75B - ORD MERGED REDEVE PLANS - Laserfiche WebLink

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: JUNE 4, 2007 TITLE: PUBLIC HEARING - ORDINANCE AMENDING THE MERGED REDEVELOPMENT PLANS TO EXTEND CERTAIN TIME LIMITS ~~_ ITY MANAGER CLERK OF COUNCIL USE ONLY: APPROVED ^ As Recommended ^ As Amended ^ Ordinance on 1" Reading ^ Ordinance on 2ntl Reading ^ Implementing Resolution ^ Set Public Hearing For_ CONTINUED TO FILE NUMBER RECOMMENDED ACTION Adopt an ordinance extending time redevelopment plans and extending increment to repay indebtedness by and making certain required findings, limits on the effectiveness of the the time limit on the use of tax one year for eligible project areas DISCUSSION As a result of Senate Bi11 1096 (SB 1096) implementing the California State Budget for FY 2004-2005, the Community Redevelopment Agency was required to make a $3,330,894.37 payment to the County Educational Revenue Augmentation Fund (ERAF) on May 10, 2006. SB 1096 also included 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 plan effectiveness by one year for a redevelopment agency making an ERAF payment. For Redevelopment Plans with 10 to 20 years remaining, the legislation requires that the legislative body finds that the Agency is in compliance with the major housing requirements. These include the requirement to deposit twenty percent of the gross tax increment into the housing set- aside fund, the adoption of a housing implementation plan, compliance with housing replacement and inclusionary obligations, and certification that no excess surplus exists. Redevelopment plans with 20 years or more remaining cannot be extended. 75B-1