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HomeMy WebLinkAboutPCDC Resolution 2007-20A 11/05/2007PETALUMA COMMUNITY DEVELOPMENT COMMISSION RESOLUTION NO. 2007-20A RESOLUTION OF THE PETALUMA COMMUNITY DEVELOPMENT COMMISSION AUTHORIZING USE OF $7.885 MILLION OF PETALUMA COMMUNITY DEVELOPMENT COMMISSION TAX INCREMENT FUNDS FOR PUBLIC IMPROVEMENTS WITHIN THE CENTRAL BUSINESS DISTRICT AND PETALUMA COMMUNITY DEVELOPMENT REDEVELOPMENT PROJECT AREAS AND MAKING FINDINGS REQUIRED BY CALIFORNIA HEALTH 8 SAFETY CODE SECTION 33445 WHEREAS, the City Council of the City of Petaluma (the "City Council") adopted the Redevelopment Plan for the Central Business District Project Area (the "CBD") in 1976 and the Redevelopment Plan for the Petaluma Community Development Project Area (the "PCD") in 1988 (the "Redevelopment Plans") and fiscally merged the Redevelopment Plans in 2006; and, WHEREAS, the Redevelopment Plans set forth plans for redevelopment of the CBD and PCD Project Areas (the "Project Areas"); and, WHEREAS, the Petaluma Community Development Commission (the "PCDC") is responsible for administering the Redevelopment Plans to cause the redevelopment of the .Project Areas, including installation of public improvements consistent with the Redevelopment Plans; and, WHEREAS, it would be beneficial to the alleviation of blight in the Project Areas to make the following public improvements (the "Public Improvements"): a Petaluma Boulevard/Lakeville to Washington Street Improvements (PCD), WHEREAS, The expenditure of tax increment funds will benefit the CBD and PCD Project Areas and help to eliminate blight as outlined in the Five Year Implementation Plan adopted by the PCDC in June 2007 and as documented in the Report to Council on the Plan Amendment and Fiscal Merger, accepted by the PCDC in 2006 ("the 2006 Report") because the Public Improvements will improve traffic circulation; and, WHEREAS, the infrastructure upgrades and circulation improvements will address roadway, streetscape and transportation related deficiencies; and, WHEREAS, improvements to deficient and inadequate roadway and transportation infrastructure in the Project Areas will alleviate .blighting conditions, including impediments to circulation and access that deter revitalization in certain areas within the Project Areas; and, WHEREAS, landlocked parcels that lack direct access to the public right-of-way will become accessible through the construction of pedestrian and vehicular roadways; and, WHEREAS, the Public Improvements not only eliminate physical blighting conditions but also promote economic development opportunities and facilitate private investment in the CBD and PCD Project Areas and are expected to encourage other private investment in the area which will lead to further blight alleviation; and, PCDC Resolution 2007-20A Page 1 WHEREAS, public improvements in the CBD and PCD Project Areas will cost a total of $25,261,000, of which $8,608,000 will be spent in Fiscal Year 2007/08, and the PCDC will pay for $7,885,000 through tax increment funds; and, WHEREAS, the PCDC and City explored potential funding sources other than redevelopment for each project as outlined in Chapter IV of the 2006 Report; and, WHEREAS, anticipated funding sources include $93,000 in Traffic Mitigation Fees for the Washington/bt" Rehabilitation and a $630,000 grant from the Bicycle Transportation Account for Petaluma Blvd -Bike Lanes in FY 2007/08; and, WHEREAS, use of tax increment funding for the Public Improvements is consistent with the PCDC Five Year Implementation Plan adopted earlier this year ,which specifically includes the allocation of tax increment funds for these particular Public Improvements during the FY2007/08 - FY201 1 /12 period; and, WHEREAS, the PCDC desires to spend funds for the Public Improvements; and WHEREAS, installation of the Public Improvements conforms with the General Plan of the City; and, WHEREAS, the PCDC expenditures for the Public Improvements will assist in the redevelopment of the Project Areas and the Public Improvements are necessary to effectuate the purpose of the Redevelopment Plans; and, WHEREAS, pursuant to Health and Safety Code Section 33445, the PCDC may, with the consent of the City Council, pay part or all of the cost of the Public Improvements upon the adoption of specified findings; NOW, THEREFORE, BE IT RESOLVED by the Petaluma Community Development Commission as follows; The findings stated herein are true and correct and are adopted as the findings of the PCDC. Based upon the foregoing, the PCDC hereby finds that (i) the expenditure of tax increment funds to undertake the public improvements and the project as set forth in this Resolution and the Implementation Plan will be of benefit to the CBD and PCD Project Areas; (ii) no other reasonable means of financing the public improvements and the project is reasonably available; (iii) completion of the public improvements and the project will assist in the elimination of blighting conditions in the Project Areas; and (iv) completion of the public improvements and the project is consistent with the Implementation Plan adopted for the CBD and PCD Project Areas. 3. The PCDC hereby authorizes the contribution of $7.885M in PCDC tax increment funds for the Public Improvements described herein. PCDC Resolution 2007-20A Page 2 ADOPTED this 5'h day of November, 2007, by the following vote: Commissioner Aye No Absent Abstain Barrett X Freitas X Harris X Vice Chair Nau X O'Brien X Rabbitt X Chair Torliatt X ATTEST: U Claire Cooper, Recording Sec ary APPROVED AS TO FORM: ~) Eric Danly, General Counsel PCDC Resolution 2007-20A Page 3