HomeMy WebLinkAboutCDC Agenda StatementCITY OF NATIONAL CITY, CALIFORNIA
COMMUNITY DEVELOPMENT COMMISSION AGENDA STATEMENT
MEETING DATE: February 15, 2011
AGENDA ITEM NO. J
ITEM TITLE:
bek resolution of the Community Development Commission of the City of National City authorizing the
Chairman to execute a Cooperation Agreement by and between the CDC and the City of National City
for payment of certain Capital Improvement costs until June 30, 2016 and an Option Agreement
regarding properties owned by the CDC and pledging security interests of the CDC and making
certain findings and determinations thereto . (Tax Increment Fund and Low -Mod Housing Fund).
PREPARED BY: Patricia Beard Q DEPARTMENT: Re•evelopment
PHONE: 4255
APPROVED BY:
EXPLANATION:
In order to ensure funding for the 2011-2016 Capital Improvement Program within the National City
Redevelopment Project areas, staff proposes that the CDC and City consider the attached Cooperative
Agreement. The Agreement would:
1. Provide funding for the Five Year Capital Improvement Program;
2. Provide a Option Agreement that could, if deemed prudent, be exercised by the City Manager
and Executive Director to transfer title to any, some or all of the CDC -owned properties to the
City; and
3. Assign, transfer and pledge the financial holdings of the CDC to the City.
Please see attached Background Report which highlights the necessary findings to adopt this resolution
FINANCIAL STATEMENT: APPROVED: Finance
ACCOUNT NO.
This item would transfer up to $55,226,623 of "net tax increment" as defined in the
Agreement from the CDC to the City for Capital Projects, potentially transfer title to
any, some or all of the CDC held properties to the City and pledge the financial
holdings of the CDC to the City. Funding for property management of the CDC
properties is provided in a Property Management Agreement on tonight's agenda.
ENVIRONMENTAL REVIEW: Not applicable,
ORDINANCE: INTRODUCTION:
FINAL ADOPTION:
STAFF RECOMMENDATION: Adopt the resolution.
BOARD / COMMISSION RECOMMENDATION:
ATTACHMENTS:
IBackground Report
Proposed Agreement and Exhibits