HomeMy Public PortalAbout2011.023 (02-01-11) RESOLUTION NO. 2011.023
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
AUTHORIZING THE USE OF LOW AND MODERATE INCOME HOUSING FUNDS
FROM ANY PROJECT AREA TO BE USED ON LOW AND MODERATE INCOME
HOUSING PROJECTS CITYWIDE AND MAKING BENEFIT FINDINGS IN
CONNECTION THEREWITH
WHEREAS, the Lynwood Redevelopment Agency (the "Agency") is authorized
pursuant to the Community Redevelopment Law, being Part 1 of Division 24
(commencing with Section 33000) of the Health and Safety Code of the State of
California (the "Law") to incur indebtedness and issue its tax allocation bonds for the
purpose of financing and refinancing low and moderate income housing activities of
benefit to the Alameda Project Area and Project Area "A" (collectively, the "Project
Areas"); and
WHEREAS, the Agency is issuing its Lynwood Redevelopment Agency Taxable
Tax Allocation Bonds (Housing Projects-Subordinate Lien), 2011 Series B(the
"Bonds"), which Bonds shall be secured by the finrenty percent (20%) of tax increment
deposited into the Low and Moderate Income Housing Fund ("Housing Fund") with
respect to each of the Project Areas pursuant to the Law (the "Housing Tax Revenues")
to fund low and moderate income housing activities within and of benefit to the Project
Areas and the City of Lynwood (the "City"); and
WHEREAS, the proceeds of the Bonds and future bonded indebtedness
secured by Housing Tax Revenues (collectively, the "Housing Revenues") will finance
housing projects, including but not limited to tax credit housing projects, grants of land,
and grants or loans for the design, construction, rehabilitation and other costs
associated with housing projects in all of the Project Areas and throughout the City (the
"Housing Projects)"; and
WHEREAS, the Agency desires to use the Housing Revenues with respect to all
of the Project Areas to fund the Housing Projects; and
WHEREAS, Section 33334.2(g) of the California Health and Safety Code states
that that the Agency may use Low and Moderate Income Housing Funds received
pursuant to the Law inside or outside of the project areas; provided, however that an
agency may only use these funds outside the project area upon a resolution of the Agency
and the City Council that the use (of these funds) will be of benefit to the project; and
WHEREAS, the Housing Projects throughout the City will allow the residents of
the Project Areas better access to employment and housing opportunities by providing
housing close to the employment areas with easy access to the freeway, thereby
benefiting the Project Areas; and
WHEREAS, the Housing Projects will serve goals and objectives of the
redevelopment plans for the Project Areas by providing housing at affordable cost in the
community; and
WHEREAS, increasing the availability of affordable housing stock in
neighborhoods near and within the Project Areas will directly reinforce housing,
commercial and industrial revitalization within, and tend to reduce blight within and close
to, the Project Areas, thereby benefiting each of the Project Areas regardless of the
location of the Housing Projects; and
WHEREAS, expending Housing Revenues in residential neighborhoods
throughout the City will benefit the Project Areas by making these neighborhoods more
attractive as places to live for, among others, employees of commercial, industrial and
other developments within the Project Areas, thereby directly reinforcing objectives of the
respectiv� rede�{elopment plans; and
. .
WHEREAS, the Agency wishes to provide for the greatest flexibility in using
Housing Revenues from the Project Areas to increase, improve, and preserve the
community's low and moderate income housing supply available at affordable housing
cost, thereby benefitting the Project Areas; and
WHEREAS, Section 33334.2(g) of the Law states that the provision of
replacement housing pursuant to Section 33413 is always of benefit to a project; and
WHEREAS, this action is not approving any particular project and thus is exempt
from CEQA as a funding mechanism and is not a project under CEQA guideline 15378
(b)(4).
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY FIND, DETERMINE, RESOLVE AND ORDER AS FOLLOWS:
Section 1. Recitals The above Recitals are true and correct and
incorporated herein by reference.
Section 2. Expenditure of Funds outside Proiect Area A. For the reasons
described in the recitals hereto, tf�e staff report and the redevelopment plans, the City
Council hereby finds and declares that the expenditure of the Housing Revenues
(including bond proceeds) from Project Area A outside of Project Area A and within the
City on Housing Projects is of benefit to Project Area A and the projects.
Section 3. Expenditure of Funds outside the Alameda Proiect Area. For
the reasons described in the recitals hereto, the staff report and the redevelopment
plans, the City Council hereby finds and declares that the expenditure of the Housing
Revenues (including bond proceeds) from the Alameda Project Area outside of the
Alameda Project Area and within the City on Housing Projects is of benefit to the
Alameda Project Area and the projects
Section 4. Expenditure on Debt Service for the Bonds For the reasons
described in the recitals hereto, the staff report, the redevelopment plans and the
authorization related to the Bonds, the City hereby finds and declares that the
expenditure of Housing Tax Revenues from each of the Project Areas (i.e. Alameda
Project Area and Project Area "A") on debt service related to the Bonds is of benefit to
each of the Project Areas and the housing projects to be financed with the proceeds of
the Bonds.
Section 5. Effective. This Resolution shall go into effect immediately upon its
adoption. '
PASSED, APPROVED AND ADOPTED this 1 day of February, 2011.
� `:
L^
Aide Castro, Mayor
ATTEST:
� �
Maria Quinonez, City Clerk Roger L. Haley, City Manager
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
,�,
Fred Galante, City Attorney Robert S. Tor ez, Ass' ' y Manager
and Finance Directo
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of Lynwood, do hereby certify that the
foregoing Resolution was passed and adopted by the City Council of the City of Lynwood
at a regular meeting held on the 1 day of February, 2011.
AYES: COUNCIL MEMBERS FLORES, RODRIGUEZ, SANTILLAN, MORTON
AND CASTRO
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
� r
aria Quinonez, ity Clerk
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood, and the Clerk of the City
Council of said City, do hereby certify that the above foregoing is a full, true and correct
copy of Resolution No. 2011.023 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated. Dated this 1 day of February,
2011.
�
aria Quinonez, City Clerk