Laserfiche WebLink
JWF 9/29/10 <br />ORDINANCE NO. NS-2809 <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AMENDING THE CENTRAL CITY, INTER-CITY <br />AND BRISTOL REDEVELOPMENT PLANS OF THE CITY OF <br />SANTA ANA TO ELIMINATE THE TIME LIMIT IN EACH PLAN <br />FOR THE INCURRENCE OF DEBT <br />THE CITY COUNCIL OF THE CITY OF SANTA ANA DOES ORDAIN AS FOLLOWS: <br />SECTION 1: The City Council of the City of Santa Ana hereby, finds, determines <br />and declares as follows: <br />A. California Health & Safety CodE <br />Community Redevelopment Law, <br />1993 to impose time limits on inc <br />effectiveness of the plan. The o <br />AB 1290 for plans adopted prior <br />plan adoption or January 1, 2004. <br />Section 33333.6(a) & (b), part of the <br />was amended by Assembly Bill 1290 in <br />arring debt, receipt of tax increment and <br />atside time limit for incurring debt under <br />to 1994 was the later of 20 years after <br />B. Senate Bill 211 (effective January 2002) permits the amendment of a pre- <br />1994 plan to completely delete the debt incurrence deadline, with the <br />result that an agency can incur debt under such a plan up to the deadline <br />for the effectiveness of the plan. <br />C. The City of Santa Ana wishes to utilize the procedure set forth in California <br />Health and Safety Code section 33333.6(e)(2)(B) to eliminate the date that <br />debt can be incurred in three of its six redevelopment plans so that the <br />Redevelopment Agency can incur new debt until the end of the effective <br />life of the each of these three project areas so that the Agency can <br />continue to meet its long term goals and objectives. <br />D. The City of Santa Ana is cognizant that under Health and Safety Code <br />section 33607.7, by adopting this ordinance amending the redevelopment <br />plans in order to eliminate the debt incurrence time limits, the <br />Redevelopment Agency will be required to pay the statutory pass-through <br />payments to each affected taxing entity with which the Agency does not <br />already have a pre-1994 pass-through agreement. <br />E. The Community Redevelopment Agency of the City of Santa Ana (the <br />"Agency") is considering issuing approximately $62,000,000 in tax <br />allocation bonds in late 2010 to restructure existing debt of the Agency as <br />well as to issue approximately $5,900,000 of federally taxable Recovery <br />Zone bonds (jointly, the "2010 Tax Allocation Bonds"). Elimination of the <br />Ordinance No. NS-2809 <br />Page 1 of 3