HomeMy WebLinkAboutRDA RES 321RESOLUTION NO. 321
A RESOLUTION OF THE PALM DESERT
REDEVELOPMENT AGENCY APPROVING A REPORT
REGARDING EXCESS TAX INCREMENT REVENUES
AND MAKING FINDINGS RELATED THERETO
THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS,
DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section 1. The Palm Desert Redevelopment Agency has caused to be prepared
a Report Regarding Excess Tax Increment Revenues, which Report is attached hereto
as Exhibit A. Such Report indicates the last equalized roll of taxable property in each of
the Project Areas of the Agency, the projected assessed value of such taxable property,
the projected amounts to be set aside into the low and Moderate Income Housing Fund
of the Agency pursuant to Health and Safety Code Sections 33334.2(a) and 33334.6(c),
the housing requirements specified in paragraph 1.a, b and c of that certain Stipulation
for Entry of Judgment in Case No. Indio 51143, the projected housing needs included in
the requirement set forth in paragraph 1.d of such Stipulation, and the estimated
amounts of money necessary to meet the requirements of paragraph 1.a, b, c and d of
such Stipulation. Such Report includes evidence and analysis reasonably supporting
and substantiating the projections therein. Such Report is hereby approved.
Section 2. The Agency hereby finds and determines that the surplus revenues
described in the Report are not and will not be necessary to meet the housing
requirements set forth in paragraph 1.a, b and c with respect to Project Areas Nos. 1
and 2 of the Agency, and are not and will not be necessary to meet the housing
requirements set forth in paragraph 1.d with respect to Project Area No. 2 of tF e
Agency. Such surplus revenues thereby constitute "excess tax increments° within the
meaning of that term under paragraph 2 of such Stipulation. Such surplus revenues
therefore may be ptedged on an annual basis to pay future debt service on bonds,
notes or other obligations or indebtedness of the Agency to finance its redevelopment
activities which are unrelated to low and moderate income housing, and such bonds,
notes, or other obligations or indebtedness will thereby constitute a"prior indebtedness°
within the meaning of such term under paragraph 2 of such Stipulation.
PASSED, APPROVED AND ADOPTED this 14th day of December, 1995.
AYES: Benson, Crites, Relly, Spiegel, Snyder
NOES: None
None
ABSENT:
ABSTAIN: None
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