HomeMy WebLinkAboutSA RESO 2015-65RESOLUTION NO. 2015 — 65
RESOLUTION OF THE SUCCESSOR AGENCY TO
THE COMMUNITY DEVELOPMENT COMMISSION AS
THE NATIONAL CITY REDEVELOPMENT AGENCY
AUTHORIZING THE TRANSFER OF APPROPRIATIONS
WITHIN FUND 715 - CAPITAL PROJECTS HOUSING
WHEREAS m March 2011, the Community Development Commission of National
City ("CDC') issued its 2011 Tax Allocation Bonds; and
WHEREAS, a portion of the proceeds of those bonds was designated for the
Westside Transit Oriented Development ("WI-TOD°) housing project; and
WHEREAS, a Disposition and Development Agreement ("DDA") by and between
the Community Development Commission of National City and Paradise Creek Housing
Partners, L.P., was executed on June 21, 2011 with respect to the WI-TOD housing project that
among other provisions provided for a grant of $14,957,000 towards the cost of Phase I of the
project; and
WHEREAS, sufficient appropriations based on the 2011 bond proceeds were
established in a capital project account in Fund 715 — Capital Projects Housing to meet the
grant commitment defined in the DDA; and
WHEREAS, the $14,957,000 in grant funds was released to Community Housing
Works for the W I-TOD housing project per the terms of the DDA in November, 2014; and
WHEREAS, the grant payment may not be recorded as a capital project expense
because upon completion the WI-TOD housing project will not be an asset of the Successor
Agency; and
WHEREAS, this Resolution is necessary to authorize staff to transfer
appropriations of $14,957,000 from a Capital Project account to a Contributions and Special
Payments account to enable the payment to be properly classified and recorded.
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 appropriations of $14,957,000 from account 715-409-500-598-1592
(WI-TOD Phase 1) to account 715-409-000-650-9059 (WI-TOD Phase 1) to enable the proper
classification of the grant payment to Community Housing Works.
PASSED and ADOPTED this 191 day of 7on
rrison, Chair —man
ATTEST: ROVED A TO
/r
Michael R. Dalla, City Clerk as Claudia Gaci Sil�
Secretary to the Successor Agency Successor.(%g ncy
Passed and adopted by the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California, on
May 19, 2015 by the following vote, to -wit:
Ayes: Boardmembers Cano, Mendivil, Morrison, Rios, Sotelo-Solis.
A aya: irGne.
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, Ca!!farn!a
By:
Cily Clerk Servir 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. 2015-65 of the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California,
passed and adopted on May 19, 2015.
0
City Clerk Serving as Secretary
to the Successor Agency
Deputy