HomeMy WebLinkAboutNC Background ReportATTACHMENT 1
BACKGROUND REPORT
In order to ensure adequate funding to accomplish the Capital Improvement Program
listed in this Agreement, allow the Option to transfer CDC properties to the City and
pledge security interests of the CDC to the City, the CDC and City can agree to
cooperatively work together. The City has inadequate funds available to accomplish the
projects and "cooperation" as meant in this Agreement would allow the City to complete
the projects while the CDC funds the projects through future property tax increment
revenues. In order to cooperate on the projects, both the CDC and City must make the
following findings, as listed in the resolution for this agenda item and its companion item:
• The CDC has received and heard all oral and written objections to the
Agreement, and to other matters pertaining to this transaction, and all such
oral and written objections are hereby overruled;
• The CDC hereby finds and determines that the recitals in the Agreement are
true and correct; and
• Based on the evidence in the record, the CDC hereby finds and determines,
with respect to the Projects that are publicly owned and are located in or
contiguous to the Project Area as identified in the Agreement, that:
(a) Said Projects and the programs and activities associated therewith
are of benefit to the Project Area by helping to eliminate blight
within the Project Area or providing housing for low- or moderate
income persons; and
(b) No other reasonable means of financing said Projects and the
programs and activities associated therewith are available to the
community; and
(c) The payment of funds by the CDC for the costs related to said
Projects and the programs and activities associated therewith is
consistent with the respective Implementation Plan adopted
pursuant to Section 33490 of the CRL;
The Agreement provides that the City Manager, or designee, would be authorized to
execute the Agreement on behalf of the Commission, together with such non -
substantive changes and amendments as may be approved by the City Manager and
City Attorney. The City Manager, or designee, would also be authorized, on behalf of
the City, to sign all documents necessary and appropriate to carry out and implement the
Agreement, including, without limitation, any security instruments to be recorded against
CDC assets to secure the CDC's obligations under the Agreement, and to administer the
CDC's obligations, responsibilities and duties to be performed under the Agreement.