Laserfiche WebLink
REQUEST FOR <br /> <br /> )COUNCIL ACTION <br /> <br />CITY COUNCIL MEETING DATE: <br />JANUARY 5,, 2004 <br /> <br />TITLE: <br /> <br />ORDINANCE EXTENDING DEADLINES <br />FOR DEBT INCURRED IN THREE <br />REDEVELOPMENT PROJECT AREAS <br /> <br />CITY MANAGER <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />APPROVED <br /> <br />[] As Recommended <br />[] As Amended <br />[] Ordinance on 1st Reading <br />[] Ordinance on 2nd Reading <br />[] Implementing Resolution <br />[] Set Public Hearing For <br /> <br />CONTINUEDTO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Adopt an ordinance amending the deadline for the incurrence of debt to <br />coincide with the plan effectiveness deadline for'the North Harbor, South <br />Harbor, and South Main Redevelopment Project areas. <br /> <br />DISCUSSION <br /> <br />In 2001 the California State legislature adopted SB211 which allows the <br />City to amend a pre-1994 redevelopment plan to extend the debt incurrence <br />deadline to coincide with the plan effectiveness deadline, which is July <br />2022 for the North Harbor, South Harbor, and South Main Redevelopment <br />Project areas. In order to extend the existing debt incurrence time <br />limit, the legislative body is required to adopt a summary ordinance, <br />which will allow the Redevelopment Agency to continue to establish new <br />loans, advances or indebtedness after January 1, 2004. Upon adoption of <br />the summary ordinance amending the redevelopment plan, the Agency will be <br />required to pay the statutory pass through payments pursuant to Health & <br />Safety Code Section 33607.7 to each affected taxing entity with which the <br />Redevelopment Agency does not already have a pre-1994 pass through <br />agreement. <br /> <br /> Based on an analysis by Keyser Marston Associates of the Agency's current <br /> obligations and existing debt, it has been determined that the extension <br /> of time to incur debt for the North Harbor, South Harbor and South Main <br /> Redevelopment project areas is necessary in order for the Agency to <br /> continue to meet its long-term goals and objectives in these project <br /> areas. It was also determined that the financial impacts of the <br />ostatutory pass through payments for the Central City/Downtown and <br /> Intercity project areas did not warrant extending the debt incurrence <br /> limit at this time. However, the time limits for these project areas may <br /> be extended at any time if circumstances warrant. The Bristol project <br /> <br />50.A. <br /> <br /> <br />