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HomeMy WebLinkAbout3683 . , .' San Bernardino . 60,005-'24-2' ORDINANCE NO. _~~ AN ORDINANCE OF THE MAYOR AND COl"lMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING AND ADOPTING h~NDMENTS TO THE REDEVELOPMENT PLANS OF THE MEADmmROOK PROJECT NO.1, CALIF. R-10, AND THE CENTRAL CITY PROJECT NO.1, CALIF. R-79, FOR FINANCIAL PURPOSES INTO THE MEADOWBROOK-CENTRAL CITY PROJECT NO. 1 WHEREAS, the Redevelopment Agency of the City of San Bernardino (the "Agency"), on September 22,1977, adopted Resolution No. 3441 entitled: "Resolution of the Redevelopment Agency of the City of San Bernardino Recommending the Merger of the Meadowbrook Project No.1, Calif. R-IO, and the Central City Project No.1, Calif. R-79, for Financial Purposes Into the Meadowbrook-Central City Project No.1, Recommending the Adoption of Amendments to the Redevelopment Plans of Said Projects to Effectuate Said Merger, Directing that Certain Transmittals be Made and Directing and Authorizing the Preparation of an Initial Study"; and WHEREAS, the Mayor and Common Council of the City of San Bernardino, on March 3, 1958, adopted Ordinance No. 2217 adopting a Redevelopment Plan for the Meadowbrook Project No.1, Calif. R-IO, (the "Meadowbrook Project No. 1") r and D165-1 (ed) 10/31/77 San Be=ar.dino 60,005-24-2 WHEREAS, by Resolution No. 2767, adopted November 15, 1973, the Agency authorized the issuance of $4,500,000 principal amount of Meadowbrook Project No. 1 Tax Allocation Refunding Bonds, Issue of 1973; and WHEREAS, as authorized by Resolution No. 2767, the Agency issued $4,500,000 principal amount of Meadowbrook Project No. 1 Tax Allocation Refunding Bonds, Issue of 1973; and WHEREAS, by Resolution No. 2768, adopted November 15, 1973, the Agency authorized the issuance of $3,000,000 principal amount of Meadowbrook Project No. 1 Tax Allocation Bonds, Issue of 1973; and WHEREAS, as authorized by Resolution No. 2768, the Agency issued $3,000,000 principal amount of Meadowbrook Project No. 1 Tax Allocation Refunding Bonds, Issue of 1973; and WHEREAS, the Mayor and Common Council of the City of San Bernardino, on February 24, 1965, adopted Ordinance No. 2649. adopting a Redevelopment Plan for the Central City Project No.1, Calif. R-79, (the "Central City Project No.1"); and -2- D146-2 (ed) 10/31/77 . San Bernardino 60,005-24:-2 WHEREAS, by Resolution No. 2766, adopted November 15, 1973, the Agency authorized the issuance of $14,800,000 principal amount of Central City Project No. 1 Tax Alloca- tion Refunding Bonds, Issue of 1973; and WHEREAS, as authorized by Resolution No. 2766, the Agency issued $14,800,000 principal amount of Central City Project No. 1 Tax Allocation Refunding Bonds, Issue of 1973; and WHEREAS, the tax revenues currently available from the Central City Project No. 1 are substantially less than projections had indicated would be available due to the delay of certain developments in the project area of the Central City Project No. 1 (the "Central City Project Area") and due to the relocation of certain equipment of the telephone company from the Central City Project Area to the project area of Meadowbrook Project No.1; and WHEREAS, due to the fact that the tax revenues from the Central City Project Area are substantially less than projections had indicated, one of the national rating services is proposing to downgrade the rating on $14,800,000 principal amount of Central City Project No. 1 Tax Allocation Bonds, Issue of 1973, (the "Central City Bonds") and this -3- Dl46-3 (ed) 10/31/77 .San Be.rnardino 60,005-24-2 would have a substantial adverse effect on the holders of the Central City Bonds and could substantially adversely affect the Agency's ability to finance its other redevelop- .ment activities; and WHEREAS, due to the fact that the tax revenues from the Central City Project Area are substantially less than projections had indicated, the Central City Bonds face a possible default within three to four years; and WHEREAS, urgency legislation has been adopted and is in effect amending the heading of Article 13 (commencing with Section 33460) of Chapter 4 of Part 1 of Division 24 of, and to add Article 14 (commencing with Section 33470) to Chapter 4 of Part 1 of Division 24 of, the Health and Safety Code, which, in substance, will permit the merger of the Central City Project No. 1 and the Meadowbrook Project No. 1 for financial purposes, and thus offset the detrimental effects of the movement in assessed valuation; and WHEREAS, the merger of the Central City.project No. 1 and the Meadowbrook Project No. 1 for financial purposes is necessary to prevent the default of the Central City Bonds; and -4- D146-4 (ed) 10/31/77 'San. Bernardino 60,005-24~2 WHEREAS, the merger of the Central City Project No. 1 and the Meadowbrook Project No. 1 for financial purposes is