M-8/19/1986 (3)
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SANTA MONICA REDEVELOPMENT AGENCY, CITY OF SANTA l\IIONICA, CALIFORNIA
RESOLUTION NO. 409 (RAS)
A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT
AGENCY, CITY OF SANTA MONICA, CALIFORNIA
ADOPTING A STATEMENT OF EX1'3TING OBLIGATIONS FOR
THE OCEAN PARK PROJECT NO. l(B) ADOPTED BY THE
CITY COUNCIL OF THE CITY OF SANTA MONICA ON
JANUARY 24, 1961 AND AMENDED ON JANUARY 12, 1965
AND SEPTEMBER 12, 1972
WHEREAS, the City Council of the City of Santa Monica, adopted the
Redevelopment Plan for' the Ocean Park Project No. l(b) on January 24, 1961 by
Ordinance No. 516(CCS) and amended January 12, 1965 by Ordinance No. 667(CCS) and
September 12, 1972 by Ordinance No. 896(CCS); and
WHEREAS, the Santa Monica Redevelopment Agency, City of Santa Monica,
California (the "Agency") is engag-ed in activities necessary and appropriate to carry
out such Redevelopment Plan; and
WHEREAS, pursuant to Section 33334.6 of the California Communitv
Redevelopment Law (Health and Safety Code Section 33000 et seq.) the Agency is
required to establish a Low and Moderate 1ncome Housing Fund for such
Redevelopment Project in Fiscal Year 1985-86 and each Fiscal Year thereafter, and to
deposi t therein not less than twenty percent (2096) 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 Ocean Park Project No. l(b) 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 (f) 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 Ocean Park
Project No. l(b), 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 Ocean Park Project No. l(b).
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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 Ocean Park Project No. l(b) 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:
n,'1r~.J\:t :.r-
Agency Attorney
137/5-24
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Adopted and approved this 19th day of August, 1986.
f~~f.~
~ Chairperson
I hereby certify that the foregoing Resolut1on No. 409(RAS)
was duly adopted by the Redevelopment Agency of the City of Santa
Mon1ca at a meeting thereof held on August 19, 1986 by the
following Agency vote:
. Ayes: Agency Members: Epste1n, Jennings, A. Katz, H.
Katz and Mayor Reed
Noes: Agency Members: Zane
Abstain: Agency Members: None
Absent: Agency Members: Conn
ATTEST:
~~ /Jr;Ji~
Secretary
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