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Home My WebLink AboutRES NO 240-07 . RESOLUTION NO. 2 4 0 - 0 7 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD, STATE OF CALIFORNIA, APPROVING THE PROVISION OF ASSISTANCE BY THE BAKERSFIELD REDEVELOPMENT AGENCY FOR THE CONSTRUCTION AND INSTALLATION OF PUBLIC IMPROVEMENTS RELATED TO THE MILLCREEK LINEAR PARK AND CANAL REFURBISHMENT PROJECT (OLD TOWN KERN - PIONEER REDEVELOPMENT PROJECT AREA). WHEREAS, the City of Bakersfield, by Ordinance No. 3904, adopted the Old Town Kern-Pioneer Redevelopment Plan and Project (the "Old Town Kern Project") for the Old Town Kern-Pioneer Redevelopment Project Area ("Old Town Kern Project Area") in June, 1999; and WHEREAS, the Bakersfield Redevelopment Agency ("Agency"), is implementing the Old Town Kern Project, pursuant to the California Redevelopment Law, and is receiving tax increment from the Project Area; and WHEREAS, the City of Bakersfield seeks to make improvements along the Kern Island Canal, including flood control improvements, exercise and art areas, and a walking path designed to enhance the commercial/residential potential for downtown Bakersfield and supplement drinking water for the City (collectively known as the "Millcreek Linear Park and Canal Refurbishment Project"); and WHEREAS, the Agency is negotiating an Agreement with the California Infrastructure and Economic Development Bank ("I-Bank") setting forth the terms and conditions of the financing and development of the Millcreek Linear Park and Canal Refurbishment Project; and WHEREAS, the I-Bank has preliminarily indicated its willingness to provide a loan in an amount not to exceed Ten Million Dollars ($10,000,000) (the "I-Bank Loan") to the Agency for the development and construction of the Millcreek Linear Park and Canal Refurbishment Project; and WHEREAS, pursuant to the terms of the Agreement, the Agency will pledge tax increment revenue from the Old Town Kern Project to repay the loan to be provided by the I-Bank; and WHEREAS, the Implementation Plan for the Old Town Kern-Pioneer Redevelopment Project Area contains a section entitled "Potential Projects and Programs," wherein the Millcreek Linear Park and Canal Refurbishment Project is identified as one of the projects anticipated to be implemented in order to eliminate blight and encourage the redevelopment of the Project Area; and I '0 1\ K (-~\' o( . c~~'\ ".'--, {';1 r- CJ -1- 1- u ORiGIN;\L WHEREAS, Health & Safety Code Section 33445 provides that a redevelopment agency may, with the consent of the legislative body (here, the City Council of the City of Bakersfield), pay for all or a part of the value of the land for and the cost of the installation and construction of any building, facility, structure, or other improvement which is publicly owned, if the legislative body makes certain findings; and WHEREAS, Health & Safety Code Section 33679 requires that the legislative body hold a public hearing before a redevelopment agency commits to use a portion of tax increment for the purpose of paying all or a part of the value of land for, and/or the cost of the installation and construction of any publicly owned building; and WHEREAS, the proposed Agreement between the I-Bank and the Agency allows the Agency to assist the City in the financing of the improvements to the Millcreek Linear Park and Canal Refurbishment Project by entering into a loan with the I-Bank (the "I-Bank Loan"), and by pledging tax increment from the Old Town Kern Project; and WHEREAS, the Agency has determined that the tax increment revenues from the Old Town Kern Project are sufficient to repay the entire I-Bank Loan; and WHEREAS, pursuant to Health & Safety Code Section 33679, the City and Agency made available to the public a Summary Report on the Millcreek Linear Park and Canal Refurbishment Project, dated October 5, 2007 ("Summary Report"), which includes: (a) a description of the Millcreek Linear Park and Canal Refurbishment Project; (b) an explanation of the sources of public and private funds necessary to finance the development of the Project, including an estimate of the amount of taxes proposed to pay for development of the Project; (c) facts supporting the determinations to be made by the City herein; and (d) an explanation of why the Millcreek Linear Park and Canal Refurbishment Project will assist in the elimination of blight and primarily benefit the Old Town Kern-Pioneer Redevelopment Project; and WHEREAS, pursuant to Health & Safety Code Section 33679, the City's public hearing was advertised once a week for two successive weeks in a newspaper of general circulation in the community prior to the hearing; and WHEREAS, Health & Safety Code Section 33445 requires that the City Council make certain findings with respect to the provision of redevelopment agency assistance for publicly owned improvements; and WHEREAS, based upon the evidence submitted at the time of the City's public hearing on this matter, the City Council hereby determines as follows. <, 0., 1\ II (,' ()' ),~ f. .'-- () lil , - -2- OfiIClf'I/',! NOW, THEREFORE, BE IT RESOLVED: Section 1. Improving flood control, enhancing the commercial and residential potential for the downtown area, and increasing recreational opportunities for the community is an important goal identified in the Old Town Kern-Pioneer Redevelopment Plan and its Implementation Plan as a means of eliminating blight. The Community Redevelopment Law provides the Agency with the authority to ameliorate blighting conditions and to assist in the provision of public facilities and infrastructure for these purposes. Section 2. The City Council of the City of Bakersfield hereby finds and determines: A. The proposed Millcreek Linear Park and Canal Refurbishment Project is of primary benefit to the Old Town Kern-Pioneer Redevelopment Project Area. B. No other reasonable means of financing the Millcreek Linear Park and Canal Refurbishment Project are available to the community except for the loan anticipated to be made by the I-Bank and repaid from Agency tax increment revenues. C. The payment of funds for the development and construction of the publicly owned facilities constituting the Millcreek Linear Park and Canal Refurbishment Project will assist in the elimination of one or more blighting conditions inside the Old Town Kern-Pioneer Redevelopment Project Area. D. The Millcreek Linear Park and Canal Refurbishment Project is in compliance with, and such tax increment use is consistent with, the Redevelopment Plan and the Five Year Implementation Plan for the Old Town Kern-Pioneer Project Area. Section 3. The Bakersfield Redevelopment Agency is hereby authorized to enter into the Agreement, for the purposes stated above. The aggregate principal amount of the I-Bank Loan shall not exceed Ten Million Dollars ($10,000,000). As executed and delivered, the Agreement shall be in substantially the form presented at this meeting, with such minor additions or modifications as the officers executing the agreement shall require or approve, such approval to be conclusively evidenced by the execution and delivery of the Agreement. Section 4. This Resolution shall take effect from and after its passage, approval and adoption. -3- 'Q f\ K :::'-1 ci- ~ .~ n; f::: r- u CJ ORiG1N!>,L I HEREBY CERTIFY that the foregoing Resolution was passed and adopted, by the Council of the City of Bakersfield at a regular meeting thereof held on OCT 2 4 2007 by the following vote: ~ ~ ABSTAIN: ABSENT: / ~ v ./ ./ COUNCILMEMBER CARSON, BENHAM, WEIR, COUGH, '"'ANSON., SULLIVAN, SCRIVNER COUNCILMEMBER ~ COUNCILMEMBER ~ COUNCILMEMBER H-cvvI ~~ ~u1. fYk~ PAMELA A. McCARTHY, C CITY CLERK and Ex Officio Clerk of the Council of the City of Bakersfield APPROVED APPROVED as to form VIRGINIA GENNARO City Attorney By: ~ Exhibit A pi S:\COUNCIL\RESOLUTNS\MTG DA TES2008 10/23/20074:18:13 PM - 2 - I, '0.,~' K '\0 ()' ~~,~\ ""-. f- r:1 r- () <=:; OnlCiN/\L