Agency may, in lieu of providing such deposit into the "Low and Moderate Income Housing Fund" from its tax increment revenue from the "Central City" project area, provide an equivalent deposit of funds derived from other sources; and WHEREAS, the city of Santa Ana has created five redevelopment project areas in addition to the "Central City" redevelopment project area, and the Agency has, in three of these additional project areas, allocated tax increment revenues well in excess of the 20 percent minimum allocation to its "Low and Moderate Income Housing Fund;" and WHEREAS, the total of such excess allocations exceeds 20 percent of the tax increment revenues derived from the "Central city Project Area" for fiscal year 1993-1994; and WHEREAS, the Agency has entered into contractual obligations to bondholders prior to 1991 with regard to the "Central city Project Area" in reliance on the ability of the Agency to provide deposits into the Low and Moderated Income Fund" equivalent to 20 percent of the tax increment revenue from that project area from other sources, which obligations would be impaired if the Agency were not able to do so; 1 . NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: 1. Pursuant to paragraph (3) of subdivision (a) of section 33334.2 of the Community Redevelopment Law, the Community Redevelopment Agency of the City of Santa Ana hereby finds and determines as follows: (a) The City of Santa Ana is making a substantial effort to meet its existing and projected housing needs, including its share of regional housing needs, with respect to persons and families of low and moderate income, particularly very low income households, as identified in the housing element of the city of Santa Ana's general plan, and this effort, consisting of direct financial contributions of local funds used to increase and improve the supply of housing affordable to persons of low or moderate income and very low income households, is equivalent in impact to the funds otherwise required to be set aside from the "Central City" project area by section 33334.2 of the Community Redevelop- ment Law. . (b) The abovesaid effort consists of the allocation to the "Low and Moderate Income Housing Fund" of the Agency of more than the legally required proportion (20%) of the tax increment revenues from three redevelopment project areas, to wit: the "Santa Ana Inter-city Commuter station" project area, the "Santa Ana North Harbor Boulevard" project area, and the "Santa Ana South Harbor Boulevard" project area (hereinafter referred to collective- ly as the "other project areas"). In fiscal year 1992-93: (1) Tax increment revenues from the "Central City" project area are projected to be $8,660,230. Twenty percent of said tax increment revenue total is $1,732,046. (2) Total tax increment revenues from the other project areas are projected to be $19,740,760. The portion of said tax increment revenues which is legally required to be allocated to the "Low and Moderate Income Housing Fund" (20%) is $3,948,152. The amount of said revenues which will actually be allocated to the "Low and Moderate Income Housing Fund" is projected to be $6,419,535, an excess of $2,471,383 over the legally required portion (the "excess allocation"). (3) The excess allocation of tax increment revenues from the other project areas will be greater than 20 percent of the tax increment revenues of the "Central City" project area. Therefore, the effort to meet the low and moderate income housing needs of the city of Santa Ana from revenues sources other than tax increment revenue from the "Central City" project area is more than equivalent in impact to the funds that would otherwise be required to be allocated from the "Central City" project area tax increment revenues. . 2 . . . (c) The Agency issued its "$70,000,000, city of Santa Ana Redevelopment Project, 1989 Series B Tax Allocation Refunding Bonds," secured by the tax increment revenues the "Central city Project Area" in reliance on the ability of the Agency to provide deposits into the Low and Moderated Income Fund" equivalent to 20 percent of the tax increment revenue from that project area from other sources, as shown by the Composite Official Statement published for that bond issue and concurrent bond issues for other redevelopment projects. 2. The Executive Director is directed to send a copy of this resolution, together with the factual information supporting the findings herein made, to the Department of Housing and Community Development of the State of California within ten (10) days after the date of adoption of this resolution. ADOPTED this forlowing vote: 20th December , 1993, by the day of AYES: Members Lutz, McGuigan, Mills, Moreno, Pulido, Richardson, Young NOES: Members ABSENT: Members ABSTENTIONS: Members ATTEST: C~~~ Executive Director D~~ Chairman APPROVED AS TO FORM: E~ -1lb Agency Legal Counsel 3 . . . SECRETARY'S CERTIFICATE I, Vera J. Harrison , Secretary of the Community Redevelopment Agency of the City of Santa Ana, do hereby certify as follows: The foregoing resolution is a full, true and correct copy of a resolution duly adopted by a vote of a majority of the members of the Community Redevelopment Agency of the city of Santa Ana at a regularly scheduled meeting of said Agency duly and regularly and legally held at the City of Santa Ana, California, on December~, 1993, of which all of such members had due notice, as follows: AYES: Lutz, McGuigan, Mills, Moreno, PUlido, Richardson, Young NOES: ABSENT: An agenda of said meeting was posted at least 72 hours before said meeting at 20 civic Center Plaza, Santa Ana, California, a location freely accessible to members of the public, and a brief description of said resolution appeared on said agenda. I have carefully compared the foregoing with the original minutes of said meeting on file and of record in my office, and the foregoing is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes. Said resolution has not been amended, modified or rescinded since the date of its adoption and the same is now in full force and effect. Dated: December 29, 1993. YhM/~ ~ Secretary f the Community Redevelopment Agency of the of Santa Ana City LAI-<i0448.1 11 4û99O-9--WWB-12IOIl93 . . . SECRETARY'S CERTIFICATE I, Vera J. Harrison , Secretary of the Community Redevelopment Agency of the City of Santa Ana, do hereby certify as follows: The foregoing resolution is a full, true and correct copy of a resolution duly adopted by a vote of a majority of the members of the Community Redevelopment Agency of the City of Santa Ana at a regularly scheduled meeting of said Agency duly and regularly and legally held at the City of Santa Ana, California, on December~, 1993, of which all of such members had due notice, as follows: AYES: Lutz, McGuigan, Mills, Moreno, Pulido, Richardson, Young NOES: ABSENT: An agenda of said meeting was posted at least 72 hours before said meeting at 20 Civic Center Plaza, Santa Ana, California, a location freely accessible to members of the public, and a brief description of said resolution appeared on said agenda. I have carefully compared the foregoing with the original minutes of said meeting on file and of record in my office, and the foregoing is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes. Said resolution has not been amended, modified or rescinded since the date of its adoption and the same is now in full force and effect. Dated: December 29, 1993. Y J¡ Ad J; rt, A/Z( :s P7 Secretary f the Community Redevelopment Agency of the of Santa Ana City tAl_.1 11 40990-9-wwa-I2/09193