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HomeMy WebLinkAboutResolution No. 97-C1090 0 RESOLUTION NO. 97—C109 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA ASSURING REPAYMENT OF THE SECTION 108 LOAN GUARANTEE FOR THE DOWNTOWN AZUSA REVITALIZATION PROGRAM TO THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT THROUGH THE LOS ANGELES COUNTY COMMUNITY DEVELOPMENT COMMISSION THE CITY COUNCIL OF THE CITY OF AZUSA DOES HEREBY DETERMINE AND RESOLVE AS FOLLOWS: Section 1. The City Council of the City of Azusa ("City") finds, determines and declares as follows: WHEREAS, the Council adopted the Redevelopment Plan for a redevelopment project known and designated as the "Central Business District Redevelopment Project Area" ( "Project Area") by Ordinance No. 2062 of the City adopted on September 18, 1978, amended by Ordinance No. 2077 by the City on July 2, 1979, Ordinance No. 2113 on July 20, 1981, Ordinance No. 2197 on November 28, 1983, Ordinance No. 2249 on December 17, 1984, and by Ordinance No. 2250 on December 17, 1984, and amended and merged by Ordinance No. 3282 adopted by the City on November 8, 1988, and all requirements of law for and precedent to the adoption and approval of the Redevelopment Plan have been compiled with; and WHEREAS, the adopted objectives of the Redevelopment Plan are: (a) Eliminate the conditions of blight existing in the Project Area; (b) Encourage the cooperation and participation of residents, business persons, public agencies and community organizations in the revitalization of the Project Area; (c) Encourage private sector investment in the development of the Project Area; (d) Promote the economic well-being of the Project Area by encouraging diversification and development of its commercial base and employment opportunities; (e) Provide for the development of distinct commercial districts, to attain a consistent image and character, and to enhance their economic viability: (f) Provide for the expansion, renovation, and relocation of business within the Project Area to enhance their economic viability; (g) Encourage the development of residential, commercial, and industrial environments which positively relate to adjacent land uses and upgrade and stabilize existing uses; (h) Remove impediments to land assembly and development through acquisition and reparcelization of land into reasonably sized and shaped parcels; (I) Expand the resource of developable land by making underutilized land available for redevelopment; (j) Coordinate revitalization efforts in the Project Area with other public programs of the City and the surrounding area; resos\sc108_97.res 0 0 (k) Achieve an environment reflecting a high level of concern for architectural, landscape and urban design principles appropriate to the objectives of the Redevelopment Plan; (1) Improve traffic circulation through the reconstruction and improvement of existing streets in the Project Area. WHEREAS, on August 19, 1996 the City Council of the City of Azusa approved the Downtown Azusa Concept Plan located within the Redevelopment Project Area; and WHEREAS, the Project, generally bounded by Azusa Avenue between the 210 Freeway to the south, and Ninth Street to the north and along Foothill Boulevard between Alameda and San Gabriel Avenues is blighted area currently comprised of underutilized commercial, service and residential properties, deteriorated structures and vacant lots; and WHEREAS, the proposed project consists of the revitalization of the city's historic downtown area; and WHEREAS, the proposed project will encourage a more rational utilization of land in the Project Area and eliminate the blighting influences contributing to the deterioration of the City's commercial area; and WHEREAS, the proposed project will provide new commercial opportunities to area residents, an improved environment and will become a strong compliment to the City; and WHEREAS, On October 7, 1996, the City Council of the City of Azusa, held a public hearing to obtain the views of citizens on community development and housing needs; and WHEREAS, On October 7, 1996, the City Council of the City of Azusa, as part of its financing plan for implementing the Downtown Concept Plan -the Downtown Azusa Revitalization Program, the City approves submitting a Section 108 Loan Guarantee Application to the United States Department of Housing and Urban Development through the County of Los Angeles Community Development Commission to assist in funding the program; and NOW, THEREFORE, THE CITY OF AZUSA (City), a municipal corporation, finds, determines and declares: SECTION I. The City of Azusa pledges and assures with respect to its application for $2.4 million in loan guarantee assistance, pursuant to Section 108 of the Housing and Community Development Act of 1974, as amended; that, in the absence of Community Development Block Grant (or successor program) monies, the City will make annual repayments in the amount of $384,191 (or the final payment computed for this loan guarantee) from property tax revenues or other City General Funds revenues. SECTION II. The City's annual property tax revenues are approximately $1.6 million and are expected to grow in the future. And irrespective of the growth in the property tax revenues, the City's current annual General Fund revenues of $20 million are sufficient to repay the loan in question. Such repayment might require the City to defer or cancel certain other activities which the City would do if it were necessary should CDBG monies not be available for loan repayment. The City may also enter into agreements with its Redevelopment Agency to provide funding to meet its debt service obligation should the Section 108 loan be called. SECTION III. This Resolution shall be effective immediately upon its adoption. resosicc108_97.res 0 6 SECTION IV. The City Clerk shall certify the adoption of this Resolution. PASSED, APPROVED AND ADOPTED THIS 18th DAY OF August 1997. I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council of the City of Azusa, at a regular meeting thereof, held on the 18th day of August 1997 by the following vote of the Council: AYES: COUNCILMEMBERS: Hard ison, Stanford-, Rocha . Beebe:';Mddrid NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None resos\sc 108_97.res