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HomeMy WebLinkAboutRDA Reso 04-2010RESOLUTION NO. 04-2010 REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION APPROVING A :BUDGET AMENDMENT, AUTHORIZING THE EXPENDITURE OF TAX INCREMENT FUNDS FOR THE ACQUISITION OF PROPERTY, ADOPTING FINDINGS REQUIRED BY HEALTH AND SAFETY CODE SECTION 33445, AND AUTHORIZING EXECUTION OF A PURCHASE AND SALE AGREEMENT 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"); WHEREAS, by Ordinance No. 1056-89, the City Council of the City of South San Francisco ("City Council") established the Downtown/Central Redevelopment Project (the "Project Area") and adopted the Redevelopment Plan for the Project Area (as subsequently amended, the "Redevelopment Plan"); WHEREAS, City and Agency staff have been collaborating to develop a public parking facility in the Project Area on Miller Avenue (the "Project"); WHEREAS, in connection with the Project the Agency proposes to acquire property located at 356 Grand Avenue and known as San Mateo County Assessor's Parcel No. 012-312- 300 (the "Property") for potential use as a public pedestrian plaza; WHEREAS, the owner of the Property and the Agency have negotiated a purchase and sale agreement ("Purchase and Sale Agreement") a copy of which has been provided to the Agency governing board and is on file with the Agency Secretary; WHEREAS, the Purchase and Sale Agreement provides for a purchase price of One Million Seven Hundred Thousand Dollars ("Purchase Price"); WHEREAS, Section 33445 of the CRL provides that a redevelopment agency may, with the consent of the legislative body, pay for all or a portion of the cost of the land for and cost of construction of any building, facility, structure, or other improvements that are publicly owned and located within or contiguous to the redevelopment project area if the legislative body determines all of the following: a. The buildings, facilities, structures, or other improvements are of benefit to the project area by helping to eliminate blight within the project area or providing housing for low- or moderate-income persons; b. No other reasonable means of financing the acquisition of the land and installation or construction of the buildings, facilities, structures, or other improvements is available to the community; and c. The payment of funds for the acquisition of land and the cost of buildings, facilities, structures, or other improvements is consistent with the Five Year Implementation Plan adopted by the Agency pursuant to Section 33490. WHEREAS, as more fully described in the Staff Report accompanying this Resolution (the "Report"), the proposed expenditure of tax increment funds for acquisition of the Property will enable the City and the Agency to acquire a blighted structure and proceed with the development of a pedestrian plaza that will improve the appearance of the area surrounding the Project, provide an important public amenity, and assist in the attraction and retention of businesses in the Project Area by providing for public uses that will attract patrons and thereby increase economic activity and encourage private investment in the Project Area; WHEREAS, as more fully described in the Report, the expenditure of tax increment funds for the Project will be of benefit to the Project Area by eliminating blight and by promoting economic development; WHEREAS, as more fully described in the Report, the expenditure of tax increment funds for the Project is consistent with the Implementation Plan adopted by the Agency pursuant to Health and Safety Code Section 33490, in that the Project will further the goals and objectives of the Redevelopment Plan, improve the appearance of the Project Area, improve access to Project Area businesses, and support economic development; and WHEREAS, as more fully described in the Report, the Project will not generate cash flow to the City or Agency, and therefore cannot support debt service; the City has no unrestricted general fund revenue available for the Project without a reduction in vital community services; and the City does not have and cannot reasonably obtain revenue available for such purposes, and therefore no other reasonable means of financing the acquisition of the Property exists. NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of South San Francisco that it hereby: 1. Finds based upon the foregoing recitals and. the evidence set forth in the Report, that: (i) the expenditure of tax increment funds to acquire the Property will be of benefit to the Project Area helping to eliminate blight within the Project Area, (ii) no other reasonable means of financing such acquisition is reasonably available, and (iii) completion of the Project is consistent with the Implementation Plan adopted for the Project Area. 2. Approves a budget amendment to transfer Severe Hundred and Ninety Thousand Dollars ($790,000) from tax increment reserves to the Capital Improvement fund. 3. Approves the expenditure of tax increment funds in the amount of One Million Seven Hundred Thousand Dollars ($1,700,000) for the acquisition of the Property. 4. Approves the Purchase and Sale Agreement and authorizes the Executive Director to execute such agreement substantially in the form presented to the Agency Board with such modifications as may be approved by the Executive Director in consultation with Agency Counsel. 5. Authorizes the Executive Director to undertake such other actions and to execute such other instruments as may be necessary or desirable in order to carry out the intent of this Resolution, including without limitation, the execution and recordation of a Certificate of Acceptance for the Property and the procurement of a policy of title insurance. 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 l Ot" day of February, 2010 by the following vote: AYES: Boardmembers Pedro Gonzalez, Richard A. Garbarino, and Karyl Matsumoto, Vice Chair Kevin Mullin and Chairman Mark Addiego NOES: None ABSTAIN: None ABSENT: Clerk