HomeMy WebLinkAboutRES NO RA002-09RESOLUTION NO. ~ 0 O 2_ O 9
A RESOLUTION OF THE GOVERNING BOARD
OF THE BAKERSFIELD REDEVELOPMENT AGENCY
DECLARING OFFICIAL INTENT TO REIMBURSE CERTAIN
EXPENDITURES FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the Bakersfield Redevelopment Agency (the "Agency") is a
redevelopment agency, a public body, corporate and politic, duly created, established and
authorized to transact business and exercise powers under and pursuant to the provisions of the
Community Redevelopment Law of the State of California (Health and Safety Code 33000
et seq.; the "Law"), including the power to issue bonds for any of its corporate purposes; and
WHEREAS, redevelopment plans (the "Plans") have been adopted and approved
in accordance with the Law for the redevelopment of each of three areas known and designated
as follows:
Project");
Project"); and
(a) the "Downtown Bakersfield Redevelopment Project" (the "Downtown
(b) the "Southeast Bakersfield Redevelopment Project" (the "Southeast
(c) the "Old Town Kern-Pioneer Redevelopment Project" (the "Old Town
Kern-Pioneer Project," and together with the Downtown Project and the Southeast Project, the
"Projects"); and
WHEREAS, the Agency anticipates that it may pay certain expenditures (the
"Reimbursement Expenditures") in connection with the Projects as described in Exhibit A
attached hereto and made a part hereof prior to the issuance of indebtedness for the purpose of
financing costs associated with the Projects on a long-term basis; and
WHEREAS, the Agency reasonably expects that debt obligations in an amount
not expected to exceed $13.5 million will be issued and that certain of the proceeds of such debt
obligations will be used to reimburse the Reimbursement Expenditures.
NOW, THEREFORE, THE GOVERNING BOARD HEREBY FINDS,
DETERMINES AND RESOLVES as follows:
Section 1. The foregoing recitals are true and correct, and this Governing Board
so finds and determines.
AGENCY
ORIGINAL
Section 2. This declaration is made solely for purposes of establishing
compliance with the requirements of Section 1.150-2 of the United States Treasury Regulations.
This declaration does not bind the Agency to make any expenditure, incur any indebtedness, or
proceed with the Projects.
Section 3. The Agency hereby declares its official intent to use proceeds of
indebtedness to reimburse itself for Reimbursement Expenditures.
Section 4. This resolution shall take effect from and after its adoption.
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S:\Edcd\RDA(CDDA)\Resos\08-09\Reimbursement Resolution (Agency), 2009 TABS-final.doc
AGENCY
($~IGINAL
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the
Bakersfield Redevelopment Agency at a special meeting thereof held on January 5, 2009, by the
following vote:
AYES AGENCY MEMBER P n~.n ~ rGG 2 r~tlC Taki (
IC,~ . Ko ,~~, ~ ~, f rime
NOES: AGENCY MEMBER Y1 UYIt?
ABSTAIN: AGENCY MEMBER np"yle
ABSENT: AGENCY MEMBER n~-y-~
~•
PAMELA A. McCARTHY, C
SECRETARY of the Bakersfiel
Redevelopment Agency
APPROVED:
F DERICK PRINCE
CHAIRPERSON
BAKERSFIELD REDEVELOPMENT
AGENCY
APPROVED AS TO FORM:
VIRGINIA GENNARO
AGENCY GENERAL COUNSEL
By: '
OS UA H. RUD ICK
uty Agency General Counsel
S:\Edcd\RDA(CDDA)\Resos108-091Reimbursement Resolution (Agency), 2009 TABS-final.doc
AGENCY
ORIGINAL
EXHIBIT A
General Description of Expenditures to be Reimbursed
1. Misc. property acquisition
2. Demolition and site clearance
3. Construct and install sewer lift station, wet and dry utilities
4. Contribution toward cost of construction of senior affordable rental housing project and
affordable multifamily rental urban housing project
5. Purchase and rehabilitate single family homes for resale to low and moderate income
families
6. Infrastructure improvements for linear park along Mill Creek, together with
improvements to Mill Creek itself
7. Purchase and demolish dilapidated commercial structures for development of mixed use
project or projects
8. Contribution toward cost of construction of loft units for low and moderate income
housing as part of a mixed use project and to fund down payments for qualified unit
purchasers
9. Other projects and improvement work which may be identified and determined to
contribute to the redevelopment of the respective Project Areas
A-1
__--,
AGENCY
ORIGINAL