HomeMy WebLinkAbout1993 070 CC RESO1993 070 CC RESO (Ìì ¹ Á RESOLUTION 93-70
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF BALDWIN PARK, CALIFORNIA, APPROVING THE
BALDWIN PARK REDEVELOPMENT AGENCY BUDGET
FOR FISCAL YEAR 1993-94 AND LOANING FUNDS
PURSUANT TO SAID BUDGET
WHEREAS, the Budget of the Baldwin Park Redevelopment
Agency the Agency") for Fiscal Year 1993-94 is attached hereto
as Exhibit A" the Budget"), and by this reference incorporated
herein; and
WHEREAS, the City Council is permitted under State law
to make available certain loans to the Agency; and
WHEREAS, the City Council, in accordance with the
provisions of the California Community Redevelopment Law the
Law"), has created an Agency Administrative Fund the
Administrative Fund"); and
WHEREAS, the City Council desires to loan funds to the
Agency from the City of Baldwin Park General Fund pursuant to the
proposed Budget for administrative expenses; and
WHEREAS, the Fiscal Year 1993-94 Loan Agreement
documenting such loan is attached hereto as Exhibit B" and by
this reference incorporated herein; and
NOW, THEREFORE, BE IT HEREBY RESOLVED, DETERMINED AND
ORDERED BY THE CITY COUNCIL OF THE CITY OF BALDWIN PARK AS
FOLLOWS:
SECTION 1. The Budget of the Agency for Fiscal Year
1993-94 is hereby approved.
SECTION 2. The sum not to exceed $302,710 is hereby
appropriated from the General Fund in the form of staff support,
miscellaneous expenses and professional services to the
Administrative Fund in accordance with the Agency's approved
Budget for Fiscal Year 1993-94.
SECTION 3. The Mayor and City Clerk are hereby
authorized to execute the Loan Agreement attached hereto as
Exhibit B" on behalf of the City as the City's Act and Deed.
PASSED, APPROVED AND ADOPTED this 23rd day of June,
1993.
ATTEST
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1993 070 CC RESO (Ìì ¹ Á RESOLUTION 93-7O
PAGE TWO
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES) ss.
CITY OF BALDWIN PARK
I, LINDA L. GAIR, City Clerk of the City of Baldwin
Park, do hereby certify that the foregoing Resolution was duly
adopted by the City Council and signed by the Mayor of said City
at a meeting held on the 23rd day of June, 1993; and that the same
was passed by the following vote to-wit:
AYES: COUNCILMAN MARTINEZ, MCNEILL, GALIEGOS. MAYOR VARGAS
NOES: COUNCILMAN NONE
ABSENT: COUNCILMAN IZELL
ABSTAIN: COUNCILMAN NONE
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1993 070 CC RESO (Ìì ¹ Á EXHIBIT A"
BALDWIN PARK REDEVELOPMENT AGENCY
ANNUAL BUDGET
FISCAL YEAR 1993 1994
SAN GABRIEL RIVER PROJECT
REVENUES
TAX INCREMENT $ 1,000,000
Less Pass through Agreement 0
Net Tax Increment 1,000,000
Sales Tax
0
Sale of Land 0
Rental Income 0
Miscellaneous/Other Income 0
Bond Proceeds
0
Total Revenues $ 1,000,000
EXPENDITURES
Bond Debt Service $ 646,100
Other Debt Instruments 0
20% Housing Set-a-side 200,000
City Administration Serivces:
Personnel
0
Other Operating Expenses 0
Outside Professional Services 0
Legal Services
0
Educational Resource Allocation Fund 153,900 1)
Total Expenditures $ 1,000,000
1) Assumes State takes $159,900
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1993 070 CC RESO (Ìì ¹ Á BALDWIN PARK REDEVELOPMENT AGENCY
ANNUAL BUDGET
FISCAL YEAR 1993 1994
PUENTE-MERCED PROJECT
PUENTE MERCED PROJECT
REVENUES
Tax Increment $ 335,000
Less: Pass through Agreement 431000)
Net Tax Increment 292,000
Sales Tax
225,000
Sale of Land 0
Rental Income 0
Miscellaneous/Other Income 250,000
Bond Proceeds
0
Total Revenues $ 767,000
EXPENDITURES
Bond Debt Service $ 459,000
Other Debt Instruments 308,000
20% Housing Set-a-side 67,000) 1)
City Administration Serivces:
Personnel 0
Other Operating Expenses 0
Outside Professional Services 0
Legal Services 0
Educational Resource Allocation Fund 0
Total Expenditures $ 767,000
1) For footnote purposes only, not included in totals.
