HomeMy WebLinkAbout2009 CC RESO 2009-136 CDCRESOLUTION NO. 2009 — 136
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF NATIONAL CITY
APPROVING A SUMMARY OF REDEVELOPMENT
PROJECTS LIST, WHICH INCLUDES ROAD RESURFACING
PROJECTS, AND A PROMISSORY NOTE BETWEEN
THE CITY OF NATIONAL CITY AND THE COMMUNITY
DEVELOPMENT COMMISSION OF THE CITY OF NATIONAL CITY
WHEREAS, the Community Development Commission of the City of National
City ("CDC") is organized and existing under Part 1.7 of the California Health and Safety Code
(Section 34100, et seq.); and
WHEREAS, the CDC functions as a redevelopment agency pursuant to the
California Community Redevelopment Law (Health and Safety Code Section 33000, et seq.;
hereinafter, the "CCRL") and is responsible for the administration of redevelopment activities
within the City of National City; and
WHEREAS, on November 16, 1969, the City Council of the City of National City
adopted Ordinance No. 1233, which approved the City's first redevelopment plan; and
WHEREAS, since redevelopment was instituted in National City, the City Council
has adopted and amended redevelopment plans for the E. J. Christman No. 1, E. J. Christman
No. 2, South Bay Town and Country, Centre City, Downtown, Downtown Amended, and 1995
Added Area (Harbor District) Redevelopment Areas (the "Redevelopment Project Areas"); and
WHEREAS, pursuant to CCRL Section 33445(c), when the value of the land or
the cost of the installation and construction of a building, facility, structure, or other
improvement, or both, has been or will be paid or provided for initially by the community or other
public corporation, the CDC may enter into a contract with the community or other public
corporation under which it agrees to reimburse the community or other public corporation for all
or part of the value of the land or all or part of the cost of the building, facility, structure, or other
improvement, or both, by periodic payments over a period of years; and
WHEREAS, the purpose of this resolution is to confirm the CDC's monetary
obligations to the City arising from the City's financing and development of the various capital
improvement projects delineated on the Summary of Redevelopment Projects List ("Projects
List"), attached hereto as Exhibit "A", for four (4) of the Redevelopment Project Areas on behalf
of the CDC; and
WHEREAS, pursuant to CCRL Section 33445(d), the obligation of the CDC
under the Promissory Note, attached hereto as Exhibit "B", shall constitute an indebtedness of
the CDC for the purpose of carrying out the redevelopment projects for the Redevelopment
Project Areas, which indebtedness may be made payable out of taxes levied in the
Redevelopment Project Areas, and allocated to the CDC under CCRL Section 33670(b) or out
of any other available funds; and
WHEREAS, all of the prerequisites with respect to the approval of this resolution
have been met.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
National City as follows:
Resolution No. 2009 — 136
June 2, 2009
Page 2
3. The foregoing recitals are true and correct and are a substantive part of
this resolution.
4. The Summary of Redevelopment Projects List, attached hereto as Exhibit
"A", is approved.
3. The Promissory Note, attached hereto as Exhibit "B", is approved.
4. This resolution shall take effect upon the date of its adoption.
PASSED and ADOPTED this 2nd day of June, 200
ATTEST:
Brad a ' : , Secretary
APPROVED AS TO FORM:
George H. iser, III
City Attorney
on Morrison, Chairman
Resolution No. 2009 — 136
June 2, 2009
Page 3
EXHIBIT "A"
Summary of Redevelopment Projects List
National City Redevelopment Project Areas
FY 2008-2009
ROADWAY RESURFACING PROJECTS
National City Downtown Project Area: $5,054,102
E. J. Christman No. 2 Project Area: 399,512
National City Harbor Project Area: 233,714
Center City Project Area: 142,672
Total Estimated Cost: $5,830.000
Resolution No. 2009 — 136
*`, June 2, 2009
Page 3
EXHIBIT "B"
PROMISSORY NOTE
Principal Amount
$5,830,000.00
National City, CA
, 2009
Promise to Pay. The Community Development Commission of the City of National City (the
"CDC"), a public body, corporate and politic, duly organized and existing under the laws of the
State of California, for value received, hereby promises to pay to the order of the City of
National City, a California municipal corporation, duly organized and existing under the laws of
the State of California (the "City"), the principal due pursuant to the terms of this Note.
