HomeMy WebLinkAbout93-05 RDA ResolutionRESOLUTION NO. RDA 93-05
A RK~LIYFION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF TEMECULA APPROPRIATING $4 MILLION
DOLLARS FROM SERIFS 1993 TAX ALLOCATION BONDS
TO BE USED FOR THE CONSTRUCTION OF CITY
ADMINISTRATIVE OFFICES AND A CORPO~ON
YARD NORTH OF WINCHESTER ROAD AND WEST OF
DIAZ ROAD
THE REBEVEIOPMENT AGENCY OF THE CITY OF TEMECULA DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1. The Redevelopment Agency of the City of Temecula hereby finds,
determines and declares as follows:
A. On or about February 23, 1993, the Redevelopment Agency of the City of
Temecula issued Series 1993, Tax Allocation Bonds in the amount of $17,355,000. The proceeds
of the Series 1993 bonds were to fund the acquisition, planning, design, construction,
improvement and equipping of various public facilities, including the City's administrative offices
and corporate yard. The debt service on the 1993 Series Bonds will be paid with tax increment
funds received by the Agency.
B. The City of Temecula anticipates acquiring Lots 20-25, 29, and 30 of Tract 21383,
located north of Winchester Road and west of Diaz Road (the "Property"). The Property is
located adjacent to the Redevelopment Project Area. The Property will be granted to the City on
the condition that it be used for the construction and operation of City administrative offices.
C. The City intends to construct its permanent administrative offices and corporate
yard on the property (the ("Project"). The Project will be of substantial benefit to the
Redevelopment Project Area in that it will allow the City to provide essential municipal services
to the residents throughout the Project Area not presently available, and provide an aesthetic
improvement to the area.
D. The Property is located within a business park that has gone through foreclosure
and which is in default on property taxes and assessments. Given the proximity of the park to the
Project Area, if the park should not develop, it will not only result in blight within the park, but
result in further economic deterioration and blight within the Project Area. The Project will
provide a significant impetus to development of the business park and the Project area.
E. The Redevelopment Plan for Redevelopment Project No. 1-1988 provides for the
installation and construction of public facilities which benefit the Project Area.
Rosos.RDA\93-05 1
Section 2. Based upon the foregoing, the Redevelopment Agency of the City
of Temecula hereby appropriates $4 Million from the 1993 Series Tax Allocation Bonds to be used
for the construction of City administrative offices, a corporate yard, and the abutting street and
utility improvements.
Section 3. The Executive Secretary shall certify to the adoption of this
Resolution.
PASSED, APPROVED AND ADOPTED this 14th day of December, 1993.
Ronald J. Parks, Chairperson
ATTEST:
[SEAL]
Resos.RDA\93-05 2
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE)
CITY OF TEMECULA )
$S
I, June S. Greek, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the
foregoing Resolution No. RDA 93-05 was duly adopted and passed at a regular meeting of the
City Council of the City of Temecula on the 14th day of December, 1993, by the following roll
call vote:
AYES: 5
AGENCY MEMBERS:
Birdsall, Parks, Roberts, Stone
Mufioz
NOES:
0 AGENCY MEMBERS: None
ABSENT: 0 AGENCY MEMBERS: None
June S. Greek, 'L~Clerk,
Agency Secretary
Resos.RDA\93-05 3