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<br />REQUEST FOR COUNCIU <br />.AGENCY ACTION <br />MEETING DATE: <br /> <br />~ <br />~ <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />MAY 3,2004 <br /> <br />TITLE: <br /> <br />APPROVED <br />0 As Recommended <br />0 As Amended <br />0 Ordinance on 1st Reading <br />0 Ordinance on 2nd Reading <br />0 Implementing Resolution <br />0 Set Public Hearing For <br /> <br />PAYMENT TO EDUCATIONAL <br />REVENUE AUGMENTATION FUND AND <br />AN ORDINANCE AMENDING THE SIX <br />REDEVELOPMENT PLANS TO EXTEND <br />CERTAIN TIME LIMITS <br /> <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />CITY COUNCIL ACTION <br /> <br />8. <br /> <br />Adopt an ordinance extending time limits on the effectiveness of the <br />redevelopment plans and extending the time limit on the use of tax <br />increment to repay indebtedness by one year. <br /> <br />2. <br /> <br />Approve an appropriation adjustment transferring funds from the Low <br />and Moderate-Income Housing Fund to redevelopment project area funds <br />to make the necessary payment to the County Educational Revenue <br />Augmentation Fund as required by legislation implementing the <br />California State Budget for FY 2003-2004. <br /> <br />COMMUNITY REDEVELOPMENT AGENCY ACTION <br /> <br />Adopt a resolution finding that borrowing $1,830,569 in Housing Set-Aside <br />Funds to make the FY 2003-2004 payment to the Educational Revenue <br />Augmentation Fund is necessary due to the insufficiency of other revenue <br />sources. <br /> <br />. <br /> <br />50A-1 <br />