HomeMy WebLinkAbout2015-02-24 - RESOLUTIONS - SA REINSTATEMENT OF CITY LOANS (2)' RESOLUTION SA NO. 15-01
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE
FORMER REDEVELOPMENT AGENCY OF THE CITY OF
SANTA CLARITA APPROVING AN AGREEMENT
REGARDING REINSTATEMENT OF CITY LOANS MADE TO
THE FORMER REDEVELOPMENT AGENCY
WHEREAS, pursuant to authority granted under Community Redevelopment Law
(California Health and Safety Code Section 33000 et seq.) ("CRL"), the former Redevelopment
Agency of the City of Santa Clarita ("Redevelopment Agency") had responsibility to implement
the Redevelopment Plans for the Newhall Redevelopment Project Area ("Project Area"); and
WHEREAS, the City of Santa Clarita ("City") agreed to serve as the successor agency to
the Redevelopment Agency ("Successor Agency") commencing upon dissolution of the
Redevelopment Agency on February 1, 2012 pursuant to Assembly Bill XI 26; and
WHEREAS, pursuant to Health and Safety Code Section 33220, the City was authorized
to assist the Redevelopment Agency for the purpose of aiding and cooperating in the planning,
undertaking, construction, and operation of redevelopment projects located within the
Jurisdiction of the City, upon the terms and with or without consideration as the City determined;
' and
WHEREAS, pursuant to Health and Safety Code Section 33445, the Redevelopment
Agency was authorized to enter into agreements with the City pursuant to which the
Redevelopment Agency would agree to reimburse the City for funds provided by the City for the
cost of installation and construction of public improvements, structures and facilities located
within or outside the Project Areas; and
WHEREAS, pursuant to Health and Safety Code Sections 33132 and 33601, the
Redevelopment Agency was authorized to borrow money and accept financial assistance from
the City for redevelopment projects located within the Redevelopment Agency's jurisdiction; and
WHEREAS, consistent with the foregoing authority, the City made the following loans
(collectively, the "Loans") to the Redevelopment Agency:
(a) a loan in the original principal amount of $500,000, in accordance with the
terms set forth in City Council Resolution No. 96-101 and Redevelopment
Agency Resolution No. 96-2, each dated July 9, 1996 for the purpose of
advancing funds to assist in the redevelopment of the Project Area, including
the funding operating costs for the Redevelopment Agency (Loan A); and
' (b) a loan in the original principal amount of $750,000, in accordance with the
terms set forth in City Council Resolution No. 98-94 and Redevelopment
Agency Resolution No. 98-2, each dated June 23, 1998, for the purpose of
advancing funds to assist in the redevelopment of the Project Area, including ,
the funding of operating costs for the Redevelopment Agency (Loan B); and
(c) a loan in the original principal amount of $445,000, in accordance with the
terms set forth in City Council Resolution No. 00-95 and Redevelopment
Agency Resolution No. 00-1, each dated June 27, 2000, for the purpose of
advancing funds to assist in the redevelopment of the Project Area, including
the funding of operating costs for the Redevelopment Agency (Loan C); and
(d) a loan in the original principal amount of $50,000, in accordance with the
terms set forth in City Council Resolution No. 03-48 and Redevelopment
Agency Resolution No. 03-1, each dated April 8, 2003, for the purpose of
advancing funds to assist in the redevelopment of the Project Area, including
the funding of streetscape along San Fernando Road (Loan D); and
(e) a loan in the original principal amount of $160,000, in accordance with the
terms set forth in City Council Resolution No. 03-85 and Redevelopment
Agency Resolution No. 03-3, each dated June 24, 2003, for the purpose of
advancing funds to assist in the redevelopment of the Project Area, including
the funding of streetscape design (Loan E); and
(f) a loan in the original principal amount of $250,000, in accordance with the
terms set forth in City Council Resolution No. 04-74 and Redevelopment ,
Agency Resolution No. 04-2, each dated June 8, 2004, for the purpose of
advancing funds to assist in the redevelopment of the Project Area, including
the funding of the Downtown Newhall Specific Plan (Loan F); and
(g) a loan in the original principal amount of $335,000, in accordance with the
terms set forth in City Council Resolution No. 04-74 and Redevelopment
Agency Resolution No. 04-2, each dated June 8, 2004, for the purpose of
advancing funds to assist in the redevelopment of the Project Area, including
the funding of the Downtown Newhall Specific Plan (Loan G); and
(h) a loan in the original principal amount of $845,000, in accordance with the
terms set forth in City Council Resolution No. 05-13 and Redevelopment
Agency Resolution No. 05-1, each dated January 25, 2005, for the purpose of
advancing funds to assist in the redevelopment of the Project Area, including
the acquisition of property located at 24513 San Fernando Road (Loan H);
and
(i) a loan in the original principal amount of $770,000, in accordance with the
terms set forth in City Council Resolution No. 06-4 and Redevelopment
Agency Resolution No. 06-2, each dated January 10, 2006, for the purpose of
advancing funds to assist in the redevelopment of the Project Area, including '
the acquisition of property located at 24158 San Fernando Road (Loan I); and
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(j) a loan in the original principal amount of $250,000, in accordance with the
terms set forth in City Council Resolution No. 06-3 and Redevelopment
Agency Resolution No. 06-1, each dated January 10, 2006, for the purpose of
advancing funds to assist in the redevelopment of the Project Area, including
