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HomeMy WebLinkAboutResolution No. 169RESOLUTION NO. 169 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA APPROVING THE PROPOSED AMENDMENT NO. V TO THE REDEVELOPMENT PLAN FOR THE AZUSA CENTRAL BUSINESS DISTRICT REDEVELOPMENT PROJECT AND RECOMMENDING ADOPTION OF SAID REDEVELOPMENT PLAN AMENDMENT BY THE CITY COUNCIL WHEREAS, the Redevelopment Agency of the City of Azusa has directed that the proposed Amendment No. V to the Redevelopment Plan for the Azusa Central Business District Redevelopment Project be transmitted to the Planning Commission, appropriate taxing entities, and the City Council for their consideration, as required by the California Health and Safety Code; and WHEREAS, the Redevelopment Agency has complied with all requirements for public participation and has held a Joint Public Hearing with the City Council pursuant to Section 33458 of the California Health and Safety Code; and WHEREAS, the Redevelopment Agency has received written and oral testimony concerning said Amendment No. V to the Redevelopment Plan for the Azusa Central Business District Redevelopment Project and has duly considered all such testimony. NOW, THEREFORE, the Redevelopment Agency of the City of Azusa does resolve as follows: SECTION 1. The Redevelopment Agency of the City of Azusa approves Amendment No. V to the Redevelopment Plan for the Azusa Central Business District Redevelopment Project and recommends that the City Council adopt Amendment No. V to the Redevelopment Plan for the Azusa Central Business District Redevelopment Project attached hereto as Exhibit "A." SECTION 2. The Secretary of the Agency shall certify to the adoption of this resolution. APPROVED AND ADOPTED this 3rd day of December 1984. THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA By: ' 7`, Chaii7lan I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Redevelopment Agency of the City of Azusa, at a regular meeting thereof, held on the 3rd day of December , 1984, by the following vote of the Board. AYES: BOARD MEMBERS: CRUZ, COOK, CAMARENA, LATTA, MOSES NOES: BOARD MEMBERS: NONE ABSENT: BOARD MEMBERS: AMENDMENT NO. V TO THE REDEVELOPMENT PLAN FOR THE AZUSA CENTRAL BUSINESS DISTRICT REDEVELOPMENT PROJECT September, 1984 Prepared by: CITY OF AZUSA REDEVELOPMENT AGENCY 213 E. Foothill Blvd. Azusa, California 91702 r4in MUNICIPAL SERVICES, INC. 712 No. Diamond Bar Blvd. Diamond Bar, California 91765 AMENDMENT NO. V TO THE REDEVELOPMENT PLAN FOR THE AZUSA CENTRAL BUSINESS DISTRICT REDEVELOPMENT PROJECT INTRODUCTION On May 23, 1984, the Planning Commission for the City of Azusa adopted Resolution No. 2021, selecting boundaries for Amendment No. V to the Azusa Central Business District Redevelopment Project and approving a Preliminary Redevelopment Plan. The Azusa Redevelopment Agency received the Preliminary Plan on June 4, 1984, and authorized transmittal of the documents required under Section 33328 of the California Health and Safety Code. The documents were transmitted to the State Board of Equalization, County Auditor, Assessor, Tax Collector, and other affected taxing entities on June 1984. The State Board of Equalization accepted the project for filing on June 13, 1984. Amendment No. V amends the Azusa Central Business District Redevelopment Project Area to include the 38.5+ acre site, formerly occupied by the Miller Brewery. Miller Brewery relocated its $18.3 million facility in 1980 to neighboring Irwindale, resulting in a significant loss of employment and tax revenues. To mitigate the negative impact of the Miller Brewery relocation, the Agency is concurrently processing Amendment No. IV to the Azusa Central Business District Redevelopment Project, deleting the subject property from`the Amendment No. 11 to the Azusa Central Business District Redevelopment Project Area. Amendment No. IV will be considered by the Agency and City Council prior to Amendment No. V. The public improvement costs necessary to redevelop the subject property are extra- ordinary. The private sector has been unable to develop the site without significant Redevelopment Agency assistance. The site suffers from economic blight, meaning that there are inadequate public improvements which cannot be remedied by the public or private sectors acting alone. As a result, the property remains underutilized, depriving the City of needed jobs and municipal revenues and thereby imposing a greater burden upon the City to provide public services to its citizens. - 1 - AZUSA CENTRAL, BUSINESS DISTRICT REDEVELOPMENT PROJECT The original Redevelopment Plan for the Azusa Central Business District Redevelopment Project was adopted by the