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Y ^ <br />1~iEETING DATE: <br />MAY 4, 2009 <br />~`iTLE: <br />PAYMENT TO EDUCATIONAL REVENUE <br />AUGMENTATION FUND <br />`~ <br />~' f <br />~ CITY MANAGER EXECllTI!/ ®1RECTC}R <br />CC3 II~ENECI ~1CTIl~N <br />CITY COUNCIL ACTION <br />CLERi~C OF CDUNCiL i~SE C}NLY: <br />APPROt/ED <br />^ As Recorrsmended <br />^ As Amended <br />^ Ordinance on 'ist Reading <br />^ Ordinance on 2nd Reading <br />^ Emplementing Resolution <br />^ Set Public Tearing For <br />CONTINUEI] 70 <br />FIL.I; NUMBER <br />Approve an appropriation adjustment transferring loan funds from the Low <br />and Moderate-rncome Housing Fund to the Merged Redevelopment Project <br />Area Fund to make the necessary payment to the County Educational <br />Revenue Augmentation Fund as required by legislation implementing the <br />California State Budget for FY 2008-2009. <br />COMMUNITY REDEVELOPMENT AGENCY ACTION <br />Adapt a resolution finding that borrowing $3,679,545 in Housing Set- <br />Aside Funds to make the FY 2008-2009 payment to the Educational Revenue <br />Augmentation Fund is necessary due to the insufficiency of other revenue <br />sources. <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 is <br />required to make a $3,679,545 payment to the County Educational Revenue <br />Augmentation Fund (ERAF) by May 10, 2009. The legislation allows the <br />Agency to borrow up to fifty percent of the amount required to be <br />allocated to the Low and Moderate-Income Housing Fund during FY 2008-- <br />2009 to make this payment. The funds may be borrowed for up to ten <br />