HomeMy WebLinkAboutRES NO RA007-07
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RESOLUTION NO.1lJ1 7 - 0 7
RESOLUTION OF THE BAKERSFIELD REDEVELOPMENT AGENCY
REGARDING THE EXPENDITURE OF TAX INCREMENT FUNDS FOR
PUBLIC IMPROVEMENTS INSIDE AND OUTSIDE THE SOUTHEAST
BAKERSFIELD REDEVELOPMENT PROJECT AREA, AND
APPROVING AND AUTHORIZING THE EXPENDITURE OF TAX
INCREMENT, AS NECESSARY, FOR THE MILLCREEK LINEAR PARK
AND CANAL REFURBISHMENT PROJECT
WHEREAS, the City of Bakersfield, by Ordinance No. 3904, adopted the
Southeast Bakersfield Redevelopment Plan and Project (the "Southeast Bakersfield
Project") for the Southeast Bakersfield Redevelopment Project Area ("Project Area") in
June, 1999; and
WHEREAS, the Bakersfield Redevelopment Agency ("Agency"), is implementing
the Southeast Bakersfield Project, pursuant to the California Redevelopment Law, and
is receiving tax increment from the Project Area; and
WHEREAS, the City of Bakersfield seeks to install and construct improvements
along portions of 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" or
"Project"); and
WHEREAS, the Agency has previously adopted an Implementation Plan for the
Southeast Bakersfield Project, and the Implementation Plan identifies the Millcreek
Linear Park and Refurbishment Project, consisting of canal improvements and a linear
park along Kern Island Creek, as a project designed to eliminate blight and enhance the
commercial/residential potential for the Project Area, as well as the downtown
Bakersfield area and the Old Town Kern-Pioneer Redevelopment Project Area; and
WHEREAS, the California Infrastructure and Economic Development Bank ("1-
Bank") operating pursuant to the Bergeson-Peace Infrastructure and Economic
Development Bank Act, has reviewed a Preliminary Application prepared by the Agency
for a loan in the amount of Ten Million Dollars ($10,000,000) and has indicated the
Agency's preliminary eligibility for such a loan; 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 Project; and
WHEREAS, pursuant to the terms of the Agreement, the Agency will pledge tax
increment revenue from the Old Town Kern Project Area to repay the loan to be
provided by the I-Bank; and
AGENCY
ORIGINAL
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 Agency has also chosen to hold a public hearing under Health &
Safety Code Section 33679; and
WHEREAS, the Agency intends 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; and
WHEREAS, although the Agency will only be required by the I-Bank to pledge
tax increment from the Old Town Kern-Pioneer Project Area, the Agency anticipates
using some tax increment from the Southeast Bakersfield Project Area to repay the 1-
Bank Loan because a portion of the Project is located in the Southeast Bakersfield
Project Area; and
WHEREAS, pursuant to Health & Safety Code Section 33679, the City and
Agency made available to the public a Summary Report on the Project, dated October
5, 2007 ("Summary Report"), which includes: (a) a description of the 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
Southeast Bakersfield-Pioneer Project Area; and
WHEREAS, pursuant to Health & Safety Code Section 33679, the Agency'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, after the City's public hearing, it is anticipated that the City will make
the findings required by Health & Safety Code Section 33445.
AGENCY
ORIGINAL
NOW, THEREFORE, BE IT RESOLVED:
Section 1. The Agency is authorized to assist in the financing of public
facilities both inside and outside a redevelopment project area if the legislative body of
the community has found that such assistance will be of benefit to the project area, if
there is no other reasonable means of financing the improvements, and if such
assistance will assist in the elimination of blight and is consistent with the
implementation plan for the project area.
Section 2. Based upon the information submitted at the time of the public
hearing on this matter, the Agency hereby finds and determines:
A. The proposed Millcreek Linear Park and Canal Refurbishment Project is
of benefit to the Southeast Bakersfield-Pioneer 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.
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 Southeast Bakersfield-Pioneer Redevelopment Project
Area.
D. The Millcreek Linear Park and Canal Refurbishment Project is in
compliance with, and the use of tax increment in support of the Project is
consistent with, the Redevelopment Plan and the Five Year Implementation
Plan for the Project Area.
Section 3. The Millcreek Linear Park and Canal Refurbishment Project is
consistent with the Implementation Plan for the Southeast Bakersfield-Pioneer
Redevelopment Project and will assist in the elimination of blight within the Southeast
Bakersfield Project Area.
Section 4. To the extent that revenues from the Southeast Bakersfield-Pioneer
Redevelopment Project are used to assist in the installation of that portion of the
Millcreek Linear Park and Canal Refurbishment Project outside the Southeast
Bakersfield-Pioneer Redevelopment Project Area, the use of such revenues is found to
be of benefit to the Southeast Bakersfield-Pioneer Redevelopment Project, and to assist
in the elimination of blight within the Southeast Bakersfield-Pioneer Redevelopment
Project Area.
AGENCY
ORtGINAL
Section 5. This Resolution and authorizations contained herein are contingent
upon the City Council of the City of Bakersfield has made the findings required of Health
& Safety Code Section 33445 to permit the Agency to provide financial assistance in the
provision of the public facilities constituting the Millcreek Linear Park and Canal
Refurbishment Project by means of a Resolution (the "City Council Resolution"). The
approval of the City Council Resolution by the City immediately satisfies and removes
the contingency stated in this Section. This Resolution shall take effect from and after
the passage, approval and adoption of the City Council Resolution.
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1mES:
ABSTAIN:
ABSENT:
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
the Bakersfield Redevelopment Agency at a regular meeting thereof held on
OCT 2 2 2007 , by the following vote:
./ v/" ~ v' /v-
AGENCY MEMBER BENTLEY, COHEN, KOMAN, MISHOE, ORDIZ, PRINCE, TAKII
AGENCY MEMBER V\DYI...L
AGENCY MEMBER ~
AGENCY MEMBER DrcL-i. '2-
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SECRETARY of the Bakersfi I
Redevelopment Agency
APPROVED:
EDERICK PRINCE, CHAIRPERSON
BAKERSFIELD REDEVELOPMENT AGENCY
APPROVED AS TO FORM:
VIRGINIA GENNARO
GENERAL COUNSEL
By:
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AGENCY
ORIGINAL