HomeMy WebLinkAboutRES NO 036-09RESOLUTION NO.
036-09
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF BAKERSFIELD AUTHORIZING THE EXPENDITURE
OF BAKERSFtELD REDfVEtO~M-ENT AGENCY LAW
AND MODERATE HOUSING FUNDS FOR
CONSTRUCTION OF AFFORDABLE HOUSING
PROJECTS OUTSIDE THE INDIVIDUAL PROJECT
AREAS AND THE COMBINING OF THE LOW AND
MODERATE HOUSING TAX INCREMENT FOR ALL
THREE PROJECT AREAS AS THE SECURITY OF THE
SERIES "D" 2009 TAX ALLOCATION BONDS AND
MAKING CERTAIN DETERMINATIONS IN CONNECTION
THEREWITH
WHEREAS, the Bakersfield Redevelopment Agency ("Agency") is a public body,
corporate and politic, organized and existing under the California Community
Redevelopment Law (Health & Safety Code § 33000, et seq.) ("CRL"); and
WHEREAS, by previous action, the Agency and the City Council of the City of
Bakersfield, California (the "City Council" or "City", as appropriate) have established the
Redevelopment Plans for the "Downtown Project," the "Old Town Kern-Pioneer Project"
and the "Southeast Bakersfield Redevelopment Project" (collectively the "Project
Areas") each of which has its approved redevelopment plan (the "Redevelopment
Plans"); and
WHEREAS, the Agency intends to provide funding from the proceeds of the
Series "D" 2009 Tax Allocation Bonds for construction for certain affordable housing
projects in each of the Project Areas; and
WHEREAS, the Agency, together with the City Council of the City has
considered the evidence necessary to make the benefit findings of construction of
affordable housing projects either inside or outside each project area required by Health
and Safety Code Section 33334.2; and
WHEREAS, The Agency, together with the City Council, has determined that
pursuant to Health and Safety Code Section 33334.3(1), the Agency may allocate
between the different Project Areas funds on an as needed basis the Low Moderate
Housing funds and thereby combine the three Low Moderate Housing tax increment
from each Project Area for the Security of the Series "D" 2009 Tax Allocation Bonds.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BAKERSFIELD AS FOLLOWS:
SECTION 1. -The abbve recitals are true and correct.
SECTION 2. Based on the foregoing recitations and all evidence presented to
and considered by the City Council, and in accordance with Health and Safety Code
Section 33334.2 and the Redevelopment Plans, the City Council hereby determines:
a. The affordable housing projects contemplated to be funded from
proceeds of the Series "D" 2009 Tax Allocation will be of benefit to
each of the Project Areas whether they are constructed inside or
outside any of the Project Areas.
SECTION 3. The City Council consents to the combining use of Agency Low and
Moderate tax increment funds including the Series "D" 2009 bond proceeds for the
costs of the Affordable Housing in projects to be assisted in or outside all of the Project
Areas.
SECTION 4. The Mayor, City Manager and Treasurer of the City are hereby
authorized to take all action necessary to effectuate the transactions described in this
Resolution.
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HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
the City Council of the City of Bakersfield at a regular meeting thereof held on Aprill,
2009, by the following vote.
YES : ('n vr,Ati,~ ~~ _ ~n r~/~,yy~ . ~~ ~! ; v,~~,1/K,RY~~. ~ ,I 1 i ~ ~Y.ri a -~0..-~
NOES: ~-
ABSTAIN: hAy~,e.-
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APPROVED AS TO FORM:
VIRGINIA GENNARDO
CITY ATTORNEY
By:
JO HUA H. RUDNICK
eputy City Attorney
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