HomeMy WebLinkAbout06-06 RDA Resolution
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RESOLUTION NO. RDA 06-06
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE TEMECULA REDEVELOPMENT AGENCY OF THE
CITY OF TEMECULA EXPRESSING OFFICIAL INTENT
REGARDING CERTAIN OLD TOWN INFRASTRUCTURE
PROJECT EXPENDITURES TO BE REIMBURSED FROM
PROCEEDS OF A TAX-EXEMPT OBLIGATION
THE BOARD OF DIRECTORS OF THE TEMECULA REDEVELOPMENT
AGENCY OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The Redevelopment Agency of the City of Temecula (the "Agency")
expects to expend funds (the "Expenditures") for costs related to Old Town area public
infrastructure improvements, including: (a) the design and construction of a civic plaza
(including hardscape, landscape, irrigation and a water feature) within the confines of
the Main Street "Y" between Old Town Front Street and Mercedes Street, and related
sidewalk improvements; (b) the construction of streetscape enhancements (including
rolled curb and gutter streets, storm drains, sidewalks and street lighting) along
Mercedes Street between Second Street and Sixth Street, and the widening of the
pavement on Mercedes Street between Second Street and Sixth Street; (c) the
construction of a two or three story parking structure east of Mercedes Street at Third
Street with roughly 480 parking spaces and integral office/retail shells fronting Mercedes
Street; (d) the relocation or demolition of existing facilities, and site grading in the Old
Town area of the City of Temecula; and (e) the undergrounding of overhead utility lines
along Old Town Front Street and Mercedes Street between Second Street and Sixth
Street, as well as on Main Street from Murrieta Creek to Mercedes Street (collectively,
the "RDA Infrastructure Projects").
Section 2. The Agency reasonably expects to reimburse itself for the
Expenditures with the proceeds of an obligation (which may include, but is not limited to,
tax allocation bonds of the Agency) the interest on which will be excluded from the
gross income of the owner or owners of such obligation for federal income tax
purposes.
Section 3. The maximum principal amount of the obligation expected to be
issued for the RDA Infrastructure Projects is $30,000,000.
Section 4. This Resolution is a declaration of official intent to reimburse the
Expenditures pursuant to United State Treasury Regulation Section 1.150-2.
Section 5. This Resolution shall take effect upon its adoption.
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PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula
Redevelopment Agency of the City of Temecula this 8th day of August, 2006.
AfTEST:
[SEAL]
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, MMC, City Clerk/Board Secretary of the Temecula
Redevelopment Agency of the City of Temecula, do hereby certify that the foregoing
Resolution No. RDA 06-06 was duly and regularly adopted by the Board of Directors of the
Temecula Redevelopment Agency of the City of Temecula at a meeting thereof held on
the 8th day of August, 2006, by the following vote:
AYES: 4
BOARD MEMBERS:
NOES: 0
BOARD MEMBERS:
ABSENT: 1
BOARD MEMBERS:
ABSTAIN: 0
BOARD MEMBERS:
R:/RDA Resos 2006/RDA 06-06
Comerchero, Edwards, Washington,
Naggar
None
Roberts
None
LJ
W. Jones, MMC
Board Secretary
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