Purpose. The CDC functions as a redevelopment agency pursuant to the California Community
Redevelopment Law (Health and Safety Code Section 33000, et seq.; hereinafter, the "CCRL")
and is responsible for the administration of redevelopment activities within the City of National
City. Since redevelopment was instituted in National City, the City Council has adopted and
amended redevelopment plans for the E. J. Christman No. 1, E. J. Christman No. 2, South Bay
Town and Country, Centre City, Downtown, Downtown Amended, and 1995 Added Area
(Harbor District) Redevelopment Areas (the "Redevelopment Project Areas"). This Note is
being executed to evidence the CDC's monetary obligations to the City arising from the City's
financing and development of the various capital improvement projects delineated on Exhibit
"A", the Summary of Redevelopment Projects List (the "Projects List") for four (4) of the
Redevelopment Project Areas on behalf of the CDC.
Interest Rate. This Note shall bear simple interest at a rate equivalent to the Local Agency
Investment Fund ("LAIF") apportionment rate as determined by the office of the California
Treasurer. For each year during the term of this Note, the interest rate for the applicable fiscal
year shall be the LAIF apportionment rate published by the California Treasurer for June of each
year.
Term. Unless earlier repaid, any balance on this Note shall be due in full on the later of July 18,
2040 or the last date for the repayment of indebtedness for the Redevelopment Project Areas.
Priority of Revenue. The CDC will repay the Note from net tax increment funds as these funds
are available for such repayment. Net tax increment funds shall mean the net tax increment
revenues, excluding any amount used to:
a. Pay principal of, any premium on, and interest on any existing or future bonds or
notes that are secured by a pledge of tax increment revenues generated from the
Redevelopment Project Areas;
b. Make payments to any taxing entity pursuant to a tax sharing agreement or
statutory tax sharing formula pursuant to Sections 33607.5 and 33607.7;
c. Pay the San Diego County property tax collection administrative fee;
d. Contribute revenues to the Low- and Moderate -Income Housing Fund in the
amounts required by the CCRL; and
e. Fund the administrative expenses of the CDC, not to exceed the amount listed in
the CDC's annually adopted budget.
Repayment Schedule. Subject to the priority of revenue noted hereinabove, the CDC shall
initiate repayment of the indebtedness evidenced by this Note on the later of July 18, 2025, or
the last date for redevelopment plan effectiveness for the Redevelopment Project Areas.
Payments and Pre -Payments. All payments under this Note shall be made in lawful money of
the United States at the principal office of the City of National City, 1243 National City
Boulevard, National City, CA 91950, or at such other place as may from time to time be
designated by the City. All payments on this Note shall be applied first to the principal due on
the Note and the remaining balance shall be applied to interest. The CDC may prepay, at any
time, all or any part of the principal amount of this Note without any payment of penalties or
premiums.
IN WITNESS WHEREOF, the parties hereto have executed this Promissory Note as of
the date first set forth above.
ATTEST:
By:
Michael R. Dalla
City Clerk
CITY OF NATIONAL CITY
By:
Ron Morrison
Mayor
COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF
ATTEST: NATIONAL CITY
By: By:
Brad Raulston Ron Morrison
Secretary Chairman
Passed and adopted by the Community Development Commission of the City of National
City, California, on June 2, 2009, by the following vote, to -wit:
Ayes: Commissioners Parra, Sotelo-Solis, Van Deventer, Zarate.
Nays: None.
Absent: Commissioner Morrison.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman, Community Development Commission
Secre
Development Commission
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2009-136 of the Community Development Commission of the City of
National City, California, passed and adopted on June 2, 2009.
Secretary, Community Development Commission
By:
Deputy