HomeMy WebLinkAboutResolution No. 92-R400 0
RESOLUTION NO. 92-R40
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA FINDING THAT A
SUBSTANTIAL EFFORT IS BEING MADE TO MEET THE
NEED FOR LOW AND MODERATE INCOME HOUSING
IN THE RANCH CENTER REDEVELOPMENT PROJECT,
AND THAT THIS EFFORT CONSISTS OF SUCH AN
EXTENSIVE EXPENDITURE THAT THE NEED TO SET
ASIDE LOW AND MODERATE HOUSING FUNDS IN
THIS PROJECT WILL BE MET FOR SEVERAL YEARS
INTO THE FUTURE.
WHEREAS, the Redevelopment Agency of the City of Azusa ("Agency") adopted
the Ranch Center Redevelopment Plan on July 17, 1989 subsequent to the enactment by
the Legislature of the provisions of Section 33334.2 of the Health and Safety Code: and
WHEREAS, the tax increment revenues allocated to the Agency from said project
area are subject to the provisions of the California Health and Safety Code Section
33334.2 for low and moderate income housing purposes; and
WHEREAS, the Agency has received and considered "Exhibit A" attached hereto
and incorporated herein, wherein it has been noted that expenditures of CDBG Funds
for the purpose of making low and moderate income housing rehabilitation loans will
meet the low and moderate income housing set-aside requirement for the Ranch Center
Project Area for several years; and
WHEREAS, the above referenced Exhibit A demonstrates that a substantial effort
is currently being made by the City and the Agency to meet the need for low and
moderate income housing in the City of Azusa, and that such current effort will exceed
the housing set aside requirement for the Ranch Center Project for several years; and
WHEREAS, on June 19, 1989, the Agency adopted Resolution No. 583, which
made findings that the provisions of low and moderate income housing outside the
Ranch Center Redevelopment Project Area would be of benefit to said project area; and
WHEREAS, the City's CDBG expenditures for low and moderate income housing
rehabilitation will greatly exceed the 20 percent housing set aside requirement in the
Ranch Center Project for many years if discounted in future years to account for the
present value of the expended funds.
NOW, THEREFORE, the Redevelopment Agency of the City of Azusa does hereby
resolve as follows:
SECTION 1: The Board of Directors of the Redevelopment Agency of Azusa
hereby finds, determines and declares that:
A. The Redevelopment Agency of the City of Azusa and the City of Azusa are
making substantial efforts to meet low and moderate income housing needs in the
community, and that this effort, including the obligation of funds currently available for
the benefit of the community from state, local and federal sources for low and moderate
income housing alone is substantially greater in impact that the funds otherwise required
to be set aside pursuant to California Health and Safety Code Section 33334.2.
B. The CDBG funds expended or to be expended will exceed the housing set
aside requirement for the Ranch Center Project for several years. However, since it is
not possible to accurately predict the actual tax increment that will be generated by this
project in future years, it is impossible at this time to make findings for a specific
number of future years. The Agency hereby resolves to consider similar Resolutions in
future years, annually deducting from the CDBG funds expended for low/mod housing
purposes, the actual amount of the housing set aside requirement in future years,
discounted to 1991 dollars, until all of the CDBG housing expenditures have been
credited toward the Ranch Center housing set-aside requirements.
C. There are no present plans or plans in the foreseeable future to displace
families of very low, low or moderate income from within or adjacent to the project area
due to any cause whatsoever.
D. Due to the large pool of already -housed unemployed and underemployed
workers in the area, the increased housing needs that can reasonably be foreseen for low
and moderate income households because of additional employment opportunities
resulting from implementation of the Redevelopment Plan will be minimal and can be
satisfied by already existing Agency and City programs.
SECTION 2: Nothing herein shall be deemed to preclude the Agency from
using taxes set aside pursuant to the Community Redevelopment Law, or otherwise, for
meeting low and moderate income housing needs of the City of Azusa.
SECTION 3: The Agency Secretary shall certify the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED THIS15th DAY OF June , 1992.
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Board
of Directors of the Redevelopment Agency of the City of Azusa, at regular meeting
thereof, held on the day of 15th June , 1992 by the following vote of the Directors:
AYES: DIRECTORS: DANGLEIS, MADRID, ALEXANDER, MOSES
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NARANJO
ABSTAIN: DIRECTORS: NONE