HomeMy WebLinkAboutSA RESO 2014-54RESOLUTION NO. 2014 — 54
RESOLUTION OF THE SUCCESSOR AGENCY
TO THE COMMUNITY DEVELOPMENT COMMISSION
AS THE NATIONAL CITY REDEVELOPMENT AGENCY
AUTHORIZING THE TRANSFER OF APPROPRIATIONS WITHIN
FUND 722 — S/A PREVIOUSLY LOW/MOD HOUSING FUND
WHEREAS, as part of the Redevelopment Agency Dissolution process,
successor agencies were required to engage a licensed accountant to conduct two due
diligence reviews (DDRs) to determine the unobligated balances available for transfer to
affected taxing entities (governmental agencies that receive property tax revenues based on
assessed values within the former redevelopment agency's boundaries); and
WHEREAS, one such review was to be performed with respect to the low and
moderate income housing fund ("LMIHF") while the second one focused on all other funds of the
former redevelopment agency combined; and
WHEREAS, the State Department of Finance ("DOF") is responsible for
reviewing these DDRs and making determinations of how much each successor agency should
transfer to affected taxing entities; and
WHEREAS, in the case of the National City Successor Agency's LMIHF DDR,
the DOF in November 2012 ordered the transfer of $6,155,638 to the affected taxing entities.
Staff disputed that determination and provided clarifying information over a lengthy period; and
WHEREAS, on August 24, 2014, the Successor Agency received a letter from
the DOF reducing the remittance amount to $572,596 with five days to make the payment,
which was wired to the County Auditor and Controller on August 27, 2014; and
WHEREAS, while the expense should have been charged to Fund 722 S/A
Previously Low/Mod Housing, the only appropriations in the LMIHF were in the WI-TOD capital
project account. For expediency, the expenditure was made using available appropriations in
Fund 711, the Redevelopment Obligations Retirement Fund; and
WHEREAS, this resolution is necessary to authorize staff to transfer $572,596
from account 722-409-500-598-1592 WI-TOD Phase I to account 722-409-000-212-0000
Governmental Purposes, which will leave approximately $778,000 in the capital project which is
sufficient to pay the remaining Phase I obligations to the developer of the project.
NOW, THEREFORE, BE IT RESOLVED that the Successor Agency to the
Community Development Commission as the National City Redevelopment Agency hereby
authorizes the transfer of $572,596 from account 722-409-500-598-1592 WI-TOD Phase I to
account 722-409-000-212-0000 Governmental Purposes.
[Signature Page to Follow]
Resolution No. 2014 — 54
Page Two
PASSED and ADOPTED this 1811 day of November, 2014.
on Morrison, Chairman
Michael R. Dalla, Itity Clerk as
Secretary to the Successor Agency
TO FORM:
Iva
Passed and adopted by the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California, on
November 18, 2014 by the following vote, to -wit:
Ayes: Boardmembers Cano, Morrison, Natividad, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman of the Successor Agency to the
Community Development Commission
as the Redevelopment Agency of the
City of National City, California
M
n
City Clerk Serving as Secretary
to the Successor Agency
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2014-54 of the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California,
passed and adopted on November 18, 2014.
City Clerk Serving as Secretary
to the Successor Agency
By:
Deputy