City Council on September 18, 1978. The Redevelopment Plan has since been amended three times: Amendment No. I on July 2, 1979; Amendment No. II on July 20, 1981; and Amendment No. III on November 28, 1983. Amendment No. IV is being concurrently processed with Amendment No. V, and action will be taken on Amendment No. IV prior to consideration of Amendment No. V. The Azusa Central Business District Redevelopment Project, as amended through Amendment No. IV, is incorporated herein by reference, and all amendments proposed as part of Amendment No. V affect only the sections specifically cited. AMENDMENTS TO THE REDEVELOPMENT PLAN FOR THE AZUSA CENTRAL BUSINESS DISTRICT REDEVELOPMENT PROJECT AS PREVIOUSLY AMENDED BY AMENDMENTS NO. I, B, III, AND IV The Redevelopment Plan for the Azusa Central Business District Redevelopment Project, as previously amended (hereinafter "Redevelopment Plan"), is hereby amended as hereinafter set forth: Amendment No. 1 ` Section 200, PROJECT AREA BOUNDARY, is hereby amended by adding after the legal description for Area 18, the legal description of Area 19, as set forth in the Legal Description of Area 19 attached hereto and incorporated herein as Exhibit "A". The Amendment No. V Project Area boundaries are depicted on Exhibit "B", Project Area Map. Amendment No. 2 The Redevelopment Plan is hereby amended by deleting therefrom Section 500, METHODS FOR FINANCING THE PROJECT, which states: - 2 - "V. (S 500) METHODS FOR FINANCING THE PROJECT A. (S 501) General Description of the Proposed Financing Methods The Agency is authorized to finance this Project with financial assistance from the City, State of California, property tax increments, interest income, Agency bonds, or any other available source. Advances and loans for survey and planning and for the operating capital for nominal administration of this Project have been and are to be provided by the City until adequate tax increments or other funds are available or sufficiently assured to repay the loans and to permit borrowing adequate working capital from sources other than the City. The City as it is able will also supply additional assistance through City loans and grants for various public facilities. As available, gas tax funds from the State of California and the County of Los Angeles will be used for the street system. Also, all or a portion of the parking may be installed through a parking authority or otherwise. The Agency is authorized to issue bonds if appropriate and feasible in an amount sufficient to finance all or any part of the Project. 4 The Agency is authorized to obtain advances, borrow funds and create indebtedness in carrying out this Plan. The principal and interest on such advances, funds, and indebtedness may be paid from tax increments or any other funds available to the Agency. B. (S 502) Tax Increments All taxes levied upon taxable property within the Project area each year by or for the benefit of the State of California, County of Los Angeles, City of Azusa, any district, or other public corporation (hereinafter sometimes called "taxing agencies") after the effective date of the ordinance approving this Redevelopment Plan, shall be divided as follows: - 3 - (1) That portion of the taxes which would be produced by the rate upon which the tax is levied each year by or for each of said taxing agencies upon the total sum of the assessed value of the taxable property in the Redevelopment Project as shown upon the assessment roll used in connection with the taxation of such property by such taxing agency, last equalized prior to the effective date of such ordinance, shall be allocated to and when collected shall be paid into the funds of the respective taxing agencies as taxes by or for said taxing agencies on all other property are paid (for the purpose of allocating taxes levied by or for any taxing agency or agencies which did not include the territory of the Project on the effective date of such ordinance but to which such territory is annexed or otherwise included after such effective date, the assessment roll last equalized on the effective date of said ordinance shall be used in determin- ing the assessed valuation of the taxable property in the Project on said effective date); and (Z) That portion of said levied taxes each year in excess of such amount shall be allocated to and when collected shall be paid into a special fund of the Agency to pay the principal of and interest on bonds, loans, monies advanced to, or indebtedness (whether funded, refunded, assumed or otherwise) incurred by the Agency to finance or refinance, in whole or in part, this Redevelopment Project. Unless and until the total assessed