HomeMy WebLinkAbout2005-002 CRA
04/26/04
RESOLUTION NO. CRA 2005-002
A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF
SANTA ANA MAKING THE FINDING THAT THE
AGENCY MUST BORROW HOUSING SET ASIDE
FUNDS IN ORDER TO MAKE THE 2004-2005
PAYMENT TO THE EDUCATIONAL REVENUE
AUGMENTATION FUND
BE IT RESOLVED BY THE MEMBERS OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA, AS FOllOWS:
Section 1. The Community Redevelopment Agency of the City of Santa Ana hereby
finds, determines and declares as follows:
A. As a result of Senate Bill 1 096 (SB 1096) implementing the California
State Budget for fiscal year 2004-2005, the Community Redevelopment Agency ("Agency") is
required to make a $3,401,346.78 payment to the County Educational Revenue Augmentation
Fund ("ERAF") by May 10, 2005.
B. The legislation allows the Agency to borrow up to fifty percent of the
amount required to be allocated to the low and Moderate Income Housing Fund during fiscal
year 2004-2005 in order to make this payment. The funds may be borrowed for up to ten
years.
C. As a condition of borrowing from the low and Moderate Income Housing
Fund pursuant to Health & Safety Code S 33681.12, the Agency must make a finding that there
are insufficient other moneys to remit the required ERAF payment.
D. The legislation implementing the State's fiscal year 2004-2005 budget
authorized the County Auditor/Controller to withhold property tax revenue from the City's
general fund to the extent that the $3,401,346.78 payment is not made by the Agency by May
10, 2005.
E. SB 1096 also includes 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 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.
Section 2. The Agency hereby finds that borrowing $3,401,346.78 from the low and
Moderate Income Housing funds is necessary due to the insufficiency of other revenue
sources.
Section 3. The Executive Director of the Agency is hereby authorized to take all
necessary actions and to sign all documents and instruments necessary to make the
$3,401,346.78 payment to the County Auditor for deposit into the Educational Revenue
Augmentation Fund on or before May 10, 2005.
Resolution No. eRA 2005-002
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ADOPTED this 2nd day of Mav 2005.
APPROVED AS TO FORM:
Joseph W. Fletcher, General Counsel
By: ~'<- (", m~
Lisa E. Storck
Assistant General Counsel
AYES:
Boardmembers:
Alvarez. Bustamante. Bist. Christy. Garcia.
Pulido. Solorio (7)
NOES:
Boardmembers:
None (0)
None (0)
ABSTAIN:
Boardmembers:
NOT PRESENT: Boardmembers:
None (0)
CERTIFICATION OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Secretary of the Agency, do hereby attest to and certify the attached
Resolution No. 2005-002 to be the original resolution adopted by the Community
Redevelopment Agency of the City of Santa Ana o~ Mav 2. 2005. r / '
Date: ~A/o<;' 0;;~;/r--e:
. Recording Secretary, V
Community Redevelopment Agency
City of Santa Ana
Resolution No. eRA 2005-002
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