necessary to prevent the national rating service downgrading the Central City Bonds, which would have a substantial adverse effect on the holders of Central City Bonds, and which could substantially adversely affect the Agency's ability to finance its other redevelopment acti- vities, which are necessary to alleviate blighted conditions within redevelopment project areas within the City of San Bernardino which, under the Community Redevelopment Law (Health and Safety Code Section 33000 et ~.) is declared to be in the interest of the health, safety and general welfare of the City of San Bernardino and the State of California; and WHEREAS, pursuant to notice duly given, the Agency and the Mayor and Common Council have held a full and fair public hearing on the proposed Amendments to the Redevelop- ment Plans for the Meadowbrook Project No. 1 and the Central City Project No.1, and are fully advised in the premises; and WHEREAS, by Resolution No. ___, adopted November 7, 1977, the Agency approved Amendments to the Redevelopment Plans for the Meadowbrook Project No. 1 and the Central City -5- D146-S (ed) 10/31/77 San Bernardino 60,005-24-2 Project No. 1 which would merge said projects for financial purposes into the Meadowbrook-Central City Project No.1; and , WHEREAS, the Agency and Mayor and Common Council have prepared and approved an Initial Study which evaluates the environmental impact of merging the Meadowbrook Project No. 1 and the Central City Project No. 1 for financial purposes into the Meadowbrook-Central City Project No.1; and WHEREAS, based upon the findings contained in said Initial Study, the Agency and Mayor and Common Council have directed the preparation ~f a Negative Declaration which will contain the finding that the merger of the Meadowbrook Project No. 1 and the Central City Project No. 1 for financial purposes into the Meadowbrook-Central City Project No. 1 will not have a significant effect upon the environment; and WHEREAS, the Agency and Mayor and Common Council have made the Negative Declaration and the Initial Study available for review and comment by the public pursuant to the requirements of Law; and -6- D146-6 (ed) 10/31/77 -S an Be-rnardino 60,005-24,...2 WHEREAS, pursuant to notice duly given, the Agency and Mayor and Common Council have held a full and fair public hearing on said Negative Declaration and all comments thereon and responses thereto, and are fully advised in the premises~ and WHEREAS, by Resolution No. ___, adopted November 7, 1977, the Agency approved said Negative Declaration and directed the filing of a Notice of Determination~ and WHEREAS, by Resolution No. ___, adopted November 7, 1977, the Mayor and Common Council approved said Negative Declaration and directed the filing of a Notice of Determination. NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SA-~ BERNARDINO DO ORDAIN AS FOLLOWS: Section 1. That the tax revenues currently avail- able from the Central City Project No. 1 are substantially less than projections had indicated would be available due to the delay of certain developments in the Central City Project Area and due to the relocation of certain equipment of the telephone company from the Central City Project Area to the Meadowbrook Project Area. -7- D158-1 (ed) 10/31/77 San Bernardino 60,OQ5-24~2 Section 2. That due to the fact that the tax revenues from the Central City Project Area are substan- tially less than projections had indicated, one of the national rating services is proposing to downgrade the rating on the Central City Bonds and that this would have a substantial adverse effect on the holders of the Central City Bonds and could substantially adversely affect the Agency's ability to finance its other redevelopment activities. Section 3. That due to the fact that the tax revenues from the Central City Project Area are subs tan- tially less than projections had indicated, the Central City Bonds face a Possible default within three to four years. Section 4. Urgency legislation has been adopted and is in effect amending the heading of Article 13 (com- mencing with Section 33460) of Chapter 4 of Part 1 of Division 24 of, and to add Article 14 (commencing with Section 33470) to Chapter 4 of Part 1 of Division 24 of, the Health and Safety COde, which, in SUbstance, will permit the Agency to merge the Central City Project No. 1 and the MeadoWbrook Project No. 1 for financial purposes, and thus offset the detrimental effects of the movement in assessed -8- D158-2 (ed) 10/31/77 San Bernardino 60,005-24-2 valuation. This merger meets the requirements of said Article 14 and the Agency and the City have each taken all necessary actions precedent to the adoption of this Ordinance. Section 5. That the merger of the Central City Project No. 1 and the Meadowbrook Project No. 1 for finan- cial purposes is necessary to prevent the default