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80B - EDUCATIONAL REVENUE AUGMENTATION FUND FY 2008-2009
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80B - EDUCATIONAL REVENUE AUGMENTATION FUND FY 2008-2009
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Last modified
1/3/2012 4:13:36 PM
Creation date
12/2/2009 12:32:41 PM
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City Clerk
Doc Type
Agenda Packet
Item #
80B
Date
12/7/2009
Destruction Year
2014
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REQUEST FOR COUNCIL/ <br /> AGENCY ACTION <br /> MEETING DATE: CLERK OF COUNCIL USE ONLY: <br /> DECEMBER 7, 2009 <br /> TITLE: APPROVED <br /> ? As Recommended <br /> APPROPRIATION ADJUSTMENT - ? As Amended <br /> EDUCATIONAL REVENUE AUGMENTATION ? Ordinance on 1st Reading <br /> ? Ordinance on 2nd Readin <br /> FUND FY 2008-2009 g <br /> ? Implementing Resolution <br /> ? Set Public Hearing For <br /> (~j~ CONTINUED TO <br /> ~"Z FILE NUMBER <br /> CITY MANAGER EXECUTIVE (RECTOR <br /> RECOMMENDED ACTION <br /> CITY COUNCIL ACTION <br /> <br /> Approve an appropriation adjustment transferring funds from the Merged <br /> Redevelopment Project Area Fund to the Low and Moderate-Income Housing <br /> Fund to return the funds borrowed to pay the County Educational Revenue <br /> Augmentation Fund as required by legislation implementing the California <br /> State Budget for FY 2008-2009. <br /> COMMUNITY REDEVELOPMENT AGENCY ACTION <br /> Adopt a resolution returning $3,679,545 to the Housing Set-Aside Funds, <br /> which had been borrowed to make the FY 2008-2009 payment to the <br /> Educational Revenue Augmentation Fund. <br /> DISCUSSION <br /> As a result of Assembly Bill 1389 (AB 1389) implementing the California <br /> State Budget for FY 2008-2009, the Community Redevelopment Agency was <br /> required to make a $3,679,545 payment to the County Educational Revenue <br /> Augmentation Fund (ERAF) by May 10, 2009. The legislation allowed the <br /> Agency to borrow up to fifty percent of the amount required from the Low <br /> and Moderate-Income Housing Fund during FY 2008-2009 to make this <br /> payment. <br /> In May of 2009, the Sacramento Superior Court ruled that AB 1389 was <br /> unconstitutional. Recently, the California Attorney General's Office <br /> notified redevelopment agencies that the state has abandoned its appeal <br /> of the Superior Court ruling, which is now final and binding. Therefore, <br /> 80B-1 <br /> <br />
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