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HomeMy WebLinkAbout07-05 RDA Resolution I I I RESOLUTION NO. RDA 07-05 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA MAKING CERTAIN FINDINGS FOR THE USE OF TAX INCREMENT FUNDS BY THE AGENCY FOR THE PURCHASE OF THE EAST PUBLIC PARKING FACILITY PURSUANT TO HEALTH AND SAFETY CODE SECTION 33445 THE BOARD OF DIRECTORS OF THE TEMECULA REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS: that: Section 1. Findings. The Agency hereby finds, determines and declares A. The Redevelopment Agency of the City of Temecula ("Agency") is a community redevelopment agency duly organized and existing under the Community Redevelopment Law ("CRL"), Health and Safety Code Sections 33000 et seq., and has been authorized to transact business and exercise the powers of a redevelopment agency pursuant to action of the City Council of the City of Temecula. B. On June 12, 1988, the Board of Supervisors of the County of Riverside adopted Ordinance No. 658 adopting and approving the "Redevelopment Plan for Riverside County Redevelopment Project No. 1988-1" (hereafter the "Plan") in accordance with the provisions of the CRL. On December 1, 1989, the City of Temecula was incorporated. The boundaries of the Project Area described in the Plan (the "Project Area") are entirely within the boundaries of the City of Temecula. On April 9, 1991, the City Council of the City of Temecula adopted Ordinances Nos. 91-08, 91- 11, 91-14, and 91-15 establishing the Redevelopment Agency of the City of Temecula and transferring jurisdiction over the Plan from the County to the City. Pursuant to Ordinance Nos. 91-11 and 91-15, the City of Temecula and the Redevelopment Agency of the City of Temecula assumed jurisdiction over the Plan as of July 1, 1991. C. The proposed Owner Participation Agreement, Ground Sublease for Promenade Mall East Parking Facility, and Parking Management Agreement (the "Agreements") provide for the lease or sublease of property, the purchase and sale of, and the management and operations of a parking faCility which is proposed to be constructed near the Promenade Mall and which has been approved for construction by the City of Temecula Planning Commission by Resolution No. 07-10 (the "East Parking Facility"). D. Pursuant to provisions of the Community Redevelopment Law (California Health and Safety Code Section 33000, et seq.), and in particular Sections 33390, 33391 and 33445 thereof, and the Plan, and in particular Sections 200,300,310,321, R:/RDA Resos 2007/RDA Resos 07-05 I I I 344, and 355 thereof, the Agency proposes to purchase the completed the East Parking Facility for public parking. E. The East Parking Facility is of benefit to the Project Area. Construction and purchase of the East Parking Facility will benefit the Project Area in that the East Parking Facility will: (1) provide for public service infrastructure, specifically parking facilities, as identified in the proceedings and the Redevelopment Plan; (2) promote the preservation and enhancement of the commercial areas within the Project Area in accordance with the goals and objectives of the Redevelopment Plan; (3) promote the expansion of the Project Area's commercial base and local employment opportunities in accordance with the goals and objectives of the Redevelopment Plan; (4) assist in the continued development of the Project Area surrounding the East Parking Facility as a tourist destination with shopping, entertainment and dining facilities, and enhancement of the tourist industry as a major economic force within the Project Area; (5) upgrades to the physical appearance of the Project Area; (6) encourages investment in the Project Area by the private sector; and (7) contribute to enhanced short term and long term employment opportunities in the Project Area, including, without limitation, the providing of jobs to the unemployed and underemployed workers. F. Construction and installation of the East Parking Facility will assist in the elimination of blight in the Project Area as identified in the proceedings establishing the Project Area and the Implementation Plan for the Project Area adopted in December 2004, pursuant to Health and Safety Code Section 33490, in that the East Parking Facility will: (1) provide for public service infrastructure, specifically parking facilities, as identified in the proceedings and the Redevelopment Plan; (2) promote the preservation and enhancement of the commercial areas within the Project Area in accordance with the goals and objectives of the Redevelopment Plan; (3) promote the expansion of the Project Area's commercial base and local employment opportunities in accordance with the goals and objectives of the Redevelopment Plan; (4) assist in the continued development of the Project Area surrounding the East Parking Facility as a tourist destination with shopping, entertainment and dining facilities, and enhancement of the tourist industry as a major economic force within the Project Area; (5) upgrades to the physical appearance of the Project Area; (6) encourages investment in the Project Area by the private sector; and (7) contribute to enhanced short term and long term employment opportunities in the Project Area, including, without limitation, the providing of jobs to the unemployed and underemployed workers. G. No other reasonable means of financing the East Parking Facility are available to the City. The prudent budget constraints of the City prevent the City from financing the proposed East Parking Facility by any means. No moneys of the City are available to pay for the cost of the East Parking Facilities. The City has allocated undesignated funds in its reserves for other necessary public improvements, including high priority traffic, roadway, interchange, flood control, and public improvement projects which cannot be funded with Agency funds or other special funds. Developer will not fund public parking spaces, only parking spaces limited to patrons of the Mall. Traditional methods of financing the East Parking Facility, such as the issuance of R:/RDA Resos 2007/RDA Resos 07-05 2 I general obligation bonds, are unavailable as a practical matter because of the extraordinary majority voter approval requirements of two-thirds of the electorate. Assessment financing or special tax financing of the Public Improvements could overburden benefiting properties with assessments or special taxes and, in addition, special taxes and assessments require a two-thirds vote. Additionally, other financing mechanisms are committed to the development of the proposed City Hall in the Old Town area. H. The Public Improvements are consistent with the Agency's Implementation Plan adopted in December 2004, pursuant to Health and Safety Code Section 33490, for the reasons cited in this Resolution. Section 2. Approval of Use of Aaencv Funds for East Parkina Facilitv. Pursuant to Health & Safety Code Section 33445 and the findings set forth above, the Agency hereby approves the use of tax increment funds for the construction and purchase of the East Parking Facility as described in this Resolution. Section 3. Certification. The Secretary of the Agency shall certify the adoption of this Resolution. I PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula Redevelopment Agency of the City of Temecula this 24th day of July, 2007. j -" ATTEST: I R:/RDA Resos 2007/RDA Resos 07-05 3 I I I 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 07-05 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 24th day of July, 2007, by the following vote: AYES: 5 BOARD MEMBERS: NOES: 0 BOARD MEMBERS: ABSENT: 0 BOARD MEMBERS: ABSTAIN: 0 BOARD MEMBERS: R:/RDA Resos 2007/RDA Resos 07-05 Comerchero, Naggar, Roberts, Washington, Edwards None None None ~ Susan W Jones, MMC City Clerk/B ard Secretary 4