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1993 070 CC RESO (Ìì ¹ Á 1
BALDWIN PARK REDEVELOPMENT AGENCY
ANNUAL BUDGET
FISCAL YEAR 1993 1994
WEST RAMONA PROJECT
REVENUES
Tax $ 236,900
Less: Pass through Agreement 30,000)
Net Tax Increment 206,900
Sales Tax
0
Sale of Land 0
Rental Income 0
Miscellaneous/Other Income 0
Bond Proceeds
0
Total Revenues $ 206,900
EXPENDITURES
Bond Debt Service $ 157,900
Other Debt Instruments 0
20% Housing Set-a-side 47,380 1)
City Administration Serivces:
Personnel 7,700
Other Operating Expenses 1,000
Outside Professional Services 0
Legal Services 0
Educational Resource Allocation Fund 0
Total Expenditures $ 213,980
1) These housing funds will be used to repay
City funds previously expended on housing,
then they will be expended for Community
Center payments.
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1993 070 CC RESO (Ìì ¹ Á BALDWIN PARK REDEVELOPMENT AGENCY
ANNUAL BUDGET
FISCAL YEAR 1993 1994
CENTRAL BUSINESS DISTRICT
REVENUES
Tax Increinent $ 694,000
Less; Pass through Agreement 104,100)
Net Tax Increment 589,900
Sales Tax
0
Sale of Land 0
Rental Income 0
Miscellaneous/Other Income 0
Bond Proceeds 0
Total Revenues $ 589,900
EXPENDITURES
Bond Debt Service $ 454,000
Other Debt Instruments 0
20% Housing Set-a-side 137,200 1)
City Administration Serivces:
Personnel 23,800
Other Operating Expenses 5,000
Outside Professional Services 0
Legal Services 0
Educational Resource Allocation Fund 0
Total Expenditures $ 620,000
1) These housing funds will be used to repay
City funds previously expended on housing,
then they will be expended for Community
Center payments.
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1993 070 CC RESO (Ìì ¹ Á BALDWIN PARK REDEVELOPMZNT AGENCY
ANNUAL BUDGET
FISCAL YEAR 1993 1994
DELTA PROJECT
REVENUES
Tax Incremrent. $ 220,000
Less: Pass through Agreement 28,000)
Net Tax Increment 192,000
Sales Tax
0
Sale of Land 0
Rental Income 0
Miscellaneous/Other Income 0
Bond Proceeds
0
Total Revenues $ 192,000
EXPENDITURES
Bond Debt Service $ 159,180
Other Debt Instruments 0
20% Housing Set-a-side 44,000
City Administration Serivces:
Personnel
0
Other Operating Expenses 1,000
Outside Professional Services 0
Legal Services 0
Educational Resource Allocation Fund 0
Total Expenditures $ 204,180
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1993 070 CC RESO (Ìì ¹ Á BALDWIN PARX REDEVELOPMENT AGENCY
ANNUAL BUDGET
FISCAL YEAR 1993 1994
SIERRA VISTA PROJECT
REVENUES
Tax Increment $ 825,000
Less: Pass through Agreement 198,000)
Net Tax Increment 627,000
Sales Tax
0
Sale of Land 0
Rental Income 0
Miscellaneous/Other Income 0
Bond Proceeds 0
Total Revenues $ 627,000
EXPENDITURES
Bond Debt Service $ 375,000
Other Debt Instruments 0
20% Housing Set-a-side 165,000
City Administration Serivces:
Personnel 106,160
Qther Operating Expenses 10,000
Outside Professional Services 100,000
Legal Services 25,000
Educational Resource Allocation Fund 6,000
Total Expenditures $ 787,160
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1993 070 CC RESO (Ìì ¹ Á BALDWIN PARK REDEVELOPMENT AGENCY
ANNUAL BUDGET
FISCAL YEAR 1993 1994
SET A- SIDE
REVENUES
Tax Increment $ 0
Less: Pass through Agreement 0
Net Tax Increment 0
Sales Tax 0
Sale of Land 0
Rental Income 0
Miscellaneous/Other Income 0
