|
Roll Call |
Present: Chairman Arnone, Agency Members Evans, Olsen, Lemke, and Harris. Absent: None. Also in attendance Economic Development and Housing Director David Gouin, Deputy Director-Parking, Cheryl Woodward, Economic Development and Housing Manager Nancy Gornowicz, Program Specialists Frank Kasimov, Kim Nadeau and Alice Miller, Legal Counsel Michael Casey, and Recording Secretary Shirley Stevens. |
|
Item No. 4
12:42:02 PM
APPROVAL OF FUNDING AGREEMENTS WITH REDEVELOPMENT AGENCY AND APPROPRIATIONS OF REDEVELOPMENT RESERVES
|
Frank Kasimov made staff presentation. Governor Brown’s Budget Summary, released Monday, January 10, includes a proposal to eliminate all local redevelopment agencies and dismantle tax increment financing as part of an effort to close the State’s $25 Billion budget deficit. Urgency legislation may be introduced shortly that may immediately prohibit redevelopment agencies from incurring any further debt or contractual obligations.
On February 7, 2011, the Council and Redevelopment Agency held a joint meeting to approve eleven (11) funding agreements to obligate and preserve funds for specific projects benefitting the local community. The Council and Agency received information regarding available appropriations and reserves for each redevelopment project area and provided direction to staff to prepare funding agreements for the B Street Trunk Sewer Line and the New Railroad Square Project, including assistance with affordable housing and on-site infrastructure improvements. In addition, direction was given to appropriate available reserves in the Southwest Project Area to offset shortfalls in the 20% housing set-aside revenue pledged to pay debt service.
On February 28, 2011, the Redevelopment Agency and the Housing Authority met separately and took action to approve funding agreements consistent with the direction provided by the Council and the Agency on February 7, 2011. These agreements are now being brought forward for Council consideration and action.
Moved by Ms. Lemke, seconded by Mr. Olsen, carried 4-0-0-1 (Mr. Evans abstained), to adopt and waive the reading of the text as follows:
RESOLUTION NO. 1656 ENTITLED: RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA ROSA AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE PROMISSORY NOTES, DEED OF TRUST AND ADDENDUM TO THE DEED OF TRUST SECURING REDEVELOPMENT AGENCY DEBT TO THE CITY OF SANTA ROSA
MOVED by Vice Mayor Ours, seconded by Council Member Bartley, carried unanimously, to adopt and waive the reading of the text of:
RESOLUTION NO. 27846 ENTITLED: RESOLUTION OF THE COUNCIL OF THE CITY OF SANTA ROSA ACCEPTING PROMISSORY NOTES, DEED OF TRUST AND ADDENDUM TO THE DEED OF TRUST SECURING REDEVELOPMENT AGNECY DEBT TO THE CITY OF SANTA ROSA.
Moved by Ms. Lemke, seconded by Mr. Olsen, carried 4-0-0-1 (Mr. Evans abstained), to adopt and waive the reading of the text as follows:
RESOLUTION NO. 1657 ENTITLED: RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA ROSA APPROVING THE SECOND AMENDMENT TO THE FUNDING AGREEMENT WITH THE CITY OF SANTA ROSA DATED JULY 14, 2009, AS AMENDED FEBRUARY 7, 2011, AND MAKING CERTAIN BENEFIT FINDINGS FOR THE HEARN AVENUE OVERCROSSING PROJECT AND APPROVING A PROMISSORY NOTE, DEED OF TRUST, AND ADDENDUM TO THE DEED OF TRUST TO SECURE CERTAIN OF THE OBLIGATIONS THEREUNDER
MOVED by Vice Mayor Ours, seconded by Council Member Bartley, carried unanimously, to adopt and waive the reading of the text of:
RESOLUTION NO. 27847 ENTITLED: RESOLUTION OF THE COUNCIL OF THE CITY OF SANTA ROSA APPROVING THE SECOND AMENDMENT TO THE FUNDING AGREEMENT WITH THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA ROSA DATED JULY 14, 2009 AS AMENDED FEBRUARY 7, 2011 AND MAKING CERTAIN BENEFIT FINDINGS FOR THE HEARN AVENUE OVERCROSSING PROJECT AND ACCEPTING A PROMISSORY NOTE, DEED OF TRUST AND ADDENDUM TO THE DEED OF TRUST TO SECURE CERTAIN OF THE OBLIGATIONS THEREUNDER |