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<br />REQUEST FOR <br />COUNCIUAGENCY <br />ACTION <br />MEETING DATE: <br /> <br />~ <br />~ <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />MAY 2, 2005 <br /> <br />TITLE: <br /> <br />APPROVED <br />D As Recommended <br />D As Amended <br />D Ordinance on 1 st Reading <br />D Ordinance on 2nd Reading <br />D Implementing Resolution <br />D Set Public Hearing For <br /> <br />PUBLIC HEARING - PAYMENT TO <br />EDUCATIONAL REVENUE AUGMENTATION <br />FUND AND AN ORDINANCE AMENDING <br />THE MERGED REDEVELOPMENT PLAN TO <br />EXTEND CERTAIN TIME LIMITS <br /> <br />Uffi2, <br /> <br />CITY MANAGER <br /> <br />CONTINUED TO <br /> <br />i <br /> <br /> <br />~ <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />CITY COUNCIL ACTION <br /> <br />1. Adopt an ordinance extending time limi ts on the effectiveness of <br />the redevelopment plans and extending the time limit on the use of <br />tax increment to repay indebtedness by one year for eligible <br />project areas and making certain required findings <br /> <br />2. Approve an appropriation adjustment transferring loan funds from <br />the Low and Moderate-Income Housing Fund to redevelopment project <br />area funds to make the necessary payment to the County Educational <br />Revenue Augmentation Fund as required by legislation implementing <br />the California State Budget for FY 2004-2005. <br /> <br />COMMUNITY REDEVELOPMENT AGENCY ACTION <br /> <br />Adopt a resolution finding that borrowing $3,401,346.78 in Housing Set- <br />Aside Funds to make the FY 2004-2005 payment to the Educational Revenue <br />Augmentation Fund is necessary due to the insufficiency of other revenue <br />sources. <br /> <br />JT75C-1 <br />