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HomeMy WebLinkAboutRDA Reso No 2011-006RESOLUTION NO. 2011-006 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE EXECUTION AND DELIVERY OF REIMBURSEMENT AGREEMENTS WITH THE CITY OF LAKE ELSINORE AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH (LAUNCH RAMP PROJECT; GENERAL INFRASTRUCTURE AND FACILITIES) WHEREAS, the Redevelopment Agency of the City of Lake Elsinore (the "Agency") is authorized pursuant to the Community Redevelopment Law, being Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of California to incur indebtedness for the purpose of financing and refinancing redevelopment activities within and of benefit to its redevelopment project areas; WHEREAS, the Agency desires to provide funds to finance the cost of the acquisition, installation, construction and/or reimbursement of the cost of public infrastructure improvements within or outside its redevelopment project areas (the "Project Areas"), including affordable housing projects and all public infrastructure improvements owned, acquired or constructed by the City of Lake Elsinore (the "City") and located in the City as generally described on Exhibit A attached hereto and made a part hereof (collectively, the "Project Improvements"); and WHEREAS, the Agency has previously entered into a loan agreement with the Lake Elsinore Public Financing Authority (the "Authority") for $5,550,000 (the "Loan") for the purpose of constructing a six-lane boat launching ramp and the supporting public infrastructure (the "Launch Ramp Project") within the Agency's Project Area No. 1 ("Project Area No. 1"), with such loan being payable by the Agency from the pledged tax revenues of Project Area No. 1; WHEREAS, the City is authorized pursuant to Section 33220 of the California Health and Safety Code, to accept contracts, funds, and properties from the Agency for the purpose of aiding and co-operating in the planning, undertaking, construction, or operation of redevelopment projects located in the Redevelopment Project Areas within the City; WHEREAS, pursuant to Health and Safety Code Section 33445(a), the Agency may, with the consent of the City Council, pay all or part of the cost of the installation and construction of publicly owned facilities if the Agency and City Council make certain findings; and WHEREAS, the use of tax increment revenues to fund the publicly owned improvements as described herein is in accordance with Section 33445 of the California Community Redevelopment Law; Redevelopment Agency Resolution No. 2011-006 Page 2 of 6 NOW, THEREFORE, THE GOVERNING BOARD OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES FIND, DETERMINE AND RESOLVE AS FOLLOWS: Section 1. The Agency hereby approves the form of Reimbursement Agreement substantially in the form presented to this meeting and on file with the Secretary of the Agency, with such revisions, amendments and completions as shall be approved by the Executive Director, with the consent of legal counsel to the Agency, such approval to be conclusively evidenced by the execution and delivery thereof. Section 2. The Agency hereby approves the form of Launch Ramp Project Reimbursement Agreement substantially in the form presented to this meeting and on file with the Secretary of the Agency, with such revisions, amendments and completions as shall be approved by the Executive Director, with the consent of legal counsel to the Agency, such approval to be conclusively evidenced by the execution and delivery thereof. Section 3. The Board, pursuant to Section 33445(a) Health and Safety Code of the State of California, finds and determines, based on the information made available in the staff report and other such written and oral evidence presented to the Board, the following: (1) That the Agency's reimbursement of the cost of the Project Improvements described herein is of benefit to the Project Areas. (2) That there are no other reasonable means of financing the costs of the Project Improvements described herein. (3) That the Agency's reimbursement for the costs of the Project Improvements described herein will assist in the elimination of physical and economic blighting conditions within the Project Areas and is in the vital and best interest of the City and its residents. (4) That the reimbursement by the Agency for the costs of the Project Improvements described herein is consistent with the implementation plan adopted for the Project Areas pursuant to Section 33490 of the Health and Safety Code of the State of California. (5) That the reimbursement by the Agency for the cost of the Project Improvements primarily benefit the Project Areas. Section 4. By approving and entering into the Reimbursement Agreement, the Agency has approved the pledge of tax increment, and the obligations of the Agency under the Reimbursement Agreement and such shall constitute an indebtedness of the Agency for the purpose of carrying out the Redevelopment Plan for the Project Areas. Section 5. By approving and entering into the Launch Ramp Project Reimbursement Agreement, the Agency has approved the obligations of the Agency under the Launch Ramp Project Reimbursement Agreement to reimbursement the City from proceeds of the Loan and 2 Redevelopment Agency Resolution No. 2011-006 Page 3 of 6 such shall constitute an indebtedness of the Agency for the purpose of carrying out the Redevelopment Plan for the Project Areas. Section 6. Any one of the Authorized Officers, and each of them, is hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable, without limitation, to effectuate the purposes of this Resolution and any such actions previously taken by such officers are hereby ratified, approved and confirmed. Section 7. The Secretary shall certify to the adoption of this Resolution, which shall be in full force and effect immediately upon its adoption. [Signature page follows] Redevelopment Agency Resolution No. 2011-006 Page 4 of 6 PASSED, APPROVED, AND ADOPTED at a special meeting of the Redevelopment Agency of the City of Lake Elsinore held on the 10th day of March 2011. Melissa Melendez, Chairwoman TTEST: Virginia Agency APPROVED AS TO FORM: f arbara Leibold, Agency eneral Counsel 4 EXHIBIT "A" PROJECT SUMMARY *Including all costs incurred by the Agency including but not limited to planning, acquisition and disposition, financing, development, legal costs associated with all applicable projects, including public infrastructure improvements and affordable housing projects, permitting, design, site testing, bidding, construction and construction management including litigation costs and property assessments resulting therefrom ESTIMATED COSTS* Costs incurred by the Agency in furtherance of (i) its affordable housing goals and objectives and (ii) improvements to public infrastructure, including, but not $50,000,000 limited to, construction of streets, roads, bridges, sewers, water supply and distribution, fire, public works or any other publicly owned facilities, park development, street widening, flood control, and any other public infrastructure determined to be required for the efficient delivery of service to the public. Redevelopment Agency Resolution No. 2011-006 Page 6 of 6 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, Virginia J. Bloom, Agency Secretary of the City of Lake Elsinore, California, hereby certify that Resolution No. 2011-005 was adopted by the Redevelopment Agency of the City of Lake Elsinore at a special meeting held on the 10th day of March 2011, and that the same was adopted by the following vote: AYES: Agency Members Bhutta, Magee, Hickman, Vice-Chair Tisdale and Chairwoman Melendez NOES: None ABSENT: None ABSTAIN: None Virginia, loom City Cler