2012-03 RESOLUTION NO. 2012-03
A RESOLUTION OF THE GRAND TERRACE COMMUNITY
REDEVELOPMENT AGENCY, CALIFORNIA, ADOPTING CERTAIN
FINDINGS REGARDING NECESSITY AND THAT PURPOSE OF 2011
TAX ALLOCATION PROCEEDS CAN BE ACHIEVED
WHEREAS, the Grand Terrace Community Redevelopment Agency, Grand
Terrace, California ("Agency") was formed for the purpose of revitalizing areas within
the City of Grand Terrace pursuant to Health and Safety Code Section 33000, et. seq.;
WHEREAS, resolution CRA-2010-01 approved the sixth amendment to the
redevelopment plan of the City of Grand Terrace Community Redevelopment Agency
to address outlining community needs due to inadequate public improvements, obsolete
design and construction; deteriorating and dilapidated buildings;
WHEREAS, the City of Grand Terrace Community Redevelopment Agency
developed a project list as detailed in Schedule A which listed projects in the project
area would be funded in full or partially with bond proceeds and therefore a basis for
which bonds would be issued;
WHEREAS, the City of Grand Terrace has no other funds to undertake the
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projects listed on Schedule A;
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WHEREAS, the City of Grand Terrace Community Redevelopment Agency
received proceeds from the sale of the 2011A Tax Allocation Bonds and the sale of
2011 B Tax Allocation Bonds in June 2011;
WHEREAS, the City as successor agency is legally obligated to perform the
covenants of the 2011 Tax Allocation Bonds indenture and has a fiduciary responsibility
to maintain the tax exempt status for bondholders of the 2011 Tax Allocation Bonds;
WHEREAS, the Grand Terrace Community Redevelopment Agency finds under
Health and Safety Code section 34177(i), that community needs continue to exist for the
projects listed in Schedule A for which exists bond proceeds required to be expended
on the projects listed on Schedule A and that the project purposes can be achieved with
the use of such proceeds;
WHEREAS, AB X1 26 required the dissolution of all redevelopment agencies in
the state, including prohibitions on certain actions by these agencies and requiring
certain actions to be taken;
WHEREAS, In California Redevelopment Association v. Matosantos, the
California Supreme Court upheld AB X1 26 allowing for the dissolution of city
redevelopment agencies and overturning AB X1 27 thus precluding redevelopment
;`� , agencies continued existence;
WHEREAS, the Grand Terrace Community Redevelopment Agency finds in
response to Health and Safety Code section 34177(i), that community needs continue
to exist for the projects listed in Schedule A and therefore the outstanding bonds should
not be defeased;
WHEREAS, on or before February 1, 2012, the Agency will adopt a revised
Enforceable Obligation Payment Schedule pursuant to Health and Safety Code section
34169(g);
WHEREAS, on or before February 1, 2012, the Agency will adopt an amended
Initial Recognized Obligation Payment Schedule pursuant to Health and Safety Code
section 34169(h); and
NOW THEREFORE, THE GRAND TERRACE REDEVELOPMENT AGENCY
DOES RESOLVE, DETERMINE, FIND AND ORDER AS FOLLOWS:
SECTION 1. The Agency finds that the above recitations are true and correct
and, accordingly, are incorporated as a material part of this Resolution.
SECTION 2. Listed projects on Schedule A are obligations under the bond
indenture up to the amount of bond funds and are included as obligations pursuant to
Health and Safety Code Section 34169(g) and 34169(h), and included on the amended
'J EOPS and the amended IROPS.
SECTION 3. The Agency Secretary shall certify to the adoption of this
Resolution.
PASS, APPROVED AND ADOPTED this 30th day of January, 2012 by the following
vote:
AYES: Agency Mdmbers McNaboe, Sandoval and Hays; Vice-Chairman Garcia
and Chairman Stanckiewitz
NOES: None
ABSENT: None
ABSTAIN: None I
Walt Stanek ewtiz, Chairman
ATTEST:
oAft _ P
Tracey R. 11 Artine , Agency Se tary
APPROVED AS TO FORM:
Ftichard L.�Adams, City Attorney
State of California )
County of San Bernardino )ss.
State of California )
I, Tracey R. Martinez, hereby certify that I am the duly appointed City Clerk of the
City of Grand Terrace and the Agency Secretary of the Community Redevelopment
Agency of the City of Grand Terrace and that the foregoing resolution was duly adopted
at a special meeting of the City Council and the Community Redevelopment Agency of
the City of Grand Terrace held on the 30t" day of January, 2012.
V Tracey R. rfi hez, Agency a rotary
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Schedule A
Aaencv Infrastructure Proiects
Completion period: 2011-2016
A. Tax-Exempt Bonds
1 I Southwest area: infrastructure study and design I 600,000
2 I Southwest area: infrastructure construction I 10,000,000
3 I Barton Road infrastructure improvements I 1,000,0001
4 I Michigan Street improvements: design and ROW acquisition I 400,0001
5 Michigan Street improvements: construction I 3,000,0001
6 I Union Pacific/Barton Road bridge construction I 500,000
7 Strom drain and street rehabilitation: Van Buren, Pico, and Main 12,000,000 I
Streets
8 I Mt. Vernon slope stabilization I 2,000,0001
9 I Vista Grande park construction I 70,0001
TOTAL (tax-exempt) Projects I $29,570,000
B. Taxable Bonds
1 I Land Assembly for Southwest mixed-use area I 2,000,0001
2 I Land Assembly on Barton Road I 1,500,0001
TOTAL (taxable) Projects I $3,500,000 1
A I Tax Exempt Bond Projects I 29,570,000
B I Taxable Bond Projects I 3,500,0001
I TOTAL Projects I $33,070,000 1