Bond Proceeds 0
Total Revenues $ 0
EXPENDITURES
Bond Debt Service $ 0
Other Debt Instruments 0
20% Housing Set-a-side 0
City Administration Serivces:
Personnel 38,050
Other Operating Expenses Sf 000
Outside Professional Services 0
Legal Services 0
Educational Resource Allocation Fund 0
Total Expenditures $ 43,050
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1993 070 CC RESO (Ìì ¹ Á
EXHIBIT B"
FISCAL YEAR 1993-94
LOAN AGREEMENT
BALDWIN PARK REDEVELOPMENT PROJECT
THIS AGREEMENT is entered into this 23rd day of June,
1993, by and between the City of Baldwin Park, a municipal
corporation, the City"), and the Baldwin Park Redevelopment
Agency, a public body, corporate and politic, the Agency")
RECITALS
WHEREAS, Section 33600 et seq. of the California
Community Redevelopment Law authorizes the Agency to borrow money
or accept financial or other assistance from the City; and
NOW, THEREFORE, i:n consideration of the foregoing and
the mutual covenants contained herein, the parties hereto agree
as follows:
COVENANTS
SECTION 1. Amount of Loan. The City agrees to loan
the Agency an amount not to exceed $302,710.00 in the form of
staff and professional services. Said loan shall be in addition
to any and all amounts previously loaned to the Agency. The
project areas to which the funds are loaned are shown on
Attachment 1.
SECTION 2. Disbursement of Funds. The City agrees
to disburse loan proceeds, or provide personnel/professional
services to the Agency upon receipt of a request from the Agency
and based upon documented time sheets. The Agency agrees to use
such proceeds only for the purposes provided for in the adopted
annual budget of the Agency for Fiscal Year 1993-94.
SECTION 3. Interest. The Agency agrees to pay the
City interest per annum at rate equal to what they would receive
on the funds borrowed at the time of repayment of the loan.
SECTION 4. Repayment. The Agency agrees to repay any
and all funds borrowed as soon as possible.
SECTION 5. Obligation Constitutes Indebtedness. This
Loan Agreement shall constitute an obligation and debt of the
Agency to use all available Tax Increment revenue to repay City
by periodic repayments. Such indebtedness shall be subordinate
to any and all other Agency indebtedness incurred by Agency,
including indebtedness incurred through the issuance of Tax
Allocation Notes or Bonds or any other Bonds of the Agency.
IN WITNESS WHEREOF, the City and the Agency have
executed this Agreement as of the date first above written.
CITY OF BALDWIN PARK BALDWIN PARK REDEVELOPMENT AGENCY
FIDEL A. VARGAS, MAYOR FIDEL A. VARGAS, CHAIRMAN
ATTEST: ATTEST:
LINDA L. GAIR, CITY CLERK DONALD PENMAN, SECRETARY
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1993 070 CC RESO (Ìì ¹ Á EXHIBIT B"
ATTACHMENT 1
ADMINISTRATIVE SUPPORT
STAFF AND PROFESSIONAL SERVICES
FY 1993-94
Project Area
Sierra Vista
Personnel Services $106,160
Other Operating Expenses 10,000
Professional Services 100,000
Delta
Other Operating Expenses 1,000
Central Business District
Personnel Services 23,800
Other Operating Expenses 5,000
Professional Services 5,000
West Rarnona
Personnel Services 7,700
Operating Expenses 1,000
Housiny lund
Personnel Services 38,050
Other Operating Expenses 5,000
$302,710
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