the funding of the Downtown Newhall Specific Plan (Loan .n; and
(k) a loan in the original principal amount of $439,400, in accordance with the
terms set forth in City Council Resolution No. 06-40 and Redevelopment
Agency Resolution No. 06-3, each dated May 9, 2006, for the purpose of
advancing funds to assist in the redevelopment of the Project Area, including
the funding the North Newhall Specific Plan and Environmental Impact
Report (Loan K-); and
(I) a loan in the original principal amount of $5,000,000, in accordance with the
terms set forth in City Council Resolution No. 06-71 and Redevelopment
Agency Resolution No. 06-5, each dated June 27, 2006, for the purpose of
advancing funds to assist in the redevelopment of the Project Area, including
the funding of streetscape and striping projects (Loan L); and
(m)a loan in the original principal amount of $2,550,000, in accordance with the
terms set forth in City Council Resolution No. 09-105 and Redevelopment
Agency Resolution No. 9-15, each dated December 8, 2009, for the purpose of
' advancing funds to assist in the redevelopment of the Project Area, including
the funding of phase II of the streetscape project (Loan M); and
(n) a loan in the original principal amount of $2,309,886, in accordance with the
terms set forth in City Council Resolution No. 10-42 and Redevelopment
Agency Resolution No. 10-5, each dated June 22, 2010, for the purpose of
advancing funds to assist in the redevelopment of the Project Area, including
the funding of phase II of the streetscape project (Loan N); and
WHEREAS, pursuant to Health and Safety Code Section 34191.4(b), once a successor
agency has received a Finding of Completion pursuant to Health and Safety Code Section
34179.7, loan agreements entered into between the redevelopment agency and the entity that
created the redevelopment agency ("Sponsoring Jurisdiction Loans") shall be deemed to be
enforceable obligations provided that the successor agency's oversight board makes a finding
that the Sponsoring Jurisdiction Loans were for legitimate redevelopment purposes; and
WHEREAS, the Successor Agency received a Finding of Completion on June 20, 2013;
WHEREAS, on February 25, 2015, the Successor Agency's Oversight Board ("Oversight
Board") will consider Resolution No. 2015-01 pursuant to which the Oversight Board will be
' asked to adopt findings determining that the Loans were made for legitimate redevelopment
purposes as authorized by and consistent with the CRL, and to approve repayment of the Loans
in accordance with the Agreement (defined below), which findings are necessary for final
approval of the Agreement; and
k?
WHEREAS, Health and Safety Code Section 34191.4(b)(2) provides that; (i) the
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accumulated interest on Sponsoring Jurisdiction Loans shall be recalculated from origination at
the interest rate earned by funds deposited into the Local Agency Investment Fund ("LAIF"), (ii)
Sponsoring Jurisdiction Loans shall be repaid to the sponsoring jurisdiction in accordance with a
defined schedule over a reasonable term of years at an interest rate not to exceed the interest rate
earned by funds deposited into LAIF, and (iii) the annual amount of repayments on Sponsoring
Jurisdiction Loans provided for in the Recognized Obligation Payment Schedule ("ROPS") is
subject to specified limitations; and
WHEREAS, Successor Agency staff have prepared an Agreement Regarding
Reinstatement of Loans (the "Agreement") which provides for repayment of the Loans in
accordance with the requirements of Health and Safety Code Section 34191.4(b) and commits
the City to use the Loan repayment proceeds in accordance with Health and Safety Code Section
34191.4(b).
NOW, THEREFORE, the Governing Board of the Successor Agency to the Former
Redevelopment Agency of the City of Santa Clarita does hereby resolve as follows:
SECTION 1. The Governing Board hereby finds that the facts set forth in the recitals to
this Resolution are true and correct, and establish the factual basis for the adoption of this
Resolution.
SECTION 2. The Agreement is approved contingent on the approval of the Oversight
'
Board, and consistent with the Oversight Board approval the Executive Director of the Successor
Agency or her designee is authorized to execute the Agreement on behalf of the Successor
Agency substantially in the form presented with the staff report accompanying this Resolution.
SECTION 3. Contingent on and consistent with the Oversight Board approval, the
Successor Agency is authorized and directed to list the Agreement and the repayment of the
Loans on the Successor Agency's ROPS for the July 1 to December 31, 2015 period ("ROPS 15-
16A") and for each succeeding ROPS period until the Loans are repaid in full in accordance with
the Agreement.
SECTION 4. The Executive Director and his designees are authorized to take such further
actions as may be necessary to carry out the intent of this Resolution.
SECTION 5. The Secretary shall certify to the adoption of this Resolution.
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PASSED, APPROVED, AND ADOPTED this 24h day of February 2015.
SUCCESSOR AGENCY BOARD CHAIR
ATTEST:
F-WO7.11". 14`I
DATE: S11Z/ S
Z
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Kevin Tonoian, Secretary of the Governing Board of the Successor Agency, do hereby
certify that the foregoing Resolution was duly adopted by the Successor Agency Board of the
former Redevelopment Agency of the City of Santa Clarita at a regular meeting thereof, held on
the 24`' day of February 2015, by the following vote:
AYES: BOARDMEMBERS:
• : • • ' • lll_:_ :_
ABSENT: BOARDMEMBERS
Acosta, Kellar, Boydston, Weste, McLean
Pre mo mo -
None
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