HomeMy WebLinkAbout6/8/2005 - STAFF REPORTS (10) RESOLUTION NO.
A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF
PALM SPRINGS, CALIFORNIA, APPROVING A
BUDGET FOR THE FISCAL YEAR 2005-2006.
WHEREAS, a budget for the fiscal year 2005-2006 has been prepared by the
Community Redevelopment Agency, Director of Community & Economic
Development, and the Agency Treasurer; and
WHEREAS, the Community Redevelopment Agency has examined said budgets
and conferred with the Community Redevelopment Agency Executive Director;
and
WHEREAS, the Community Redevelopment Agency, after due deliberation and
consideration, agrees with the budget recommended; and
WHEREAS, pursuant to Health & Safety Code Section 33334.3 (d), the Agency
hereby finds and determines that the planning and administrative expenses to
be paid from the Low and Moderate Income Housing Fund for each
redevelopment project are necessary for the production, improvement or
preservation of low and moderate income housing and are not disproportionate
to the amounts budgeted for the costs of production, improvement or
preservation of that housing; and
WHEREAS, the Agency's planning and administrative expenses paid from the
Low and Moderate Income Housing Fund for the production, improvement or
preservation of low and moderate income housing pay for a portion of staff and
legal costs necessary to facilitate new construction projects and administer
individual rehabilitation and purchase programs, land and property acquisition
and disposition, multi-government agreements, and bond issues related to low
and moderate income housing.
NOW THEREFORE BE IT RESOLVED by the Community Redevelopment
Agency of the City of Palm Springs as follows:
Section 1. That the budget in the amount of $11,173,132 be approved for the
following purposes:
Capital & Admin. Debt Service
Merged Area No. 1 $ 914,424 $ 4,641,006
Merged Area No. 2 440,000 3,204,859
Low & Mod. Income Housing 1,419,955 468,343
Plaza Theatre 84,545 0
$ 2,858,924 $ 8,314,208
1EM No. ,I A Z_
Resolution No.
Page 2
Section 2. That the Finance Director of the City of Palm Springs is authorized
to record the budget and such other accounting entries as may be
necessary for proper accounting treatment in accordance with rules
and regulations applicable to other City of Palm Springs funds.
Section 3. That the Work Program for Low- and Moderate Income Program in
Fiscal Year 2005-2006 is as follows, including total Agency
assistance committed:
Vista Sunrise Special Needs Apartments $ 1,505,000
El Dorado Mobile Home Park $ 300,000
Desert Highland Infill Program $ 300,000
Sahara Mobile Home Park Improvements $ 200,000
Section 4. That the accomplishments of the Low- and Moderate Income
Program in Fiscal Year 2004-2005 are as follows:
• Vista Sunrise Special Needs Apartments. The project has
received its financing from the State MHP program, County
HOME funds, and the Agency and the Low Income Housing Tax
Credit (4%) Program. The acquisition of the major parcel from
the Desert Healthcare District will be finalized in June 2005 and
the project will be able to begin construction in mid-2005.
• El Dorado Mobile Home Park. The Agency assisted 17
Moderate Income purchasers in the park at a cost of $85,000,
and provided $38,675 in assistance to low-income renters for
the income certification fee. In addition, the park received $1
million in state MPROP funds to assist low-income purchasers
in 2004 and another $1,485,000 in April, 2005. The goal was to
receive the MPROP commitment and to assist as many
residents as possible with the transition to resident ownership.
The Agency exceeded its goal in the fee certification assistance
program by 150%. In the case of moderate assistance
purchasers, much less assistance was necessary.
• Desert Highland Infill Program. The Agency purchased five
single family home lots from Coachella Valley Housing Coalition
(CVHC) at a total price of $113,000, plus two Chapter 8
purchases from the County of Riverside at a total price of
$149,602 for the program. In addition, the Agency effectuated a
swap for two additional single family lots. The Agency met its
goal of acquiring the CVHC and County lots; the lots to be
acquired through the swap, at no cost to the Agency, are extra.
A DDA was approved with Century Crowell Communities to
construct the first five homes, and another DDA was negotiated
with Highlands Palm Springs Venture to construct four more.
• Coyote Run Apartments Expansion. The project received its
financing from the State MHP program, HOME funds, and the
Resolution No.
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Agency and began construction on December 15, 2004.
Additionally, the Agency committed an additional $350,000 to
cover the additional cost of escalating lumber prices.
• Single Family Rehab Program. Staff closed out the final home
repairs in this program, which expended approximately
$900,000 over three fiscal years. The goal was to finish the
program in 2003-04.
• Santiago Sunrise Mobile Home Park. The Agency approved a
Disposition and Development Agreement with a non-profit
purchaser of the park, contributing the underlying fee interest in
the land at a value of$392,000. In addition, the City approved a
conduit Mortgage Revenue Bond on behalf of the non-profit to
purchase and upgrade the park.
ADOPTED THIS 8th day of June, 2005.
David H. Ready, Executive Director
ATTEST:
James Thompson, Assistant Secretary
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, Assistant Secretary of the Community Redevelopment
Agency of the City of Palm Springs, hereby certify that Resolution No.
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 by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
James Thompson, City Clerk
Community Redevelopment Agency
City of Palm Springs, California