HomeMy WebLinkAboutReso 07-2012 RESOLUTION NO. 07 -2012
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION OF THE CITY COUNCIL APPROVING THE
DECLARATION OF ADVANCE FORGIVENESS BETWEEN THE
AGENCY AND THE CITY OF SOUTH SAN FRANCISCO
WHEREAS, the Redevelopment Agency of the City of South San Francisco ( "Agency ") is a
redevelopment agency formed, existing and exercising its powers pursuant to California Community
Redevelopment Law, Health and Safety Code section 33000 et seq. ( "CRL "); and,
WHEREAS, pursuant to authority granted under the CRL, the Agency has the responsibility to
implement the redevelopment plans of the Downtown Central Project Area, the Shearwater Project
Area, the Gateway Project Area and the El Camino Corridor Project Area; and,
WHEREAS, AB 936 added Article 4.4 Section 33354.8 of Chapter 4 of Part 1 of Division 24
of the California Heath and Safety Code requires that on or before February 1, 2012, an agency or
public body shall adopt a resolution that declares whether or not it has forgiven, during the period of
time commencing January 1, 2010, through December 31, 2011, the repayment, wholly or partially,
of a loan, advance, or indebtedness that has been owed by a public body to the agency or an agency
to the public; and,
WHEREAS, the Redevelopment Agency of South San Francisco Agency forgave an advance
made from the Agency to the City of South San Francisco's Downtown Parking Enterprise Fund
during the reportable time period; and,
WHEREAS, the advance provided for construction of the Miller Avenue Parking Structure
consisting of a five level open -air concrete parking garage with 254 parking stalls serving the
Downtown Central Project Area; and,
WHEREAS, the fiscal effects of the loan forgiveness were positive to both the Agency and
the Parking District.
NOW, THEREFORE, BE IT RESOLVED that the City Council of South San Francisco
hereby reports that pursuant to Resolution 08 -2011 the Agency forgave an advance made to the City
of South San Francisco's Downtown Parking Enterprise Fund on March 2, 2011.
BE IT FURTHER RESOLVED that the City Council of South San Francisco hereby finds the
following:
1. On March 2, 2011 the Agency forgave the advance made from the Agency to the City of
South San Francisco's Downtown Parking Enterprise Fund.
2. The final amount of the loan forgiveness by the Agency was $8,792,327.28.
3. The terms of the advance the Agency forgave included an interest rate of 4.585% and an
unspecified term for repayment.
4. Their was no fiscal effect on the City of South San Francisco, however, the South San
Francisco Parking District did receive a positive fiscal impact in that it may allocate more of
its annual revenue to maintenance and operations of the Parking District facilities from funds
that otherwise would have been required to repay the advanced funds.
5. The fiscal effect on the Agency of this advance forgiveness was that the Agency ultimately
utilized tax increment revenues to complete a parking structure which assisted with the
elimination of blight and continued the economic revitalization of the Downtown Central
Project Area.
BE IT FURTHER RESOLVED that the City Council further finds that, except as provided
herein, the Agency has not forgiven any loans, advances or indebtedness owed to the Agency by the
City or any other public agency.
BE IT FURTHER RESOLVED that the City Council hereby directs and authorizes the City
Manager to transmit a copy of this Resolution to the California State Controller.
* * * * *
I hereby certify that the foregoing Resolution was regularly introduced and adopted by the
City Council of the City of South San Francisco at a regular meeting held on the 25 day of January,
2012 by the following vote:
AYES: Councilmembers Mark Addiego, Karyl Matsumoto, and Kevin Mullin,
Vice Mayor Pedro Gonzalez and Mayor Richard A. Garbarino
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST: . .
City Clerk