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COMMUNITY REDEVELOPMENT AGENCY (42)
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COMMUNITY REDEVELOPMENT AGENCY (42)
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Last modified
4/17/2025 11:38:15 AM
Creation date
3/27/2025 9:11:44 AM
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Contracts
Company Name
COMMUNITY REDEVELOPMENT AGENCY
Contract #
A-1992-086A
Agency
Community Development
Expiration Date
1/1/1999
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City and the governing board of the Agency find and determine as <br />follows: <br />A. That the Publicly Owned Improvements are of benefit to <br />the project areas in which they are located or their immediate <br />neighborhood, in that new development in the project areas is <br />dependent upon the provision of adequate infrastructure and <br />community facilities. <br />B. That no other reasonable means of financing the Publicly <br />Owned Improvements are available to the City for the following <br />reasons: General revenues of the City are subject to <br />spending limits imposed by California Constitution Article <br />XIIIB, which permits only small increases in the amount of <br />general revenue. It would be impractical to delay installa- <br />tion of the public facilities needed for redevelopment until <br />sufficient funds could be amassed. General obligation bonds <br />require voter approval, and are frequently rejected, so that <br />potential source of revenue cannot be counted on. Developer <br />fees are available for certain infrastructure, but those funds <br />are used to provide improvements specifically required for a <br />particular development. Federal and state grants and loans <br />cannot be relied upon in planning for the construction of <br />public facilities. The only practical and reasonable means of. <br />paying for the needed public facilities is the use of tax <br />increment revenues and the proceeds of tax allocation bonds <br />available to the Agency for the redevelopment of the project <br />area. <br />4 <br />
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