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
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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.
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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.
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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
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