HomeMy WebLinkAbout86-183 - ResolutionsRESOLUTION NO. 86-183
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RABCNO
CUCAMONGA, CALIFORNIA, APPROVING REPORT CONCERNING HOUSING
SET ASIDE FUNDS, APPROVING USE OF HOUSING SET ASIDE FUNDS
OUTSIDE OF RANCHO REDEVELOPMEBT PROJECT AREA AND PROVIDING
OTHER NATTERS PROPERLY RELATING THERETO
The City Council of the City of Rancho Cucamonga has resolved as
follows:
WHEREAS, the Rancho Cucamonga Redevelopmerit Agency (the "Agency") is
required by the Comnmnity Redevelopment Law (33000 et seq. of the California
Health and Safety Code (the "Law") and by the approved redevelopment plan for
the Agency's Rancho Redevelopmerit Project Area (the "Project Area") to set aside
certain tax increment revenues for the purposes of increasing or improving the
supply of low and moderate income housing within the City of Rancho Cucamonga,
all as such requirements all more particularly set forth in Section 33334.2 of
the Law; and
WHEREAS, the Agency desires to use a portion of the tax increment
revenues so required to be set aside to pay for public improvements which will
improve the supply of low and moderate income housing within the City of Rancho
Cucamonga, or otherwise to provide for the financing of such public improvements
by the issuance of tax allocation bonds of the Agency; and
WHEREAS, the Agency has caused Empire Economics to prepare a report,
dated May 12, 1986, entitled "City of Rancbo Cucamonga Housing Set Aside Funds
Proposed Nelgbborbood Improvement Projects" (the "Report"), wherein Empire
Economics has determined which of the proposed public improvement projects of
the Agency will improve the supply of low and moderate income housing within the
City of Rancbo Cucamonga; and
WHEREAS, the City Council has reviewed the Report and the findings of
Empire Economics contained therein; and
WHEREAS, certain of the proposed public improvement projects which will
improve the supply of low and moderate income bouslng are located outside the
Project Area; and
WHEREAS, Section 33334.2 of the law provides tax increment revenues
required to be set aside by 33334.2 may only be used to pay for, or otherwise
finance, projects outside the Project Area if both the Agency and the Council
first determine that such use is of benefit to the Project Area.
N(N, THEREFORE, IT IS ORDERED BY THE CITY COUNCIL OF THE CITY OF RANCHO
CUC~ONGA AND BY TNE RANCRO CUCAMONGA REDEV~-x-OPNENT AGEi~CY, as follows:
1. The findings of Empire Economics contained in the Report are hereby
by the Council and the Agency and the Report is ordered filed with the City
Clerk of the City and the Secretary of the Agency.
2. Pursuant to the requirements of Section 33334.2 of the Law, the
Council and the Agency hereby determine that it is of benefit to the Project
Area to use outside the Project Area tax increment revenues (set aside in
accordance with Section 33334.2) to pay for, or otherwise finance, the public
improvement projects approved in the Report as improving the supply of low and
moderate income housing within the City of Rancho Cucamonga.
3. In accordance with the provisions of Section 33334.2, the
determinations of the Council and Agency contained in paragraph 2. hereof shall
be final and conclusive as to the issue of benefit to the Project Area.
Resolution No. 86-183
Page 2
PASSED, APPROVED, and ADOPTED this 18tb day of June, 1986.
AYES: Mikeis, Buquet, King, Dahl, Hright
NOE~: None
ABS~T: None
ATTEST:
I, BEVERLY A. AUTHELET, CITY CLERK of tbe 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 meetinK of said City Council held on the 18th day of
June, 1986.
Executed this 19tb day of June, 1986 at Rancho Cucamonga, California.