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HomeMy WebLinkAbout03-101 - Resolutions RESOLUTION NO. 03-101 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA CONSENTING TO THE RANCHO CUCAMONGA REDEVELOPMENT AGENCY ADVANCING FUNDS FOR ELECTRICAL FACILITIES AND MAKING FINDINGS RELATED THERETO A. RECITALS. (i) The Rancho Cucamonga Redevelopment Agency ("Agency) is engaged in activities necessary to execute and implement its Redevelopment Plan for its Rancho Cucamonga Redevelopment Project Area ("Project Area"). (ii) In order to implement the Redevelopment Plan for the Project Area, the Agency proposes the development and improvement of certain real property located in the Project Area pursuant to the terms and provisions of that certain approved Disposition and Development Agreement ("DDA") discussed herein by and between the Agency and Victoria Gardens — C. L. L. C. ("Developer"), concerning approximately 147 acres of land ("the Site") located south of Foothill Boulevard and west of 1-15 and a project for the development of a regional commercial area, community amenities and housing on that land. (iii) In order to assure the constant provision of electrical services to the Site at a constant and reasonable rate, the City of Rancho Cucamonga is in the process of establishing an electrical utility which will provide those services through certain physical facilities ("the Facilities" hereinafter). Agency proposes to advance funds for the construction of the Facilities. Accordingly, California Health and Safety Code Section 33445 requires that certain findings be made to support said advance. B. RESOLUTION. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF RANCHO CUCAMONGA as follows: 1. This Council hereby finds that the facts stated in the Recitals, Part A, of this Resolution are true and correct. 2. This Council hereby consents to Agency advancing funds to acquire and construct the Facilities in an amount not to exceed $15 million. Repayment of said advances shall be reflected in a Promissory Note made by the City of Rancho Cucamonga with principal owed accruing interest at the rate of 5% compounded annually, the first payment due on July 1, 2008, with even payments to be made monthly thereafter for a total payment period of thirty (30) years. Resolution No. 03-101 Page 2 of 3 3. In accordance with California Health and Safety Code Section 33445, this Council hereby makes the following findings in reference to; Agency's making advances for the Facilities. a. All of the Facilities are of benefit to the Project Area; b. No other reasonable means of financing the Facilities are available to the community; c. Agency's payment for the Facilities will assist in the elimination of one or more blighting conditions inside the Project Area; and d. The Installation of the Facilities in consistent with Agency's Implementation Plan adopted pursuant to Health and Safety Code Section 33490. 4. The City Clerk shall certify to the passage and adoption of this resolution and the same shall thereupon take effect and be in force. Please see the following page for formal adoption,certification and signatures Resolution No. 03-101 Page 3 of 3 PASSED, APPROVED, AND ADOPTED this 16'" day of April 2003. AYES: Alexander, Gutierrez, Howdyshell, Kurth, Williams NOES: None ABSENT: None ABSTAINED: None 4 William J lexander, Mayor ATTEST: auk De6a J. Ada s, CMC, City Clerk I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga, California, do hereby certify that the foregoing Resolution was duly passed, approved and adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting of said City Council held on the 16th day of April 2003. Executed this 17'" day of April 2003, at Rancho Cucamonga, California. Debra J. Ad s, CMC, City Clerk