Resolution Number CRA 92-12-15-1RESOLUTION NO. CRA 92-12-15-1
PROPERTY TAX SHIFT UNDER SENATE BILL 844
A RESOLUTION OF THE SAN JUAN CAPISTRANO COMMUNITY
REDEVELOPMENT AGENCY, MAKING CERTAIN FINDINGS
REGARDING THE AGENCY'S ABILITY TO MEET ITS REQUIRED
PROPERTY TAX SHIFT UNDER SENATE BILL 844
WHEREAS, a Redevelopment Plan for the City of San Juan Capistrano
Redevelopment Agency ("Project Area") was approved and adopted by the City Council
of the City of San Juan Capistrano ("City") on July 12, 1983, by Ordinance No. 488, as
amended by Ordinance Nos. 509, 547 and 582; and,
WHEREAS, the Community Redevelopment Agency ("Agency") is engaged in
activities necessary and appropriate to carry out such Redevelopment Plan; and,
WHEREAS, the State of California adopted the 1992 Budget Act and related
legislation including Chapter 700 (Senate Bill 844) requiring the Agency to shift
$303,506.35 of its tax increment to the Educational Revenue Allocation Fund ("ERAF")
by May 15, 1993; and,
WHEREAS, pursuant to Senate Bill 844, if the Agency is unable to meet its full
allocation it must enter into an agreement with the legislative body for payment of the
difference between the full amount required and the amount available for allocation by
the Agency.
NOW, THEREFORE, BE IT RESOLVED, by the San Juan Capistrano
Community Redevelopment Agency, City of San Juan Capistrano, California, as follows:
SECTION 1.
The Community Redevelopment Agency hereby demonstrates that all tax
increment revenue available for payment of debt service will be necessary to make all
required debt service payments, as set forth in Exhibit "A".
SECTION 2.
The Agency's Low- and Moderate -Income Housing fund will have $220,275
available to assist in the payment of the required allocation.
SECTION 3.
The Agency Finance Officer certifies that the Agency is unable to make its
full allocation.
-1-
367.
SECTION 4.
The Agency Finance Officer, in cooperation with the Executive Director, is
hereby authorized to enter into an agreement with the City to fund the balance of the
allocation in an amount not to exceed $100,000.
PASSED, APPROVED, AND ADOPTED this 15th day
Of December , 1992.
CAROLYN N HH, CHAIRMAN -
ATTEST:
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF SAN JUAN CAPISTRANO )
1, CHERYL JOHNSON, Secretary of the San Juan Capistrano Community
Redevelopment Agency, DO HEREBY CERTIFY that the foregoing is a true and correct
copy of Resolution No. CRA 92-12-15-1 adopted by the Board of Directors of the
San Juan Capistrano Community Redevelopment Agency, at a regular meeting thereof
held on the 15th day of December , 1992, by the following vote:
AYES: Directors Hausdorfer, Jones, Campbell, Vasquez and
Chairman Nash
NOES: None
ABSTAIN: None
ABSENT: None
(SEAL)
CHERYL JOHNSOWAGENCYSECR-ETARY
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Exhibit A
SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY
Statement of Findings
Total Indebtedness As of September 16, 1992
Debt
F:mdin¢ Souroes - 1992-93:
Sale of Land Held for Resale
Amount
Interest
Service
Description
Outstanding
Rate
1992-93
Note Payable
$800,000
9.00%
$72,000
OPA
852,565
0.00%
250,025
Note Payble
817,706
12.00%
-0-
Note Payable
759,360
5.68%
43,132
Note Payable
72,467
12.00%
42,878
Tax Allocation Notes
6,250,000
6.3-6.875%
419,491
Notes Payable
251,441
5.50%
13,829
Notes Payable
5,107,517
8.25%
550,000
Notes Payable
2,710,329
9.00%
180,000
Notes Payable
6,940,000
various
6,940,000
Notes Payable
1,000,000
10.00%
100,000
Agreement Payable
5,804,020
0.00%
-0-
Notes Payable
3,177,959
8.50%
270,126
Notes Payable
1,075,648
8.50%
91,430
Notes Payable
2,983,206
8.50%
253,572
Notes Payable
717,098
8.50%
60,953
Notes Payable
21,393
8.50%
1,818
Notes Payable
21,393
8.50%
1,818
Notes Payable
553,302
8.50%
47,031
Notes Payable
700,000
8.50%
59,500
9 397 603
F:mdin¢ Souroes - 1992-93:
Sale of Land Held for Resale
$7,146,939
Interest Income
20,000
Other Agency Participation
773,132
Rental Income
72,000
Tax Increment
.123.8.5253 2
9 397 603
Tax Increment Available
Projected Increment $2,202,754
Less: Pass-Thru Agreement - County of Orange (17.1%) (376,671)
20% Set -Aside Funds (440,551)
Tax increment Available JLIL5.L532
Total Allocation Due $303,506.35
Less: Amount Available from Low and Moderate
Set Aside funds (220,275.50)
Estimated Amount the Agency is unable to fund J 83,230.85
STATE OF CALIFORNIA ).
COUNTY OF ORANGE ) ss. AFFIDAVIT OF POSTING
CITY OF SAN JUAN CAPISTRANO )
1, CHERYL JOHNSON, declare as follows:
That I am the duly appointed and qualified Secretary of the San Juan
Capistrano Community Redevelopment Agency;
That in compliance with State laws of the State of California and in further
compliance with City Resolution No. CRA 83-12-20-I and on the 17th day
of December , 1992, I caused to be posted:
RESOLUTION NO. CRA 92-12-15-1 , being:
A RESOLUTION OF THE SAN JUAN CAPISTRANO COMMUNITY
REDEVELOPMENT AGENCY, MAKING CERTAIN FINDINGS
REGARDING THE AGENCY'S ABILITY TO MEET ITS REQUIRED
PROPERTY TAX SHIFT UNDER SENATE BILL 844
in three (3) public places in the City of San Juan Capistrano, to wit: City Hall; Old Fire
Station Recreation Complex; Orange County Public Library.
I declare under penalty of perjury that the foregoing is true and correct.
Cheryl Johnsoh, AgtKcy Secretary
San Juan Capistrano Community
Redevelopment Agency