HomeMy WebLinkAboutPCDC Resolution 2003-04 06/16/2003 RESOLUTION 2003-04
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
ADOPTING TIIE FY 2003-04 PCDC EUDGET AND APPROVING
INTER-FUND LOANS BETWEEN PROJECT AREA FUNDS
WHEREAS, on June 11, 2003, the Petaluma Community Development
Commission ("PCDC") held a public hearing and considered the FY 2003-04 PCDC
Proposed Budget for the period from July 1, 2003 to June 30, 2004 ("Proposed
Budget"); and,
WHEREAS, in prior years, the Commission has approved the making of loans
from the Petaluma Community Development (PCD) Project Area to the Central Business
District (CBD) Project Area ("Project Area") for the purpose of implementing the
Central Business District Redevelopment Plan and funding projects identified in the
implementation plan for the Project Area; and,
WHEREAS, the Commission finds that there is a need to provide an additional
inter-fund loan from the fund for the Petaluma Community Development Project Area to
the fund for the Central Business District Project Area, as reflected in the Proposed
Budget and the Agency's "Five-Year Implementation Plan"; and,
WHEREAS, the prior inter-fund loans have been made with interest calculated
according to the average annual interest rate on funds invested at the Local Agency
Investment Fund ("LAIF"), and the Commission proposes to make additional inter-fund
loans upon the same terms; and,
WHEREAS, the Commission finds that such inter-fund loans will benefit both
the Petaluma Community Development Project Area and the Central Business District
Project Area because such project areas are economically interdependent, and the public
improvements to be funded by such loans will eliminate blight and will provide an
immediate positive contribution to the economic revitalization of both project areas; and,
WHEREAS, the Commission's directives regarding final budget allocations have
been. reflected in the Proposed Budget as revised ("Final Budget") which has been
provided to the Commission.; and,
WHEREAS, the Commission finds that the transactions hereby authorized are
consistent with and shall effectuate the purposes of California Community
Redevelopment Law (Health and Safety Code Section 33000 et seq.).
NOW, THEREFORE, BE IT RESOLVED that the Petaluma Community
Development Commission hereby:
PCDC Reso. 2003-04 Page 1
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1. Approves and adopts the FY 2003-04 PCDC Budget, as amended, in the form
provided to the Commission as Exhibit A;
2. Authorizes and approves an inter-fund loan from the Petaluma Community
Development. Project Area Fund to the Central .Business District Project Area
Fund, which loan shall be repaid with interest at the LAIF rate.
Adopted this 16th day of June, 2003 by the following vote:
Commissioner ~ No Absent
Glass X
Canevaro X
Harris X
Healy X
Moynihan X
O'Brien X _ _
Torliatt X - - - ~ . _ -
~ ~ -
-
_ _
~ -
_ _
avid lass, Chai~~xson ~ =
ATTEST:
Gayle Pet en, Recording Secretary
~~OVED AS'FORM:
Ri,cYi Ru nSns ` , Gener 1 Counsel
PCDC Reso. 2003-04 Page 2