value of the taxable property in the Project exceeds the total assessed value of the taxable property in the Project as shown by the last equalized assessment roll referred to in paragraph (1) hereof, all of the taxes levied and collected upon the taxable property in the Project shall be paid into the funds of the respective taxing agencies. When said bonds, -4- loans, advances and indebtedness, if any, and interest thereon, have been paid, all monies thereafter received from taxes upon the taxable property in the Project shall be paid into the funds of the respective taxing agencies as taxes on all other property are paid. (3) That portion of tax revenues allocated to the Agency pursuant to paragraph (2) above which is attributable to increases in the rate of tax imposed for the benefit of any affected taxing agency which levy occurs after the tax year in which the ordinance adopting this Plan becomes effective, shall be allocated to such affected taxing agency to the extent said taxing agency has elected in the manner required by law to receive such allocation. That portion of taxes mentioned in paragraph (2) is hereby irrevocably pledged for the payment of the principal of and interest on the advance of monies, or making of loans, or the incurring of any indebtedness (whether funded, refunded, assumed, or otherwise) by the Agency to finance or refinance the Project in whole or in part. The Agency is authorized to make such pledges as to specific advances, loans and indebtedness as appropriate in carrying out the Project. ` Taxes shall be allocated and paid to the Agency consistent with the provisions of this Plan only to pay the principal of and interest on loans, monies advanced to, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the Agency to finance or refinance, in whole or in part, the Redevelopment Project. The number of dollars which may be divided and allocated to the Agency pursuant to California Health and Safety Code Section 33670 shall not exceed $28,900,000, without an amendment of this Redevelopment Plan. The amount of bonded indebtedness, to be repaid in whole or in part from such allocation of taxes, which can be outstanding at one time shall not exceed $10,000,000, without an amendment of this Redevelopment Plan. - 5 - C The Agency does not intend to use taxes allocated to the Agency pursuant to this Section 502 which are attributable to Areas 4 through 8 inclusive of the Project Area to finance or refinance the Redevelopment Project. The Agency shall take such actions as are necessary or appropriate to relinquish the amount of such taxes attributable to Areas 4 through 8 inclusive to the affected taxing agencies. Notwithstanding the foregoing provision, the relinquishment by the Agency of the amount of taxes attributable to Areas 4 through 8 inclusive shall be subordinate to any pledge of tax increments from the Redevelopment Project to pay any portion of the principal and/or interest of any bond or bonds issued or sold by the Agency. The Agency shall in good faith diligently attempt to market such bond or bonds in a manner such that sufficient tax increments remain available, after the first pledge of tax increments to the bond holders, to reimburse the appropriate affected taxing agencies the amount of taxes attributable to Areas 4 through 8 inclusive. C. (S 503) Other Loans and Grants Any other loans, grants, guarantees or financial assistance from the United States or any other public or private source will be utilized if available as appropriate in carrying out the Project. D. (S 504) Mortgage Revenue Bonds: Use of Certain Funds The Agency is empowered under the Redevelopment Law and the provisions of this Redevelopment Plan to issue revenue bonds for the purpose of financing certain residential construction. All funds derived by the Agency from financing residential construction within Areas 4 through 8 inclusive of the Project area which are in excess of the Agency's costs of implementing such financing, shall be used by the Agency for the purposes of increasing and improving the City's supply of housing for persons and families of low or moderate income and very low income households. In carrying out the purposes of this Section, the Agency may exercise any or all of its powers, including the following: 1. Acquire land or building sites. S. 2. Improve land or building sites with onsite or offsite improvements. 3. Donate land to private or public persons or entities. 4. Construct buildings or structures. 5. Acquire buildings or structures. 6. Rehabilitate buildings or structures. 7. Provide subsidies to or for the benefit of persons or families of very low, low, or moderate income. 