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HomeMy WebLinkAboutRES NO RA008-09RESOLUTION NO. 0 0 8- 0 9 A RESOLUTION OF THE GOVERNING BOARD OF THE BAKERSFIELD REDEVELOPMENT AGENCY AUTHORIZING THE EXPENDITURE OF BAKERSFIELD REDEVELOPMENT AGENCY LOW 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 Series "D" 2009 Tax Allocation Bonds for projects in each of the Project Areas; and provide funding from the proceeds of the construction for certain affordable housing 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(i), 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. 67036v1 7 d9t,l' 3AL NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BOARD OF THE BAKERSFIELD REDEVELOPMENT AGENCY AS FOLLOWS: SECTION 1. The above recitals are true and correct. SECTION 2. Based on the foregoing recitations and all evidence presented to and considered by the Agency Board, and in accordance with Health and Safety Code Section 33334.2 and the Redevelopment Plans, the Governing Board of the Redevelopment Agency 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 Agency 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 Chair, Executive Director and Treasurer of the Agency are hereby authorized to take all action necessary to effectuate the transactions described in this Resolution. 670360 g HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the Bakersfield Redevelopment Agency of the City of Bakersfield at a regular meeting thereof held on MAR 3 1 2009 , by the following vote: AYES: AGENCY MEMBER BENTLEY, KOMAN, MISHOE, OR IZ, °'^,.º%vR, PRINCE, T KII AGENCY MEMBER 611Q_ ABSTAIN: AGENCY MEMBER Y1.01~- ABSENT: AGENCY MEMBER AQ PLA44±t SECRETARY of the Bakersfield Redevelopment Agency APPROVED: MAR 3 1 2009 ~ /101 S- x A / .1/01-111-115 B NTL , CHAIRPERSON BAKERS FIELD DEVELOPMENT AGENCY APPROVED AS TO FORM: VIRGINIA GENNARO GENERAL COUNSEL JOSH . RUDNICK Deputy ity Attorney II 67036V1 , ~GENC'Y p,ORil;,`NA I