Loading...
HomeMy WebLinkAbout22720 RESOLUTION NO. 22720 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA MAKING CERTAIN FINDINGS WITH RESPECT TO THE 2010-11 DEPOSIT TO THE LOW AND MODERATE INCOME HOUSING FUND. The City Council of the City of Palm Springs finds: A. The Community Redevelopment Agency of the City of Palm Springs (the "Agency") has two project areas, namely, Merged Project Area No. 1 and Merged Project Area No. 2 and that the Redevelopment Plans for Merged Project Area No. 1 and No. 2 recognize that the provision of low and moderate income housing outside of the merged project areas will be of benefit to the merged- B. Section 33334.3(i) of the Health and Safety Code of the State of California (the "Law") provides that redevelopment agencies with more than one project area may satisfy the requirements of Sections 33334.2 and 33334.6 of the Law by allocating, in any fiscal year, less than 20 percent in one project area, if the difference between the amount allocated and the 20 percent required is instead allocated, in that same fiscal year, to the Low and Moderate Income Housing Fund from tax increment revenues from other project areas. C. For the fiscal year 2010-11, the Agency desires to satisfy the requirement to deposit 20 percent of tax increment funds from Merged Project Area No. 2 to the Low and Moderate Income Housing Fund by depositing the required amount from tax increment revenues from Merged Project Area No. 1. D. Prior to allocating additional funds from Merged Project Area No. 1 to the Low and Moderate Income Housing Fund to satisfy the requirement to deposit such amount from Merged Project Area No. 2 tax increment revenues, the Agency shall make the finding that the use of the additional funds deposited will be of benefit to Merged Project Area No. 1. E. The Agency's Five-Year Implementation Plan described a need to create 256 affordable housing units between 2009-10 and 2013-14, including 58 very-low income units. F. The Agency has assisted the Vista Sunrise Special Needs Apartments, Coyote Run II Apartments, and Cottonwood/Chuckwalla single family residential project resulting in the creation of 156 affordable to low and very low income families over the previous 5 years; G. Additional affordable housing projects that have been proposed and will require Agency assistance are the CVHC Rosa Gardens Apartment Project and the Vista San Jacinto Apartments, both located in Merged Project Area No. 1 and the Indian Resolution No. 22720 Page 2 Canyon/San Rafael project, located outside of either Merged Project Area No. 1 or Merged Project Area No. 2. H. The three projects described in Finding G of this resolution, which are proposed to be funded in part with an Agency subsidy from the Low and Moderate Income Housing Fund, will result in the creation or preservation of 181 affordable units, including 130 units restricted for very low income households. I. The creation or preservation of any of the 51 affordable units outside Merged Project Area No. 1 will be of benefit to Merged Project Area No. 1 and the community and that tax increment revenue deposited in the Low and Moderate Income Housing Fund from Merged Project Area No. 1, which may be spent outside the boundaries of Merged Project Area No. 1, is of benefit to Merged Project Area No. 1. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palm Springs: Section 1. Deposit. The City Council concurs and supports the Agency's decision to not make a deposit of tax increment revenue to the Low and Moderate Income Housing Fund for Fiscal Year 2010-11, Merged Project Area No. 2, and that such amounts will be allocated to and deposited from Merged Project Area No. 1 tax increment revenue. Section 2. Effective Date. This resolution shall take effect from and after the date of approval and adoption thereof. ADOPTED THIS 2ND OF JUNE, 2010. David H. Ready, I y Manager ATTEST: ames Thompson, City Clerk Resolution No. 22720 Page 3 CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF PALM SPRINGS ) I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that Resolution No. 22720 is a full, true and correct copy, and was duly adopted at a regular meeting of the City Council of the City of Palm Springs on the 2"d day of June, 2010 by the following vote: AYES: Councilmember Foat, Councilmember Mills, Councilmember Weigel, Mayor Pro Tern Hutcheson, and Mayor Pougnet. NOES: None. ABSENT: None. ABSTAIN: None. ram, .. Ames Thompson, City Clerk City of Palm Springs, California