8. Develop plans, pay principal and interest on bonds, loans, advances or other indebtedness, or pay financing or carry- ing charges. The Agency may use the funds referred to in this Section to meet, in whole or in part, the provisions of Sections 332 and 333 of this Redevelopment Plan." and substituting in lieu thereof the following; "V. (S 500) FINANCING MECHANISMS AND LIMITATIONS A. (S 501) General Description of the Proposed Financing Method The Agency is authorized to finance the Azusa Central Business District Redevelopment Project with assistance from the City of Azusa, County of Los Angeles, State of California, United States Government, or any other public agency. The Agency is also authorized to use revenue from property tax increments, interest income, Agency issued notes and bonds, or from any other available sources of financing which are legally available and which do not conflict with the objectives of the Azusa Central Business District Redevelopment Plan. - 7 - The City may supply advances and expend money as necessary to assist the Agency in carrying out this project. Such assistance shall be on terms established by an agreement between the City of Azusa and the Redevelopment Agency of the City of Azusa. The Agency may use tax increment revenues inside the Project Area, or, upon resolution of the Agency and the City Council that such use will be of benefit to the Project, outside the Project Area. Tax increment revenues will be available to the Agency to pay for infrastructure, public improvements, land acquisition if necessary, and other implementation activities. Such project costs may be paid for as tax revenues are received or, by issuing long or short term debts secured by the tax revenue flow. Other financing methods may be used along or in combination with tax increment financing. These include mortgage revenue bonds which do not rely upon the Agency's tax increment revenues or other resources, but rather on the credit of the private development financed. Mortgage revenue bonds may be issued by the Agency for any commercial, industrial, or manufacturing project within the Project Area, and may provide construction as well as permanent financing for the projects. These are attractive to private businesses because they can finance plant and equipment costs at below market interest rates, thereby reducing the overall project development costs. Certificates of Participation, another tax- exempt Agency financing technique, can also be issued to provide below-market interest rate financing to construct or rehabilitate projects with no interest rate limitation. Recent federal legislation, however, has somewhat restricted the availability of these financing tools. State and federal grants such as the Urban Development Action Grant (UDAG) or Community Development Block Grant (CDBG) programs may be used to provide additional funds. B. (S 502) Tax Increments The original Redevelopment Plan for the Azusa Central Business District Redevelopment Project was adopted by the City Council on September 18, 1978. The Redevelopment Plan has since been amended five (5) times, including this Amendment No. V. The ordinance number, the adoption date of the ordinance, and the base year assessment roll for tax allocation purposes for the original project area and each of the amended project areas are shown below. Amendment No. IV involves only a detachment of property from the existing project area, therefore, no base year is shown. Redevelopment Plan/ Adopted by Base Year Amendment Ordinance No. Adoption Date Assessment Roll Original 2062 September 18, 1978 Amendment No. I 2077 July 2, 1979 1980-1981 Amendment No. R 2113 July 20, 1981 1980-1981 Amendment No. III 2197 November 28, 1983 1983-1984 Amendment No. IV December 3, 1984 Not Applicable Amendment No. V December 17, 1984 1984-1985 Pursuant to Section 33670 of the California Health and Safety Code, all taxes levied upon taxable property within the Azusa Central Business District Project Area, as amended, each year by or for the benefit of the State of California, County of Los Angeles, City of Azusa, any district or other public corporation (hereinafter sometimes called "taxing agencies") after the effective date of the ordinance approving the Plan or Amendment as noted above shall be divided as follows: (1) That portion of the taxes which would be produced by the rate upon which the tax is levied each year by or for each of the taxing agencies upon the total sum of the assessed value of the taxable property in the redevelopment project as shown upon the assessment roll used in connection with the taxation of such property by such taxing agency, last equalized prior