2017-01 RESOLUTION NO. 2017-01
A RESOLUTION OF THE CITY OF GRAND TERRACE AS
SUCCESSOR AGENCY TO THE COMMUNITY
REDEVELOPMENT AGENCY APPROVING A REPAYMENT
SCHEDULE FOR THE SUPPLEMENTAL EDUCATIONAL
REVENUE AUGMENTATION LOAN
WHEREAS, AB xl 26 required the dissolution of all redevelopment agencies in the state;
and
WHEREAS, on January 10, 2012, the City adopted Resolution 2012-01 electing to serve
as the Successor Agency to the Grand Terrace Community Redevelopment Agency ("Successor
Agency") pursuant to HSC Section 34176; and
WHEREAS, Health and Safety Code Sections 34171(d)(1)(G) and 34176(e), requires
repayment of the Supplemental Educational Revenue Augmentation Fund (SERAF) loan; and
WHEREAS, the Community Redevelopment Agency of the City of Grand Terrace
borrowed $448,636 from the low and moderate income housing fund to make the SERAF
payment(the"SERAF Loan"); and
WHEREAS, since Community Redevelopment Agency of the City of Grand Terrace had
not repaid the SERAF Loan prior to its dissolution, the SERAF loan is an enforceable obligation
that the Successor Agency is required to repay to the Housing Authority of the City of Grand
Terrace, which is serving as the housing successor agency; and
WHEREAS, since the Successor Agency received its Finding of Completion from the
Department of Finance on May 9, 2013, per Health and Safety Code Section 34191.4 (b),
repayment of the SERAF Loan to the housing authority is permitted, subject to approval by the
Oversight Board of the repayment schedule; and
WHEREAS, Health and Safety Code Section 34191.4 (b) law limits the loan repayment
amount to one-half of the increase between the amount distributed to the taxing entities in the
FY2012-13 base year versus the amount distributed to taxing entities in FY2013-14 and each
subsequent fiscal year; and
WHEREAS, the City of Grand Terrace as Successor Agency to the Community
Redevelopment Agency has met on January 10, 2017 and duly considered the SERAF Loan
Repayment Schedule.
NOW THEREFORE, THE CITY OF GRAND TERRACE AS SUCCESSOR AGENCY
TO THE COMMUNITY REDEVELOPMENT AGENCY DOES RESOLVE;_'DE_TER1VfLNE,
FIND AND ORDER AS FOLLOWS: _
S.A.RESOLUTION NO. 2017-01 PAGE 1 OF 3 JANUARY 10, 2017
SECTION 1. The City as Successor Agency finds that the above recitations are true and
correct and, accordingly, are incorporated as a material part of this Resolution.
SECTION 2. The City as Successor Agency finds that the SERAF Loan Repayment
Schedule is true and correct and, accordingly, is hereby considered an enforceable obligation.
SECTION 3. Pursuant to HSC Section 34177, the SERAF Loan Repayment Schedule,
incorporated herein as Attachment A, is hereby approved and adopted in substantially the same
form as shown in Attachment A by the Successor Agency.
SECTION 4. The Executive Director is hereby authorized to make such non-substantive
changes and adjustments to the SERAF Loan Repayment Schedule, as attached, which may be
necessary and appropriate.
SECTION 5. The Executive Director is hereby directed to take all necessary and
appropriate.acts to submit the SERAF Loan Repayment Schedule to the California Department
of Finance, State Controller's Office, San Bernardino County Auditor-Controller, and any other
agency by February 1, 2017. The Executive Director is further authorized to perform all acts
necessary and appropriate which may be required by the California Health & Safety Code. This
includes, but is not limited to the requirements set forth by the California Department of Finance,
the San Bernardino County Auditor-Controller, or any other applicable agency.
SECTION 6. The City Clerk certify to the adoption of this Resolution. _
PASSED APPROVED AND ADOPTED this loth day of January, 2017 by the following vote:
AYES: Agency Members Reinarz, Hussey, Wilson, Vice-Chair Robles, Chair McNaboe
NOES: None
ABSENT: None
ABSTAIN: None
D c�, hair
ATTEST:
Pat=Jacq - es, Cy�Cle
S.A. RESOLUTION NO. 2017-01 PAGE 2 OF 3 JANUARY 10, 2017
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ATTACHMENT A
SUCESSOR AGENCY TO THE
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF GRAND TERRACE
Supplemental Educational Revenue Augmentation Fund (SERAF)
Loan Repayment Schedule
Pymt Pavment Bep-inniniz Scheduled Endinfz
No. Date Balance Pavment Pnncinal Interest Balance
1 1/15/2018 $448,636 $50,000 $50,000 $0 $398,636
2 1/15/2019 398,636 j 50,000 1 50,000 0 348,636
3 1/15/2020 348,636 50,000 50,000 0 298,636
4 1/15/2021 298,636 50,000 50,000 0 248,636
5 1/15/2022 248,636 50,000 50,000 0 198,636
6 1/15/2023 198,636 50,000 50,000 0 148,636
7 1/15/2024 148,636 50,000 j 50,000 0 98,636
8 1/16/2025 98,636 50,000 50,000 0 48,636
9 1/17/2026 48,636 48,636 48,636 0 0
TOTAL $448.636 j
S.A. RESOLUTION NO. 2017-01 PAGE 3 OF 3 JANUARY 10, 2017