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HomeMy WebLinkAbout93-102 CC Resolution RESOLUTION NO. 93-102 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA APPROVING THE EXPENDITURE OF TAX INCREMENT FUNDS BY THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA FOR THE CONSTRIJCTION OF CITY ADMINISTRATIVE OFFICES AND A CORPORATION YARD NORTH OF WINCHESTER ROAD AND WEST OF DIAZ ROAD THE CITY COUNCIL OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The City Council 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. Resos 93-102 1 F. A Public Hearing in substantial compliance with the requirements of California Health and Safety Code  33679 has been held and Notice of the Hearing has been published in a newspaper of general circulation in the community for at least two successive weeks prior to the public hearing. Section 2. Based upon the foregoing, the City Council of the City of Temecula hereby determines that construction of the City's administrative offices and corporate yard is necessary for the benefit of Redevelopment Project No. 1-1988 and that the proposed contribution to their financing from Series 1993 Bonds is the only reasonable means available to insure their construction and completion. The City has no other reasonable means available to it to finance the Project. The existence of permanent City administrative offices and corporate yard is essential to the welfare of the Project Area. The City Council does hereby approve a contribution of $4,000,000 of 1993 Series Bond proceeds for construction of City administrative offices and a corporate yard. Section 3. City Clerk shall certify to the adoption of this resolution. PASSED, APPROVED AND ADOPTED this 14th day of December, 1993. ATTEST: J. Sa ufioz, Mayort Ju@.@reek, City Clerk [Seal] Resos 93-102 2 STATE OF CALIFORNIA) COUNTY OF RIVERSIDE) SS CITY OF TEMECULA ) 1, June S. Greek, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the foregoing Resolution No. 93-102 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 COUNCILMEMBERS: Birdsall, Parks, Roberts, Stone, Mufioz NOES: 0 COUNCILMEMBERS: None ABSENT: 0 COUNCILMEMBERS: None J@@Greek, City Clerk Resos 93-102 3