HomeMy WebLinkAboutCDC Agenda StatementCITY OF NATIONAL CITY, CALIFORNIA
COMMUNITY DEVELOPMENT COMMISSION AGENDA STATEMENT
MEETING DATE: February 15, 2011
AGENDA ITEM NO. 1
ITEM TITLE:
kok resolution of the Community Development Commission of the City of National City authorizing the
Commission to enter into a Cooperation Agreement (SR 54 and National City Boulevard infrastructure
improvement) with the City of National City and making certain determinations and findings related
thereto. (Tax Increment Fund) (Companion Item #).
PREPARED BY: Patricia Beard
PHONE: 42551
EXPLANATION:
In order to assure timely completion of public improvements necessary to future redevelopment in
accordance with the Redevelopment Plan for the National City Redevelopment Project of properties
immediately northeast of the SR 54 and the National City Boulevard intersection, the City Council and
CDC will tonight both consider entering a Cooperation Agreement. The Agreement would provide that
the CDC transfer funding and land (APN# 562-321-08) for the anticipated improvements (detailed in
Exhibit I of the Agreement) to the City. Both a construction schedule for the City and payment schedule
for the CDC are included in the Agreement as are the parcels within the Project Area to be made more
economically viable by the infrastructure project and the schedule for the CDC payments for the work.
Should the Agreement be approved, title to the CDC property will transfer to the City if an Option
(included) is exercised. Prior to any future disposition by the City of said parcel to a redeveloper, a
Public Hearing on the resale and reuse of land as required under California Redevelopment Law
(Section 33433) will be held.
Please see attached Background Report.
DEPARTMENT: Rede - • pme t Division
APPROVED BY:
FINANCIAL STATEMENT:
APPROVED: Finance
rfhis Agreement would pledge future Tax Increment funds not to exceed $2,500,000. The Tax
I Increment would be paid by $830,000 lump sum payment after completion of the improvements
and thereafter in annual installments of up to $120,000 over the remaining life of the
Redevelopment Plan or until the full commitment is paid, whichever comes first. The City does not
have adequate funds in the General Fund or any designated funds to complete the work.
ENVIRONMENTAL REVIEW: Not applicable,
ORDINANCE: INTRODUCTION: I FINAL ADOPTION:
STAFF RECOMMENDATION: Adopt the resolution.
BOARD / COMMISSION RECOMMENDATION:
ATTACHMENTS: Background Report
Proposed Agreement.