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Home My WebLink AboutRDA Res 86-17 1986-11-10 . , RESOLUTION NO. PicL1 I A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH DIRECTING REPAYMENT OF CERTAIN MONEYS ADVANCED TO THE AGENCY BY THE CITY OF SEAL BEACH AND MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section l. On October 7, 1986, the Redevelopment Agency of the City of Seal Beach delivered tax allocation bonds of the Agency to the original purchasers thereof, in exchange for their purchase price and accrued interest thereon. Such bonds were issued for the express purpose of repaying to the City of Seal Beach moneys advanced by the City to the Agency which were utilized by the Agency for installation and con- struction costs associated with the City's community center, I public works yard and police facility, for improvements made to the County of Orange public library located in the City, for '\ improvements made to the former pacific Electric right-of-way (which is now a parkway owned by the Agency) and for adminis- trative and overhead costs of the Agency. Section 2. The City's community center provides a public meeting place and a center for public recreational activities for City residents and community organizations, I including those within the Riverfront Redevelopment Project Area, all for the benefit of property owners, residents, and visitors within the Project Area and the immediate neighborhood in which the Project Area is located. The community center is a part of Marina Park which is located in the Project Area at the corner of First Street and Marina Drive. A wide variety of educational and recreational classes are taught at the center which classes are attended by residents in the Project Area and Resolution Number 8t.-11 I I th~ immediate neighborhood in which the Project Area is located. The meeting rooms within the community center provides a convenient location for activities by civic, social, and community organizations and groups from the Project Area and the immediate area in which the Project Area is located. Section 3. The city's public works yard provides a centrally located and easily accessible base from which City employees can manage, operate, maintain and repair the City's public works, including those public works in and surrounding the Project Area, all far the benefit of property owners, residents, and visitors within the project Area and the imme- diate neighborhood in which the Project Area is located. The public works yard contains the administrative offices for the City's Public Works Department and storage facilities for the City's street sweeping, tree-trimming and park maintenance equipment. The public works yard also is used for the storage of materials and supplies for street maintenance throughout the City, including the Project Area. Section 4. The City's police facility is a modern, centrally located police services center which provides pOlice protection to the entire City, including the project Area. Such facility has upgraded the level of police protection available to the property owners, residents and visitors within the City and the Project Area. The City's police facility enables the City's police department to more effectively respond to the public health, safety, welfare and law enforce- ment, all for the benefit of the property owners, residents and visitors within the Project Area and the immediate neighborhood in which the Project Area is located. Section 5. The County of Orange public library which is located in the Project Area provides recreational reading I I I I I I Resolution Number ~-/7 , and educational opportunities for the residents of and visitors to the City and the Project Area. The improvements made by the Agency included improvements to areas of the library designated as a senior citizens' center. Such senior citizens' center provides recreational reading and educational opportunities for the senior citizen residents and visitors to the City and the Project Area, all to the benefit of the property owners, resi- dents and visitors within the Project Area and the immediate neighborhood in which the Project Area is located. section 6. The former Pacific Electric right-of-way was improved by the Agency as a parkway. The former Pacific Electric right-of-way now provides an open space "greenbelt" within the City, enhancing property values in the City and the Project Area by creating an aesthetically pleasing open space greenbelt, all to the benefit of the property owners, residents and visitors within the Project Area and the immediate neigh- borhood in which the Project Area is located. The parkway also offers recreational opportunities for walkers and joggers within the Project Area and the immediate neighborhood. Section 7. At the time of repayment by the Agency for the costs of installation and construction of the above- described public improvements, that portion financed by the Agency was not within the budget of the City. The nature of the improvements was inappropriate for financing by special assessments since each had (and has) a general rather than a special or local benefit. General obligation bond financing was unavailable as a practical matter because of the extra- ordinary majority vater approval requirements and later because of the uncertainties of the availability of that method of financing after the addition of Article XIIIA to the California Constitution. The moneys advanced by the City to the Agency Resolution Number&-/1 for each of the above-described public improvements cepleted necessary reserve and replacement funds of the City, which remain depleted to the date of delivery of the tax allocation bonds by the Agency. With the exception of the uncertainty regarding general obligation bond financing under Article XIIIA, all of the circumstances surrounding such payment by the Agency for the costs of such improvements remain the same. I Section 8. Based upon the facts and circumstances set forth in Sections 2 through 7, inclusive, hereof, the Agency hereby finds and determines that the City's community center, public works yard and police facility, the County of Orange public library located in the City and the Pacific Electric right-of-way open space greenbelt were and are of benefit to the Riverfront Redevelopment Project Area and to the immediate neighborhood in which the Project Area is located, and that no other reasonable means of financing such improvements were or II are available to the City. Section 9. The Executive Director of the Agency is hereby authorized and directed to cooperate with the Finance Director of the City so as to effect a repayment of the moneys advanced by the City to the Agency, all as set forth in more ; detail on Exhibit A, attached hereto, and that such repayments I Resolution Number-Sb-/7 , (including accrued interest) shall be deemed to have been made as of October 31, 1986. I .p. PASSED, APPROVED AND ADOPTED this ~day AYES: Agency Members o NOES: Agency Members ABSENT: Agency Members ~....~J ii,~~ ChaJ.rman ATTEST: I STATE OF CALIFORNIA COUNTY OF ORANGE eI~Y OF SEAL BEACH ) ) SS ) -I I, Joanne M. Yeo, City Clerk of the City of Seal Beach, California, and Secretary to the Seal Beach Redevelopment Agency, do hereby certify that the foregoing resolution is the original copy of Resolution Number ~_ on file in the office of the City Clerk, passed, appro nd adopted by the Seal Beach Redevelopment ~~~ncy at a r g la ad' u ned meeting thereof held on the /t1 f!!o day of , 1986. I L Resolution Number 8/,-17 , EXHIBIT A COLUMN NO. 1 COLUMN NO. 2 COLUMN NO. 3 COLUMN NO. 4 COLUMN NO. 5 COLUMN NO.6 DATE OF AMOUNT OF INTEREST PURPOSE OF AMOUNT TO BE AMOUNT OF ADVANCE ADVANCE ADVANCE RATE PAID ADVANCE REPAID BY AGENCY (PRINCIPAL~ BY CITY BY CITY BY AGENCY BY CITY (INCL. INTEREST) REMAINING UN "D 3-17-69 $ 77,734 6% Marina Center $159,975 $ 77,734 3-17-69 164,755 6% Marina Center 339.062 164,755 3-24-80 223,500 10% Police Building 194,415 111, 585 6-23-80 418,000 10% Library 561,234 306,533 11-8-82 182,531 12% Improvements 269,707 182,531 $1.066.520 $1,524.393 $843,138 .. I Unpaid Principal Unpaid Interest $ 843.138 681.255 $1,524.393 I 861029 pf 0771WLS 1