HomeMy WebLinkAboutPCDC Resolution 99-07 03/01/1999 RESOLUTION 99-07
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
AUTHORIZE LOAN OF FUNDS FROM 1988 PETALUMA COMMUNITY
DEVELOPMENT PROJECT AREA TO 1976 CENTRAL BUSINESS DISTRICT PROJECT
AREA FOR AMENDMENT OF PROJECT AREA
WHEREAS, the Petaluma Community Development Commission (PCDC) has reviewed and filed the
Redevelopment Strategies Study, and;
WHEREAS, the Study recommended, among other things, that to provide for orderly implementation
of the Central Petaluma Specific Plan and other Downtown redevelopment projects, the 1976 Central
Business District Project Area Plan should be amended to extend the time periods for the project area,
and;
WHEREAS, the Study also recommended including the area known as the River Front District
(generally south of "D" Street to "H" Street and east of 2nd Street to the Petaluma River) as part of
the Central Business District Project Area, and;
WHEREAS, such an amendment process requires significant consultant and staff services estimated
at $200,000, and;
WHEREAS, the 1988 Petaluma Community Development Project Area has idle funds available for
investments and a loan of funds between project areas for redevelopment purposes is a prudent
investment of redevelopment funds.
NOW, THEREFORE BE IT RESOLVED, that the PCDC hereby finds that the loan of up to
$200,000 from the 1988 Petaluma Community Development Project Area to the 1976 Central
Business District Project Area for the purpose of amending the Central Business District Project Area
is a prudent investment of redevelopment funds.
Reso. 99-01 Page 1 of 2
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BE IT F'gJItTHEIt ICES®LVED, that said loan shall have the following terms;
1. The loan funds, up to $200,000, shall be drawn upon as needed during FY 98-99 and FY 99-
2000 to fund costs relating to the amendment process.
2. The loan shall accrue interest, on a quarterly basis, at the Local Agency Investment Fund
(LATE) rate on the outstanding loan balance.
3. The loan shall be a debt of the 1976 Central Business District Project Area, as amended,
subordinate to any current agreements or current or future bonded debt and repaid from
available tax increment revenues.
4. The loan term shall be five (5) years from the adoption of the amended plan and repaid in equal
annual payments.
Adopted this 1st day of March 1999, by the following vote:
Commissioner Aye No Absent
Cader-Thompson X
Hamilton X
Healy X
Maguire X
Torliatt X
Vice Chairman Keller X
Chairman Thompson X
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IDi~d Keller, Vice Chairman
ATTEST:
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Patricia E. Bernard, Recording Secretary G 'eral Counsel
Reso. 99-01 Page 2 of 2