HomeMy WebLinkAbout1996-07-09 - AGENDA REPORTS - REDEVELOPMENT AGENCY BUDGET (2)AGENDA REPORT
City Manager Approval
Item to be presented by:
George Caravalho
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DATE: July 9, 1996
SUBJECT: REDEVELOPMENT AGENCY BUDGET
RESOLUTION NO. RDA 96-2
DEPARTMENT: Redevelopment Agency
This item is on the agenda for presentation and public hearing on the proposed Redevelopment
Agency Budget for fiscal 1996/97. At their meeting of June 11, 1996, the City Council of the
City of Santa Clarita gave conceptual approval to the Downtown Newhall Improvement
Program, A Redevelopment Agency was identified as a component of the overall financing
strategy. The Freedman study identified momentum as a critical component of a revitalization
plan. Therefore, staff is now providing a proposed budget which outlines several of the key
appropriations for initiation of the agency. The proposed budget presented will provide for the
necessary funding to retain consultants to assist in scoping the initial needs of the agency
including conducting a blight survey, ensuring compliance with AB 1290, conducting a public
participation program, and preparing financial information. In addition, monies for a nine
member Redevelopment Commission as well as all attorney costs, and approximately 30% of
specific staff member's time, is included.
Given that the tax increment or the revenue associated with the agency will not be available
for some period of time, it is necessary to also assist the agency by providing a loan of the
$500,000 from the General Fund. This loan will be paid back to the General Fund through the
tax increment when generated. Resolution RDA 96-2 approves the promissory note format
which has been developed by the City Attorney and authorizes its execution as well as a "credit
line" of $500,000 by the General Fund to the RDA. This credit line will be used to fund the
startup and initial operating costs during the 1996/97 fiscal year.
Conduct the public hearing on the proposed 1996/97 operating budget, adopt Resolution RDA
96-2 making appropriations to the agency in the specific amounts, and accept the offer of a loan
by the City of Santa Clarita and approve the execution of the promissory note.
Adopted: - z -9/0
Aenda Item:A 1
Redevelopment Agency Proposed Budget
Resoultion RDA 96-2
Promissory Note
RDABUD.TMM
Public Hearing Procedure
1. Mayor opens hearing
*States purpose of hearing
2. City Clerk reports on hearing notice
3. Staff report
4. Proponent Argument (30 minutes)
5. Opponent Argument (30 minutes)
6. Five-minute rebuttal (Proponent)
*Proponent
7. Mayor closes public testimony
8. Discussion by Council
9. Council decision
10. Mayor announces decision
CITY OF SANTA CLARITA
NOTICE OF PUBLIC HEARING
TO CONSIDER PROPOSED
REDEVELOPMENT AGENCY BUDGET
FOR FISCAL YEAR. 1996-97
PUBLIC NOTICE IS HEREBY GIVEN:
A Public Hearing will be held before the Redevelopment Agency of the City of Santa
Clarita to consider the proposed Redevelopment Agency budget for fiscal year 1996-
97.
The budget will be heard by the Redevelopment Agency in the City Hall Council
Chambers, 23920 Valencia Blvd., 1st Floor, the 9th day of July, 1996, at or after 6:30
p.m.
Proponents, opponents, and any interested persons may appear and be heard on this
matter at that time. Further information may be obtained by contacting the City
Clerk's Office, Santa Clarita City Hall, 23920 Valencia Blvd., Suite #301, Santa
Clarita, CA.
Dated: June 25, 1996
Donna M. Grindey, CMC
City Clerk
Publish Date: June 28, 1996
RESOLUTION NO. RDA 96"2
A RESOLUTION OF THE SANTA CLARITA
REDEVELOPMENT AGENCY ACCEPTING THE OFFER
OF A LOAN BY THE CITY OF SANTA CLARITA
AND AUTHORIZING THE EXECUTION OF A PROMISSORY NOTE
The Board of the Santa Clarita Redevelopment Agency does resolve as follows:
SECTION 1. The Agency does hereby accept the offer of a loan in the amount of Five
Hundred Thousand Dollars ($500,000.00) by the City of Santa Clarita, which loan is authorized
pursuant to the Community Redevelopment Law (Section 33000 et sea. of the Heath and Safety
Code.) The Executive Director is hereby authorized and directed to execute a Promissory Note
evidencing such loan, in substantially the form attached as Exhibit A to this Resolution and
incorporated herein by this reference, in favor of the City of Santa Clarita.
SECTION 2. The Secretary shall certify to the adoption of this Resolution and certify
this record to be a full, true, correct copy of the action taken.
PASSED, APPROVED AND ADOPTED by the Board of the Santa Clarita
Redevelopment Agency at a regular meeting held on the day of
19
ATTEST:
SECRETARY
CHAIRPERSON
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF SANTA CLARITA
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Board of the
Santa Clarita Redevelopment Agency at a regular meeting, thereof, held on the day of
, 19_, by the following vote of the Board:
AYES: BOARDMEMBERS
NOES: BOARDMEMBERS
ABSENT: BOARDMEMBERS
ABSTAIN: BOARDMEMBERS
SECRETARY
T M:N06-2.=
REDEVELOPMENT AGENCY BUDGET
PROPOSED 1996/97
PERSONNEL
85-8700-1
85-8700-1
85-8700-1
85-8700-1
RDA97.TMM
85-8700-145 Medicare
65-8700-1
85-8700-1
85-8700-1
85-8700-1
TOTAL PERSONNEL
OPERATIONS AND MAINTENANCE
159,000
85-8700-201 Publications and Subscriptions 500
85-8700-202 Travel and Training 10,300
85-8700-21
85-8700-21
85-8700-21
85-8700-21
85-8700-22
Eb3YZr'.�II'IiilS�a . IK - ►YET,=
TOTAL OPERATIONS AND MAINTENANCE 341,000
TOTAL REDEVELOPMENT AGENCY 500,000
Notes. Salaries include a portion of the Economic Development Manager and Assistant City Manager
salaries. Commission stipend included.
Contractual services for redevelopment consultant services
Attorney services based on estimates of prior usage
Other items include funding for operations of staff and travel and training of commission
Budget to be reviewed given progress at mid year.
Page 1
$500,000.00
EXHIBIT A
PROMISSORY NOTE
July 9, 1996
The Santa Clarita Redevelopment Agency, a redevelopment agency
("Agency"), for a good and valuable consideration, receipt of which is hereby
acknowledged, does hereby agree to pay on or before maturity, to the City of Santa
Clarita, a municipal corporation ("City"), at Santa Clarita, California 91355, the sum of Five
Hundred Thousand Dollars ($500,000.00), together with Interest per annum thereon, at a
rate equal to the prime rate plus one (1) point; "prime rate" as used herein shall mean the
prime rate of interest quoted In the greater Los Angeles area as of July 1st of each
calendar year during the term thereof, by the Wells Fargo Bank, or its successor.
Principal and Interest shall be payable in lawful monles of the United States.
Said principal and Interest shall be paid at maturity; provided, at the option of the Agency,
the entire balance of principal and Interest may be paid prior to said maturity date.
Should litigation be reasonably necessary to enforce the provisions of this
Note, the Agency shall pay, in addition to all other sums due on this note, an amount
equal to reasonable attorneys' fees as set by the court, plus court costs Incurred therein.
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SANTA CLARITA REDEVELOPMENT AGENCY,
REDEVELOPMENT AGENCY
Executive Director
ATTEST:
By
ecretary