CC - Item 4B - Amending Section 530 and 610 of redevelopment Plan for Project area 2ORDINANCE NO. 833
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
ROSEMEAD AMENDING SECTIONS 530 and 610 OF THE
REDEVELOPMENT PLAN FOR PROJECT AREA NUMBER 2 IN
ACCORDANCE WITH SECTION 33333.2(c) OF THE COMMUNITY
REDEVELOPMENT LAW
THE CITY COUNCIL OF THE CITY OF ROSEMEAD DOES ORDAIN AS
FOLLOWS:
Section 1. The City Council finds, determines and declares that this Ordinance
is enacted pursuant to the authority of Health and Safety Code section 33333.2(c) as
amended by SB 1045, for the purpose of amending the Redevelopment Plan for Project
Area 2i as enacted by Ordinance No. 2000-34 on June 27, 2000, by extending the
duration of the Redevelopment Plan's effectiveness and the duration of the time during
which indebtedness must be repaid.
Section 2. Section 530 of the Redevelopment Plan is hereby amended to read as
follows:
(§530) FINANCING LMTATIONS .
Consistent with C.RL Section 333' )3.2, the following financing limitations are
imposed on this Plan:
The total outstanding principal of any bonds so issued and repayable from tax
increment from the Project Area shall not exceed 25 million ($25,000,000) at any
one time, except by further amendment of the Plan.
The Agency shall not establish or incur loans, advances, or indebtedness to be paid
with the proceeds of property taxes received pursuant to Section 510 of the Plan
beyond twenty (20) years from the adoption date of the City Ordinance approving
this Plan for the Redevelopment Project Area No. 2 nor shall such loans, advances
or indebtedness be repayable beyond 46 years (June 27, 2046) therefrom. These
time limits shall not prevent the Agency from incurring debt to be paid from the
Low and Moderate Income Housing Fund (see Section 550) or establishing more
debt in order to fulfill the Agency's obligations pursuant to CRL Section 33413.
These time limits shall not prevent the Agency from refinancing, refunding or
restructuring indebtedness after the time limit if the indebtedness is not increased -
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JUL 2 7 2004
,ITEM
and the time during which the indebtedness is to be repaid is not extended beyond
the time limit contained in Section 610 of this Plan.
The time limit for the Project Area may be extended by amendment to the Plan for
a period not to exceed 10 years more than the time limits established above upon a
finding by the Agency that significant blight remains in the Project Area and, that
the remaining blight cannot be eliminated without establishment of addition debt.
Section 3. Section 610 of the Redevelopment Plan is hereby amended to read as
follows:
(§610) DURATION OF THIS PLAN'S DEVELOPMENT CONTROLS.
The Agency shall have no authority to act pursuant to-the Plan, except to pay
previously incurred indebtedness, to enforce existing covenants or contracts,
including nondiscrimination and nonsegregation provisions, which shall run in
perpetuity, and to complete its housing obligation is accordance with CRL
Section 33413 after 31 years (June 27, 2031) from the date of the adoption of
this Plan for Redevelopment Project Area No. 2.
Section 3. The City Clerk shall certify to the adoption of this Ordinance and
cause the same to be processed in accordance with state law. '
PASSED, APPROVED and ADOPTED this 27`b day of July, 2004.
Mayor, City of Rosemead
ATTEST:
City Clerk