HomeMy WebLinkAboutRDA Reso 15-2011 RESOLUTION NO. 15 -2011
REDEVELOPMENT AGENCY OF THE OF SOUTH SAN FRANCISCO,
STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING THE TRANSFER OF
REDEVELOPMENT AGENCY FUNDS TO AMEND THE CITY
OF SOUTH SAN FRANCISCO BUDGET' TO APPROPRIATE
FUNDS FOR: THE AFFORDABLE HOUSING PROJECT AT
636 EL CAMINO REAL; A PROPERTY TAX REFUND; A
LOAN COMMITMENT FOR AFFORDABLE HOUSING BY
GIFFRA ENTERPRISES; OAK AVENUE EXTENSION
PROJECT; THE MILLER AVENUE PARKING GARAGE; AND
THE OYSTER POINT SPECIFIC PLAN, INCLUDING
HARBOR DISTRICT PUBLIC IMPROVEMENTS
WHEREAS, on March 2, 2011 the Agency Board ( "the Board ") of the Redevelopment
Agency of the City of South San Francisco ( "the Agency''') made findings and took actions
related to various projects, including the use of Agency funds; and
WHEREAS, the Board on March 2, 2011 also approved expenditures for projects in these
amounts:
Merged Housing All RDA
RDA Funds Funds
Affordable Housing Project at
636 El Camino 5,887,587 4,101,413 9,989,000
Genentech propery Tax Refund
(NTE) 10,000,000 - 10,000,000
Giffra Loan Commitment 2,500,000 - 2,500,000
Oak Ave. Improvements 12,546,416 - 12,546,416
Miller Ave. Parking Structure 2,487,000 - 2,487,000
Oyster Point and Harbor District
Public Improvements 20,612,474 - 20,612,474
Total Budget Amendment: 54,033,477 4,101,413 58,134,890
AND WHEREAS, a formal budget amendment is needed to transfer the funding for, and
appropriate these expenditures into the 2010 -11 City of South San Francisco Operating and
Capital budgets.
NOW, THEREFORE, BE IT RESOLVED by the Board that it hereby it hereby
authorizes transferring funding to the City of South San Francisco's operating and capital
budgets for fiscal year 2010 -11 for purposes of appropriating the expenditure items listed above
totaling $58,134,890, funded from Redevelopment Reserves consisting of both tax increment and
bonds; and
ALSO, BE IT RESOLVED, that the Agency Finance Officer is authorized to represent
these budgets, and any related encumbrances, contracts, and agreements on the Agency's books
in the manner that most readily expresses the intentions of the Board consistent with generally
accepted accounting practices, including, but not limited to: inserting the appropriations into
either the operating or the capital budgets; encumbering and carrying forward those budgets to
fiscal year 2011 -12 if funds are still unspent as of June 30, 2011; and moving project funding
between bond and tax increment as appropriate for the specific project expenditures listed above
as may be needed to comply with federal tax law and bond covenants
I hereby certify that the foregoing Resolution was regularly introduced and adopted by
the Redevelopment Agency of the City of South San Francisco at a regular meeting held on the
9 day of March, 2011 by the following vote:
AYES: Boardmembers Mark Addiego, Pedro Gonzalez, and Karyl Matsumoto,
Vice Chair Richard A. Garbarino and Chairman Kevin Mullin
NOES: None
ABSTAIN: None
ABSENT: None
RC
A TEST:
sI
e l Clerk