2011-09 1
RESOLUTION NO.2011- 09
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF GRAND TERRACE, CALIFORNIA,
ADOPTING A BUDGET FOR FISCAL YEAR 2011-12
WHEREAS,the Community Redevelopment Agency of the City of Grand
Terrace (the Agency) Board of Directors desire to adopt a budget for the subsequent
fiscal year using estimated revenues and proposed expenditures; and
WHEREAS,the Agency operates on a fiscal calendar year beginning on July 1"
of each year and ending on June 30'�'of the next year; and
WHEREAS,the source of redevelopment revenue is primarily property tax
increment by virtue of the establishment of the agency and redevelopment project area
for which such funds would have otherwise been allocated to other overlapping taxing
agencies; and
WHEREAS,the staff has presented an operating and capital budget containing
the redevelopment funds, to meet the needs of the citizens of the City of Grand Terrace,
the objectives of redevelopment plan, and to improve the 'supply and preservation of low
and moderate income housing in the project area and in the City; and
WHEREAS, a second reading of an Ordinance Adopting Amendment No. 6 to
the Redevelopment Plan for the Grand Terrace Community Redevelopment Project Area
was approved and adopted on May 11th, 2010, which amended the effectiveness dates for
both'the Original Project Area and the Added Project Area to September 27, 2022 and
July 14, 2024,respectively; and
WHEREAS,the Agency adopted Resolution CRA-2011-06 on April 26, 2011
when the Board determined that it may not have the necessary funds to pay the required
SERAF payment of$448,636 on May 3, 2011 from non-housing redevelopment funds
and resolved to borrow the funds at no interest from the CRA Debt Service Fund. Under
the Health and Safety Code,the Agency has a time period of five years to repay such loan
to the CRA Low Mod Income Housing Fund; and
WHEREAS, on April 12, 2011,the Community Redevelopment Agency and the
City of Grand Terrace entered into a loan agreement acknowledging that the City owes
the Community Redevelopment Agency of Grand Terrace $3,388,091 and that the City
desires to make annual payments to the Agency subject to available funds of the City in
2
each fiscal year. No payment is due in fiscal year 2011-12 and the next payment is due
July 1, 2012; and
WHEREAS,the basis of the proposed agency budget is the continuance of the
agency itself to meet the needs of the citizens of the City of Grand Terrace and legal
requirements for redevelopment agencies under the Health and Safety Code; and,
NOW THEREFORE,the Board of Directors of the Community Redevelopment
Agency of Grand Terrace does hereby resolve, declare, determine, and order as follows:
Section 1. The budget for Fiscal Year 2011-12, a copy of which has been filed in the
City Clerk's office, is hereby adopted with projected beginning
(combined) CRA fund balance reserves of$24,317,770,total expenditures
of$10,273,674, including transfers-out, all to be funded by estimated
revenues of$ 9,170,418 and the use of available CRA Low Mod Fund
Balance Reserve. A summary of the CRA Budget by fund is referenced in
"Exhibit A"
Section 2. The Agency board authorizes the Agency Director to make budget
adjustments.to the adopted budget to reallocate appropriations between
departmental activities. Only the Agency Board, by motion and
affirmative majority vote, by minute action or by resolution, may make
increases and decreases in estimated fund revenues and fund
appropriations.
Section 3. Designate Reserves as indicated on Schedule A.
Section 4. No repayment of the CRA Low Mod Fund loan for the FY 2010-11
SERAF payment will be made in FY 2011-12. The Agency will look to
repay the five year loan over the next four years.
PASSED, APPROVED, AND ADOPTED this 28th day of June, 2011.
Attest:
Secretary of the Grand Terrace Community Chairman and Terrace
Redevelopment Agency Community Redevelopment Agency
I, BRENDA MESA, City Clerk of the City of Grand Terrace, do hereby certify
_ that Resolution No. 2011-09 was introduced and adopted at a regular meeting of the City
Council of the City of Grand Terrace held on the 28 h day of June, 2011, by the following
vote:
AYES: Council Members Sandoval, McNaboe.and Hays; Mayor Pro Tem Garcia;
Mayor Stanckiewitz
NOES: None
ABSENT: None
ABSTAIN: None
Brenda Mesa, City Clerk
1 .
-. RESOLUTIONNO. 2011-09
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF
THE:CITY OF GRAND TERRACE,CALIFORNIA,ADOPTING A BUDGET
-FOR FISCAL YEAR 20.11-12
'EXHIBIT X'
FY.2011-12 Estimated Revenues and Expenditures and
CHANGES--IN AVAILABLE FUND_.BALANCE RESERVE = FY 201:1-2012:=
Fund Beginning. Revenue. Expend. ':Reservations : Ending
Fund and . . . Available
Balance Designations Fund
Balance.
�. Capital:Project- 0 l. :-1,837,000. 1 .:1;705,54:4 1 -.0. 1 - 131,456
Debt Service- 1 1,251,673 1 .6;052;858 1 7119.6,245 1 0 1 108,286
Low. Mod Hsg. 0 1 1,280,560. 1 . 1,130,385 .1. 0. 1 1501175
CRA Trust 0 0 0 o. 0
Total. . . 1 1,251,673 1 9,170,4181 10,032,1741 0 1 3,424,8.62
CHANGES IN DESIGNATED FUND BALANCE RESERVE - FY 2011-2012 -
CRA-Funds Revenue Expend.
Debt Service . Bond:debt & : 2;168,335 0 0 2,1.68;335
.
Fund I Other I :
Debt.Service .Pass through 1,838,429 1 0 0 1;836,-4201
Debt Service. SERAF Loan <448,636> 0 0 1..- <448;636>
Low Mod. I Pass through . 4.591107. 0. :-0 45911,07 1
Low-Mod.. I LM project 1 417,946 1 0 1 . 0-1 417,946 1-
CRA Trust CRA.Econ. 1,2071500 0 (241,500) 966,0.00
Fund I Agreement
Total CRA 5,540,681 . 0 (24:11500). 5,299,181 l
Desig Funds
CRA Bond CRA Projects 18,528,672 0 0 18,528,672
Proceeds= I I I
Total.CRA 24,069,353 .0 - (241,500) 23,8275853
includg. Bond
Proceeds