to the effective date of said ordinances, shall be allocated to and when collected shall be paid into the funds of the respective taxing agencies as taxes by or for said taxing agencies on all other property are paid (for the purpose of allocating taxes levied by or for any taxing agency or agencies which did not include the territory in a redevelopment project on the effective date of such ordinances but to which such territory has been annexed or otherwise included after such effective date, the assessment roll of the County of Los Angeles last equalized on the effective date of the ordinances shall be used in determining the assessed valuation of the taxable property in the project on said effective date); and - 9 - (2) That portion of the levied taxes each year in excess of such amount shall be allocated to and when collected shall be paid into a special fund of the Redevelopment Agency to pay the principal of and interest on loans, monies advanced to, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by such Redevelopment Agency to finance or refinance, in whole or in part, such redevelopment project. Unless and until the total assessed valuation of the taxable property in a redevelop- ment project exceeds the total assessed value of the taxable property in such project as shown by the last equalized assessment roll referred to above, all of the taxes levied and collected upon the taxable property in such redevelopment project shall be paid into the funds of the respective taxing agencies. When such loans, advances and indebtedness, if any, and interest thereon, have been paid, all monies thereafter received from taxes upon the taxable property in such redevelopment project shall be paid into the funds of the respective taxing agencies as taxes on all other property are paid. (3) That portion of tax revenues allocated to the Agency ` pursuant to paragraph (2) above which is attributable to increases in the rate of tax imposed for the benefit of any affected taxing agency which levy occurs after the tax year in which the ordinance adopting this Plan becomes effective, shall be allocated to such affected taxing agency to the extent said taxing agency has elected in the manner required by law to receive such allocation. That portion of taxes discussed above is hereby irrevocably pledged for the payment of the principal of and interest on the advance of monies, or the making of loans, or the incurring of any indebtedness (whether funded, refunded, assumed, or otherwise) by the Agency to finance or refinance in whole or in part the Azusa Central Business District Redevelopment Project Area. The Agency is authorized to make such pledges as to specific - 10 - advances, loans, and indebtedness as appropriate in carrying out the project, subject to the limitations on allocation of taxes, debt creation, and bonded indebtedness contained in this Redevelopment Plan. C. (S 503) Loans and Grants Any other loans, grants, or financial assistance from the United States, or any other public or private source will be utilized subject to the limitations of Section 505 hereafter as the Agency deems appropriate to its purposes. D. (S 504) Issuance of Bonds and Notes The Agency may issue bonds or notes when a determination has been made that such financing is required and feasible. Such bonds or notes shall be issued only after the Agency has determined that funds are, or will be, available to repay principal and interest when due and payable. In any case, the issuance of bonds or notes shall be subject to the limitations stipulated in Section 505 hereafter. E. (S 505) Financinv Limitations Consistent with Sections 33333.2 and 33334.1 of the California Community Redevelopment Law, the following limitations are imposed on this Plan: - Taxes as defined in Section 33670 of the California Community Redevelopment Law shall not be divided and shall not be allocated to the Agency in excess of $28,900,000, except by amendment of this Plan. - No loans, advances, or indebtedness to finance in whole or in part the Azusa Central Business District Redevelopment Project Area, and to be repaid from the allocation of those taxes described in the before -mentioned Section 33670 shall be established or incurred by the Agency beyond twenty (20) years from the date of adoption of this Amendment No. V to the Redevelopment Plan by the City Council unless the time limitation is extended by amendment of this Plan. However, such loans, advances, or indebtedness may be repaid over a period of time longer than such time limit. - 11 - The Agency does not intend to use taxes allocated to the Agency pursuant to this Section 502 which are attributable to Areas 4 