HomeMy WebLinkAboutPCDC Resolution 85-14 12/16/1985 RESOLUTION 85-14
PETALITMA COMMITNIT~' DEVELOPMENT COMMISSION
AUTHORIZE AGREEMENT OBLIGATING
P.C.D.C. TO REIlVIBURSE CITY FROM
TAX INCREMENT FUNDS FROM AD-14,
THE DOWNTOWN PARKING ASSESSMENT DISTRICT
WHEREAS, the City has instituted assessment proceedings for the formation of
Downtown Parking Assessment District No. 14 to finance construction of parking facilities
within the Central Business District, and,
WHEREAS, the City has determined to make a contribution toward the cost of the
parking facilities therein and has entered into various assessment reimbursement
agreements with owners of property within the Assessment District presently being used
solely for residential purposes and with other owners who provide parking spaces useful
for District purposes; and
WHEREAS, in furtherance of the Redevelopment Plan adopted by Ordinance 1221
NCS in 1976, and pursuant to the provisions of Health and Safety §33671, the Petaluma
Community Development Commission desires to pledge tax increments received in
connection with the Central Business District to reimburse the City of Petaluma for
contributions made to the various property owners pursuant to the agreements:
NOW THEREFORE BE IT RESOLVED by the Petaluma Community Development
Commission as follows:
1. Pledges tax increment funds received in connection with the Central Business
District to reimburse the City of Petaluma for contributions made under the
agreements; provided, however, the pledge of such tax increment funds shall be
subordinated to pledges heretofore or hereafter made of such funds for the payment
of tax increment bonds of the Commission.
2. The reimbursements shall be made by the Commission on or before the date the
City makes its contribution for the account of such property owners.
3. The reimbursed amount shall not exceed $56,000 annually over the life of the
Assessment District.
Adopted this 16th day of December, 1985, by the following vote:
AYES: Cavanagh, Davis, Woolsey, Tencer, Vice Chairman Balshaw, Chairman Mattei
NOES: None
Absent: Bond
r
Fred V. Mattei, Chairman
ATTEST:
i
Patricia E. Bernard, Recordin ecretary