CIC Resolution 87-33ALAMEDA COMMUNITY IMPROVEMENT COMMISSION
RESOLUTION NO.87-33
APPROVING A LOAN FROM THE CITY OF ALAMEDA
TO FINANCE COMMISSION ACTIVITIES AND AUTHORIZING THE
EXECUTIVE DIRECTOR TO EXECUTE AGREEMENT TO REPAY
FUNDS TO THE CITY OF ALAMEDA
WHEREAS, Commission staff has prepared a proposed
Community Improvement Commission budget for fiscal years 1987-88
and 1988-89 attached hereto as Exhibit "A" and by this reference
incorporated herein; and
WHEREAS, said budget provides for $892,000 to be
expended by the Commission in fiscal year 1987-88 and $1,056,400
in fiscal year 1988-89 in the implementation of Alameda 's
community improvement efforts; and
WHEREAS, the City of Alameda by Resolution No. 11231
has agreed to loan to the Community Improvement Commission
$50,000 for fiscal year 1987-88 and up to $46,000 for fiscal year
1988-89 to be expended pursuant to the proposed budget; and
WHEREAS, said loans are made to the Community
Improvement Commission at 12% interest
NOW, THEREFORE, BE IT RESOLVED that the loans from the
City of Alameda are hereby accepted; and
BE IT FURTHER RESOLVED that the Executive Director is
"z. hereby authorized to enter into an agreement to repay funds, a
copy of which is attached hereto and marked Exhibit "B", on the
-!1,- above-referenced loans solely out of tax-increment revenues
available to the Commission within the Alameda Community
Improvement Project pursuant to Health and Safety Code Section
33670 et seq.
ALAMEDA COMMUNITY IMPROVEMENT COMMISSION
PROPOSED BUDGET
FISCAL YEAR 1987-88 & 1988-89
Revenues
Tax Increment
General Fund Loan
Total Funds Available
1987-88 1988-89
$842,000 $1,010,400
50,000 46,000
$892,000 $1,056,400
Expenditures
Professional Services
- Financial Audit 6,000 6,375
Personnel Services
- Management Analyst
- Reimbursement to General
Fund for support
services
Other Costs
- Tax Increment payment to
property owners as per
Section 702 of Owner
Participation Agreement
- Tax Increment - 20%
set aside for low
and moderate income
housing
$49,141
$26,377
$ 50,257
$ 75,518 $ 27,197 $ 77,454
$639,920 $767,904
$168,400 $202,080
- Dues: California
Community Redevelopment
Agencies Association $ 700 $ 735
- Data Processing $ 343 $ 360
- Miscellaneous $ 1,119 $810,482 $ 1,492
$892,000
Total _ aditures
$ 972,571
$1,056,400
EXHIBIT B
AGREEMENT TO REPAY FUNDS
THIS IS A REPAYMENT AGREEMENT dated this day of
, 1987, by and between the CITY OF ALAMEDA
(hereinafter called "City") and the ALAMEDA COMMUNITY
IMPROVEMENT COMMISSION (hereinafter called "Commission").
RECITALS:
1. On August 3, 1982, the City duly adopted Ordinance
No. 2103 N.S. establishing the Alameda Community Improvement
Commission.
2. The Alameda Community Improvement Commission is
vested with the responsibility for formulating and carrying out
necessary community improvement projects within the City of
Alameda.
3. To that end, the City of Alameda has expended and
will continue to expend on behalf of the Commission at the
special instance and request of the Commission, staff time,
expenses, overhead, consultant costs and other related expenses
in the formulation, coordination, administration and
implementation of a Community Improvement Plan for the City of
Alameda.
4. Said expenditures have been made in the anticipation
that said costs would be repaid by the Commission out of tax-
increment funds to be generated within the Community Improvement
project area.
5. On July 7, 1987, the City, by Resolution
No. 11231, agreed to loan to the Commission $50,000 to fund the
Commission's expenses for fiscal 1987-88, and to loan the
Commission up to $46,000 in fiscal 1988-89 to fund the
Commissions expenses in that fiscal year.
AGREED:
1. The Commission agrees to reimburse the City for all
sums heretofore expended by the City in connection with the
development, planning, adoption, administration and
implementation of the Alameda Community Improvement Plan
including, but not limited to, all staff time and overhead costs,
costs of use of City facilities, consulting fees and other
related costs. Said debt shall bear 12% interest and shall be
paid to City by Commission in the manner provided in Section 4
below.
2. The Commission agrees to reimburse the City for all
future costs incurred by the City in furtherance of the Alameda
Community Improvement Project. Said future costs shall include,
but shall not be limited to, costs to the City for consulting
services, staff time and other related administrative expense.
3. Commission agrees to repay to the City the funds
loaned to Commission by City pursuant to Resolution
Said debt shall bear 12% interest and shall be paid to the City
by the Commission in the manner provided by Section 4 below.
4. Upon receipt by the Commission of a cost
certification statement bearing the signature of a duly
authorized agent of the City and describing in detail all or any
part of the costs hereinabove enumerated that have been actually
accrued and paid by the City, the Commission shall pay to the
City as soon as reasonably possible the amount called for in the
aforesaid statement, provided that if the Commission is unable to
pay the amount so called for because of a deficiency in its
accumulated tax - increment funds pursuant to Health and Safety
Code Section 33670 et seq., the Commission shall pay a portion of
said costs according to the tax- increment funds available. Those
amounts remaining unpaid shall continue to be a debt of the
Commission and shall be paid immediately to the City upon receipt
by the Commission of sufficient tax - increment funds.
It is understood by both the Commission and the City
that such repayment shall be a debt of the Commission and shall
be repaid solely from tax - increment funds generated within the
Alameda Community Improvement Project Area, if any.
If any provision of this Repayment Contract, or the
application thereof to any person, party, transaction or
circumstance, is held invalid, the remainder of the Contract, or
the application of such provision to other persons, parties,
transactions or circumstances, shall not be affected thereby.
IN WITNESS WHEREOF, the City Council of the City of
Alameda by its Resolution No. has caused the name of said
City to be affixed hereto by its Mayor, and the Community
Improvement Commission of the City of Alameda by its Resolution
No. has caused the name of said Alameda Community
Improvement Commission to be affixed hereto by its Executive
Director, all as of the date hereinabove written.
CITY OF ALAMEDA ALAMEDA COMMUNITY IMPROVEMENT
COMMISSION
By By
Mayor Executive Director
I, the undersigned, hereby certify that the foregoing
Resolution was duly and regularly adopted and passed by
the Community Improvement Commission of the City of Alameda
in regular meeting assembled on the 21st of July, 1987,
by the following vote, to wit:
AYES:
Commissioners Camicia, Haugner, Monsef, Thomas
and Chairman Corica - 5.
NOES: None.
ABSENT: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of said Commission this 22nd day of July, 1987.
)9
Diane, e sch,(;ecretary
Commu ty Improvement Commission
C.J:„.„-Corica, Chairman
Community Improvement Commission