through 8 inclusive of the Project Area to finance or refinance the Redevelopment Project. The Agency shall take such actions as are necessary or appropriate to relinquish the amount of such taxes attributable to Areas 4 through 8 inclusive to the affected taxing agencies. Notwithstanding the foregoing provision, the relinquishment by the Agency of the amount of taxes attributable to Areas 4 through 8 inclusive shall be subordinate to any pledge of tax increments from the Redevelopment Project to pay any portion of the principal and/or interest of any bond or bonds issued or sold by the Agency. The Agency shall in good faith diligently attempt to market such bond or bonds in a manner such that sufficient tax increments remain available, after the first pledge of tax increments to the bond holders, to reimburse the appropriate affected taxing agencies the amount of taxes attributable to Areas 4 through 8 inclusive. - From time to time as may be appropriate, the Agency may issue bonds and/or notes for any of its corporate purposes. The Agency may issue such types of bonds on which the principal and interest are payable in whole or in part from tax increments. The total outstanding principal of any bonds, so issued and repayable from said tax increments, shall not exceed $10,000,000 at any one time except by amendment of this Plan. Amendment No. 3 The Redevelopment Plan Map for the Azusa Central Business District Redevelopment Project adopted on September 18, 1978, by Ordinance No. 2062, amended on July 2, 1979, by Ordinance No. 2077, on July 20, 1981, by Ordinance No. 2113, on November 28, 1983, by Ordinance No. 2197, and by Ordinance No. _ on December 17, 1984, is hereby deleted and the Redevelopment Plan Map attached hereto and incorporated herein as Exhibit "C" is substituted in lieu thereof. - 12 - tJ Exhibit A The following is a legal description of the former Miller Brewery Property in the City of Azusa, California: That portion of Lot 42, 54 and 55 of Subdivision No. 2 Azusa Land and Water Company in the City of Azusa, County of Los Angeles, State of California, as per map recorded in Book 43, Page 94 of Maps in the Office of the County Recorder of said County described as follows: Beginning at the northwest corner of the intersection of the west- erly right-of-way line of Vernon Avenue (65 feet wide) and the northerly right-of-way line of 8th Street (30 feet wide); thence westerly along the northerly right-of-way line of 8th Street 963 feet more or less to a point, said point being the intersection of the northerly right-of-way line of 8th Street and the easterly right-of-way line of Georgia Place (30 feet wide); thence northerly along said easterly right-of-way line of Georgia Place 35.64 feet to the southerly lot line of Lot 55 of Subdivision No. 2 Azusa Land and Water Company; thence westerly 1246.29 feet more or less along the southerly lot lines of Lots 42 and 55 of Subdivision No. 2 Azusa Land and Water Company, to a point, said point being on the easterly right-of-way line of Loren Avenue (60 feet wide); thence northerly along said easterly right-of-way line of Loren Avenue 60 feet; thence easterly 263.40 feet along a line parallel to and 60 feet from the northerly line of Lot 2 of Tract No. 14072 in the City of -Azusa, as shown on a map recorded in Book 282, Pages 20-21 of Maps in the office of the Los Angeles County Recorder; thence due north 1000 feet more or less to a point, said point being on the southerly right-of-way line of the Southern Pacific Transportation Company right-of-way (100 feet wide); thence southeasterly along said southerly right-of-way line to its intersection with the westerly right-of-way line of Vernon Avenue (65 feet wide); thence southerly along said westerly right-of-way line through all its various courses to the Point of Beginning. Amendment N05 to the Azusa Centr:Business District Redevelopment Project Area r' - - — - - ----- -------- I I i L It w CPO I 40f' I 0 EASTERLY 263.40± NORTHERLY 60.00 ----1 C- 1 -.1 — II 57 ; t s' 67�i =w� � I 7C " � I H V) 1 . 41 I 56 0 I N .. I I r L J CrTelEL rN W H N ( `Il � VTA B 0 66 N89053'I0"W TtMTH 1T• R NORTHERLY �. 60 ro' lal If\ Amendment No. 5 \� WEST A Y 12463+- H.-. 601 MW a c W M � F- ¢ � I z 43 Daus J I � FOOTHILL BLVD. Z C l.. E NTH w of > TENTH ku � 0 7 (ES�� Y LJJ z LY SOUTHERLY 24 0 V WvF o\ 0 > � L C Project Area Map Exhibit B Exhibit C LEGEND CITY T OF W Azusa Central Business s, x A B SA District Project Area Azusa West 'End Project Area cl PARCEL 2 I� 4 � }I IV I9 212 AREA -19 -< C/TY OF AZUSA CwYJ YrMu OYY41 rMwwr�.IMjw ♦o.. �w.Je......rtr 11 or i I �t --crirics- siilfb1,i'imm �' 20, JUL 111, AL f ) •4 I y Ll Li r- f1 T'