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REQUEST FOR <br />COUNCIUAGENCY <br />ACTION <br />MEETING DATE: <br />MAY 2, 2005 <br />TITLE: <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 />location 1st <br />CLERK OF COUNCIL USE ONLY: <br />4 _a t4 <br />CITY MANAGER EXECIOJIVE DIRECTOR <br />RECOMMENDED ACTION <br />CITY COUNCIL ACTION <br />APPROVED <br />19 As Recommended <br />❑ As Amended <br />❑ Ordinance on 1 st Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Adopt an ordinance extending time limits 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 />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 />COMMUNITY REDEVELOPMENT AGENCY ACTION <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 />4 -1 <br />