HomeMy WebLinkAbout2006 CC RESO 2006-120 CDCRESOLUTION NO. 2006-120
RESOLUTION OF THE
COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY (CDC)
APPROVING THE KIMBALL AND MORGAN TOWERS
BUDGETS FOR THE FISCAL YEAR 2006-2007
WHEREAS, the Community Development Commission of the City of National
City (CDC) owns the Kimball and Morgan Towers; and
WHEREAS, the Kimball Tower is owned free and clear, and the Morgan Tower
has a 40-year fixed loan at an interest rate of 6.5% with 13 years outstanding; and
WHEREAS, Falkenberg, Gilliam and Associates has been the property
management company for said Towers since 1995; and
WHEREAS, an operating budget for each building is prepared by the
management company and is reviewed and approved by the CDC Board; and
WHEREAS, the Kimball and Morgan Towers operations do not have a direct
financial impact on CDC operations, and should be presented and approved independently of
the CDCs annual budget; and
WHEREAS, there is a projected surplus of funds for the Kimball 'Power and no
rent increase is recommended; and
WHEREAS, a 4.5% rent increase for the Morgan Tower is recommended to
cover the costs ofincreased utility expenses, special assessments, operating and maintenance
costs; and
WHEREAS, the budgets for the Kimball and Morgan Towers for the fiscal year
ending 2006-2007 have been prepared and presented for CDC approval.
NOW, THEREFORE, BE IT RESOLVED that the Community Development
Commission of the City of National City hereby approves the Kimball and Morgan Towers
budgets for Fiscal Year 2006-2007; and the Chairman is hereby authorized to attest hereto.
PASSED and ADOPTED this 20th day of June, 2006.
ATTEST:
Chris Zapata S
X,d)
N k nzunza, Chairman
APPROVED AS TO FORM:
George H. Eiser, III
Legal Counsel
Passed and adopted by the Community Development Commission of National City,
California, on June 20, 2006, by the following vote, to -wit:
Ayes: Councilmembers Morrison, Natividad, Parra, Zarate.
Nays: None.
Absent: Inzunza.
Abstain: None.
AUTHENTICATED BY: NICK INZUNZA
Chairman Co ity Development Commission
Secretary Comm �f ty Devment Commission
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2006-120 of the Community Development Commission of the City
of National City, California, passed and adopted on June 20, 2006.
Secretary Community Development Commission
By:
Deputy