CIC Resolution 92-62COMMUNITY IMPROVEMENT COMMISSION
OF THE CITY OF ALAMEDA
RESOLUTION NO. 92-62
APPROVING A BORROWING FROM THE WECIP
LOW AND MODERATE INCOME HOUSING FUND
AND A REVISED BUDGET FOR FY 1992-93
INCLUDING AN INCREASED LOAN FROM
THE CITY OF ALAMEDA
WHEREAS, the Community Improvement Commission (the
"Commission") adopted by motion on May 19, 1992, a budget for FY
1992-93; and
WHEREAS, pursuant to changes to California Community
Redevelopment Law (Health and Safety Code section 33000 et sea.),
prior to May 10, 1993, the Commission is required to allocate to
the County Auditor for deposit into the Educational Revenue
Augmentation Fund, $443,375.89,
WHEREAS, the figure was determined by the State Director
of Finance based on FY 1990-91 West End Community Improvement
Project (WECIP) tax increment revenues generated; and
WHEREAS, 96% of WECIP tax increment revenues are legally obligated under executed agreements with Alameda Marina Village and-(
the City of Alameda Housing Authority or to repay current years'
debt service on bonded indebtedness; and
WHEREAS, project savings and budget cuts are insufficient
to meet the full obligation imposed by section 33681(a) of the
Health and Safety Code; and
WHEREAS, the Commission has requested a supplemental FY
1992-93 loan from the City of Alameda in the amount of $143,400;
and
WHEREAS, pursuant to section 33681(b)(2) of the Health
and Safety Code, the Commission finds that even with project
savings and proposed cuts in the FY 1992-93 budget for the WECIP
and the Business and Waterfront Improvement Project (BWIP) there
are insufficient funds or other monies to meet the requirements of
section 33681(a); and
WHEREAS, pursuant to section 33681(b)(1) of the Health
and Safety Code, the Commission may borrow from the WECIP Low and
Moderate Income Housing Fund up to 50 percent of the amount
required to be allocated to the Low and Moderate Income Housing
Fund, provided that no monies held in the Fund as of July 1, 1992
may be used for this purpose; and
WHEREAS, based on WECIP tax increment revenues received
in FY 1991-92, it is anticipated that $623,400 of tax increment
revenues will be allocated to the Low and Moderate Income Housing
Fund in FY 1992-93; and
WHEREAS, the WECIP Low and Moderate Income Housing Fund,
on August 21, 1992, received proceeds from repayment of an
affordable housing loan.
NOW, THEREFORE, the Community Improvement Commission of
the City of Alameda does hereby resolve as follows:
Section 1. In order to make the full allocation required
pursuant to section 33681(a) of the Health and Safety Code, the
Commission approves a borrowing in the amount of $200,715 from the
WECIP Low and Moderate Income Housing Fund, per section 33681(b),
which shall be due to the Fund on June 30, 2003.
Section 2. A revised budget for FY 1992-93 is approved
including a supplemental loan from the City in the amount of
$143,400.
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 a regular meeting
assembled on the 17th day of November, 1992, by the
following vote, to wit:
AYES: Commts:ai:oners Arnerichy Camici-a, Lucas, Roth
and Chairman Withrow - 5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the
official seal of said Commission this 18th_dav of November, 1992,
4 <;-.&
Diane $'. Felsch, Secretary
Community Improvement Commission
E. William Withrow, Jr., Chairman
Community Improvement Commission