HomeMy WebLinkAboutCC RESO 2004 - 73RESOLUTION NO. 2004 — 73
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
AUTHORIZING THE MAYOR TO ENTER INTO
A MEMORANDUM OF UNDERSTANDING BY AND
BETWEEN THE CITY OF NATIONAL CITY AND THE
COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY
WHEREAS, the City needs an additional $5 Million in funding for the
construction of the fire station, public library and arts center projects and has no other
reasonable means to raise these additional funds; and
WHEREAS, the Community Development Commission ("CDC"), through
its tax increment bonding capacity, may issue bonds to provide funding for the above -
listed projects, and the CDC Board determined on December 16, 2003, to issue bonds
in the amount that would net $5 Million for the aforementioned purpose; and
WHEREAS, the $5 Million derived from the CDC's issuance of tax
allocation bonds will be used in the following manner:
• To reimburse the CDC for the $2,225,000 it will contribute from CDC cash
reserves to bridge the financing gap for the construction of the City new
fire station;
• To pay up to $1,575,000 for the construction of the new arts center
project, with any residual funding from the $5 Million bond issue being
allocated to the new public library project for the purchase of collections
and equipment.
NOW, THEREFORE, BE IT RESOLVED that the City Council determines
and finds as follows:
1. That the buildings, facilities, structures, or other improvements mentioned
herein, are of benefit to the redevelopment project area or the immediate
neighborhood in which the project is located.
2. That no other reasonable means of financing the buildings, facilities,
structures, or other improvements mentioned herein are available to the
community.
3. That the payment of funds for the acquisition of land or the cost of
buildings, facilities, structures, or other improvements mentioned herein
will assist in the elimination of one or more blighting conditions inside the
project area and is consistent with the implementation plan adopted
pursuant to Section 33490 of the California Health and Safety Code.
Resolution 2004 — 73
May 4, 2004
Page Two
BE IT FURTHER RESOLVED that the Mayor is hereby authorized to
execute a Memorandum of Understanding with the CDC to provide for the allocation of
$5 Million in proceeds from a CDC bond issue to provide funding for the new fire station,
arts center and public library.
PASSED and ADOPTED this 4t' day of May, 2004.
ATTEST:
Mic . el R. ' alla, ity Clerk
APPROVED AS TO FORM:
George H. Eiser, III
City Attorney
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