of the $14,800,000 principal amount of Central City Bonds. Section 6. That the merger of the Central City Project No. 1 and the Meadowbrook Project No. 1 for finan- cial purposes is necessary to prevent the national rating service downgrading the Central City Bonds, which would have a substantial adverse effect on the holders of Central City Bonds, and which could substantially adversely affect the Agency's ability to finance its other redevelopment activities, which are necessary to alleviate blighted conditions within redevelopment project areas within the City of San Bernardino which, under the Community Redevelop- ment Law (Health and Safety Code Section 33000 et seq.) is declared to be in the interest of the health, safety and general welfare of the City of San Bernardino and the State of California; and -9- 0158-3 (ed) 10/31/77 San Bernardino 60,005-24':"2 Section 7. That the Amendment to the Redevelop- ment Plan for the Meadowbrook Project No.1, attached hereto as Exhibit A, which will merge said Project for financial purposes with the Central City Project No. 1 into the Meadowbrook-Central City Project No. 1 is hereby approved, and said Redevelopment Plan for Meadowbrook Project No. 1 is hereby amended in accordance therewith. Section 8. That the Amendment to the Redevelop- ment Plan for the Central City Project No.1, attached hereto as Exhibit B, which will merge said Project with the Meadowbrook Project No. 1 for financial purposes into the Meadowbrook-Central City Project No. 1 is hereby approved, and said Redevelopment Plan for Central City Project No. 1 is hereby amended in accordance therewith. Section 9. That, in the urgency legislation previously referred to which enacted said Article 14, the State Legislature declared: "This act is an urgency statute necessary for the immediate preservation of the pUblic peace, health, or safety within the meaning of Article IV of the Consti- tution and shall go into immediate effect. The facts constituting such necessity are: An original error was made by the tax assessing authorities in determining -10- D158-4 (ed) 10/31/77 San Bernardino "60r005-24-2 the increase in assessed value for a redevelopment project area, in the allocation of certain public utility property between two adjacent project areas. In correcting that error, the result has been to substantially reduce tax revenues available to the redevelopment agency for payment of its bonds. If this act is not enacted to permit the redevelopment agency to compensate for the error, its bonds will be jeopardized. Therefore, to correct the situation as soon as' possible, it is necessary that this act become effective immediately". Based upon such findings by the State Legislature and all the foregoing determinations and findings, this Ordinance is necessary to preserve the fiscal stability of the Agency and to permit the successful completion of the aforemen- tioned projects and is, therefore necessary Ior the immediate preservation of the public peace, health or safety within the meaning of Section 36937 of the Government Code. Section 10. That, based upon the determination made in Section 9 above, this Ordinance is hereby declared to be effective immediately as an urgency (emergency) measure pursuant to the Charter of the City and Section 36937 of the Government Code. Section 11. That the City Clerk is hereby author- ized and directed to transmit within 30 days: (i) a copy of this Ordinance; (ii) a description of the land within the -11- D165-2 (ed) 10/31/77 ;:;>d.n .tSernara~no "60,00S:':'24-2 merged Meadowbrook-Central City Project Area; (iii) a copy of Ordinance No. 22171 (iv) a copy of Ordinance No. 2649; and (v) a map or plat indicating the boundaries of the merged Meadowbrook-Central City Project Area, to the Auditor and Tax Assessor of the County of San Bernardino, to the governing body of each of the taxing agencies which levies taxes upon any property in the merged Meadowbrook-Central City Project Area and to the State Board of Equalization. Section 12. That the City Clerk is hereby author- ized and directed to record with the County Recorder of the County of San Bernardino, pursuant to Government Code Section 27295, a copy of said Amendments. Section 13. That the City Clerk shall certify to the adoption of this Ordinance and shall cause the same to be published in The Sun Telegram as provided in the Charter of the City. I HEREBY CERTIFY that the foregoing ordinance was duly adopted by the Mayor and Common Council of the City of at a ~~.______...tin9 thereof. he<d day f ._~ ' 1977, by the San Bernardino, on the ,/W / following vote, to wit: -12- D165-3 (ed) 10/31/77 rd .san B~na:r:dino 60rOOS-24-2 AYES: NOES: ._~P.J ./Yl /711..J ABSENT: The foregoing Ordinance Of~~' day form: -13- ~n'~" ~ . City C1e. is hereby approved this , 1977. of FILED NOV 1 0 1911 ~~ D1S8-7 (ed) 10/31/77