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HomeMy WebLinkAboutRES NO 047-01RESOLUTION NO. 0 47'0 ~. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD REGARDING THE USE OF REDEVELOPMENT TAX INCREMENT MONIES TO HELP PAY THE ANNUAL DEBT SERVICE ON CERTIFICATES OF PARTICIPATION ISSUED TO CONSTRUCT THE MULTI-USE STADIUM -- CITY CENTER PROJECT. WHEREAS, the City of Bakersfield (the "City") has previously acted pursuant to the Community Redevelopment Law (California Health and Safety Code sections 33000 et. seq.) to establish a redevelopment agency of the City known as Bakersfield Redevelopment Agency (the "Agency"); and WHEREAS, the Agency and Bakersfield City Council have previously completed proceedings pursuant to the Community Redevelopment Law (the "Law") to (a) establish the Southeast Bakersfield Redevelopment Project Area (the "Project Area") and (b) approve a redevelopment plan (the "Redevelopment Plan") for the Project Area; and WHEREAS, by cooperative efforts of the City and the Agency, an agreement has been reached with a developer whereby the developer will develop an entertainment center in the Project Area ("City Center Project") provided the City and Agency develop a multi-use stadium at the same time and location; and WHEREAS, the City Council proposes to authorize the issuance, sale and delivery of Certificates of Participation to finance the cost and expense of construction of the multi- use stadium; and WHEREAS, in connection with the City's proposed financing plan to finance the cost and expense of the multi-use stadium the construction of which is in furtherance of the implementation of the Redevelopment Plan, the City and Agency intend to enter into a reimbursement agreement (the "Reimbursement Agreement") pursuant to which the Agency will pay to the City not to exceed $317,000 annually from tax increment funds to be received by the Agency which are generated by the City Center Project in consideration for the City's financing of the cost and expense of the multi-use stadium with proceeds of the Certificates and with other funds of the City legally available for the multi-use stadium; and WHEREAS, evidence exists that the City Center Project will spur tax base growth within the Project Area over and above the $317,000; and WHEREAS, any amount received by the Agency over and above the $317,000 will be used for non-Stadium-related projects in the Project Area; and -- Page 1 of 4 Pages -- WHEREAS, Section 33679 of the Law requires, as a condition precedent to the Agency's proposed use of tax increment funds, as provided by the proposed Reimbursement Agreement, to pay a portion of the cost of installation and construction of any public owned building, such as the multi-use stadium, the City Council of the City must (a) hold a noticed public hearing with respect to such proposed use of tax increment funds and (b) make certain determinations prescribed by Section 33445 of the Law; and WHEREAS, notice of the time and place of the public hearing has been given as required by said Section 33679, and evidence of compliance with such notice requirement is on file with the City Clerk of the City; and WHEREAS, the public hearing has been opened, conducted and closed in accordance with said notice, and a written summary containing the matters required by said Section 33679 was made available to the public no later than the time of the first publication of said notice and was made available to members of the public at said public hearing; and WHEREAS, on the basis of the information available, this City Council believes that the determinations required by Section 33445 are proper and are supported by such information. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAKERSFIELD as follows: 1. The above recitals are true and correct; On the basis of the information available, which this City Council believes to be reliable and complete, this City Council hereby makes the following determinations: A) B) c) The multi-use stadium is of benefit to the Project Area; No other reasonable means of financing the multi-use stadium is available to the community, including the City and the Agency; Payment of tax increment funds to the City, in accordance with the Reimbursement Agreement, will assist in the elimination of one or more blighting conditions inside the Project Area by making it feasible for the City to issue the Certificates on the most a favorable terms and conditions with the lowest feasible borrowing cost consistent with the financial condition of the City, with a portion of the proceeds of sale of the Certificates being utilized to construct the multi-use stadium and payment of such tax increment funds is consistent with the Implementation Plan respecting the Redevelopment Plan, which was adopted by the Council on June 30, 1999. -- Page 2 of 4 Pages -- Tax increment monies generated from the City Center Project and tax increment monies associated with growth caused as a result of the City Center Project over and above the $317,000 shall be used for non-Stadium- related projects in the Project Area. -- Page 3 of 4 Pages -- I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the Council of the City of Bakersfield at a special meeting thereof held on MAR g 8 Z001, by the following vote: AYES: NOES: ABSTAIN: ASSENT: COUNCILMEMBER CARSON, BENHAM, MACGARD, C~L;C.,; ;, HANSON, SULLIVAN, SALVAGGIO COUNCILMEMBER COUNCILMEMBER COUNClLMEMBER ~.~ ~ ~ CITY CLERK and Ex Officio I~rk of the Council of the City of Bakersfibld APPROVED MAR 28 I'I~R~EY I.~.A~.L MAYOR of Bakersfield APPROVED as to form: BART J. THILTGEN City Attorney By: ~ ~' Deputy City Attorney S:~COU NClL~Resos~33445citycenter.wpd -- Page 4 of 4 Pages --