R-410
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SANTA MONICA REDEVELOPMENT AGENCY, CITY OF SANTA MONICA, CALIFORNIA
RESOLUTION NO. 410 (RAS)
A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT
AGENCY, CITY OF SANTA MONICA, CAUFORNIA
ADOPTING A STATEMENT OF EXISTING OBLIGATIONS FOR
THE SANTA MONICA DOWNTOWN REDEVELOPMENT
PROJECT ADOPTED BY THE CITY COUNCIL OF THE CITY
OF SANTA MONICA ON JANUARY 13, 1976
WHEREAS, the City Council of the City of Santa Monica, adopted the
Redevelopment Plan for the Santa Monica Downtown Redevelopment Project on
January 13, 1976 by Ordinance No. 1021; and
WHEREAS, the Santa Monica Redevelopment Agency, City of Santa Monica,
California (the "Agency") is engaged in activities necessary and appropriate to carry
out such Redevelopment Plan; and
WHEREAS, pursuant to Section 33334.6 of the California Community
Redevelopment Law (Health and Safety Code Section 33000 et seq.) the Agency is
required to establish a Low and Moderate Income Housing Fund for such
Redevelopment Project in Fiscal Year 1985-86 and each Fiscal Year thereafter, and to
deposit therein not less than twenty percent (20%) of the tax increment funds
allocated to the Agency for the Project in the applicable Fiscal Year, except as
necessary to pay for existing obligations pertaining to the Project; and
WHEREAS, the Agency pursuant to subdivision (f) of Section 33334.6 of the
Community Redevelopment Law has prepared a proposed Statement of Existing
Obligations for the Santa MoniC'a Downtown Redevelopment Project and submitted
such Statement to the City Council of the City of Santa Monica and the Department
of Housing and Community Development in a timely manner; and
WHEREAS, the Agency pursuant to subdivision (n of Section 33334.6 of the
Community Redevelopment Law held a public hearing to consider the proposed
Statement, having duly published notice of such public hearing and made copies of the
proposed Statement, available for public inspection and comment; and
NOW, THEREFORE, THE SANTA MONICA REDEVELOPMENT AGENCY, CITY
OF SANTA MONICA, CALIFORNIA DOES RESOLVE AS FOLLOWS:
1. The Agency recognizes that it has received and heard all oral and written
objections to the proposed Statement of Existing Obligations for the Santa Monica
Downtown Redevelopment Project, and that all such oral and written objections are
hereby overruled.
2. The Agency hereby approves and adopts the Statement of Existing
Obligations for the Santa Monica Downtown Redevelopment Project.
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3. The Agency hereby authorizes and directs the Executive Director (or his
designee) to transmit a copy of this resolution and the Statement of Existing
Obligations for the Santa Monica Downtown Redevelopment Project to the
Department of Housing and Community Development and to transmIt to the CIty
Council of the City of Santa Monica a record of the public hearing held on this matter.
APPROVED AS TO FORM:
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Robert ~. Myers
Agency Attorney
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Adopted and approved this 19th day of August, 1986.
R-t:-o_ k-~
( Chairperson
I hereby certify that the foregoing Resolut1on No. 410(RAS)
was duly adopted by the Redevelopment Agency of the C2ty of Santa
Monica at a meetlng thereof held on August 19, 1986 by the
following Agency vote:
Ayes:
Agency Members:
Epstein, Jennings, A. Katz, H.
Katz and Mayor Reed
Noes: Agency Members:
Zane
Abstain: Agency Members:
None
Absent: Agency Members:
Conn
ATTEST:
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Secretary