HomeMy WebLinkAboutAGENDA REPORT 1994 1207 CC REG ITEM 11ITE
CITY OF MOORPARK u.ii ;ez:.
AGENDA REPORT t�
CTION:
TO: Honorable Mayor and Members of the City Council 1..
FROM: Steven Hayes, Economic Development Manage
DATE: November 8, 1994 (Mtg 12/07/94)
SUBJECT: Consider Introduction for First Reading of
Ordinance No. , and Second Reading and Adoption
of Ordinance No. , Amending the Redevelopment
Plan for the Moorpark Redevelopment Project at an
Adjourned Meeting.
DISCUSSION:
The California Redevelopment Law Reform Act of 1993 (AB 1290) has
mandated that certain limitations be placed on all redevelopment
plans adopted prior to January 1, 1994. Table I attached, compares
current limitations in the Moorpark Redevelopment Plan with those
mandated by Section 33333.6 added to the California Community
Redevelopment Law (CCRL) by AB 1290.
The Moorpark City Council will need to adopt prior to 1995, the
attached Ordinance pursuant to CCRL Section 33333.6(e) and (f) to
amend the following limitations for the Redevelopment Plan for the
Project Area:
1. Time limitations to incur indebtedness. The current
expiration for the Project is twenty -five (25) years from
plan adoption (July, 2014); the Ordinance will amend this
date to twenty (20) years from plan adoption, (July,
2009) .
2. Limit on effectiveness of the Plan. The Project is
currently effective for forty -five (45) years from the
date of adoption, (July, 2034). The Ordinance will amend
the Plan to limit its effective date to forty (40) years
from the date of adoption, (July, 2029).
3. Limitation to Receive Property Taxes to Pay Debt
Currently there is no limitation for the Project; the
Ordinance will amend the Plan by setting the last date
the Agency can receive property tax to pay debt at ten
(10) years after the termination of the Plan, (July,
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2039) .
BONDED INDEBTEDNESS INCURRED PRIOR TO JANUARY 1994 TO BE EXEMPTED
CCRL Section 33333.6(h) states that "This section shall not be
construed to affect the validity of any bond, indebtedness, or
other obligation.... nor shall this section be construed to affect
the right of any agency to receive property taxes, pursuant to
Section 33670, to pay the indebtedness or other obligation" on
debts incurred prior to January 1, 1994.
The Agency has the following bonded indebtedness outstanding
incurred prior to January 1, 1994:
A. Moorpark Redevelopment Agency, Moorpark Redevelopment
Project Tax Allocation Bonds, Series 1993, in the amount
of $10,000,000 due October 1, 2018.
Since the due date is well before July 2039, this bond will not
need to be exempted from the provisions of CCRL Section 33333.6 as
allowed in CCRL Section 33333.6(h).
MOORPARK'S PREVIOUS COMPLIANCE WITH PROVISIONS OF CCRL SECTION
33334.6(g)
CCRL Section 33334.6(g) stipulates, for plans adopted prior to
1977, that if an agency incurs a deficit in its Low and Moderate
Income Funds during any year subsequent to FY 1985 -86 by not
depositing at least 20 percent of taxes allocated to it pursuant to
Section 33670 into the fund, it shall adopt a plan to eliminate the
deficit in subsequent years. If the agency has established such a
plan, the time limitations required by AB 1290 may be extended as
appropriate to eliminate the deficit.
The Project was adopted after 1977, therefore this section is not
applicable.
EXTENSIONS ON LIMITATIONS ON ESTABLISHING DEBT
Section 33333.6(a) (2) stipulates that extensions on the limitation
establishing debt described in Section 33333.6(a)(1) may be
extended "only by amendment of the redevelopment plan" for up to
ten (10) years if the agency finds there is "substantial evidence
that" there continues to be "significant" blight in the Project
Area which cannot be eliminated without additional debt.
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This Amendment will have no impact on the existing pass through
agreements with the various taxing agencies, any other agreements
that the Agency has approved, or the existing payment for debt
service for the Tax Increment Revenue Bond issued in 1993.
RECOMMENDATION:
Staff recommends the following: 1) Introduce Ordinance No. for
first reading, amending the Redevelopment Plan for the project area
and 2) consider second reading and adoption of Ordinance No. at
an adjourned meeting.
0013 0
TAB L E _
MOORPARK REDEVELOPMENT AG EN C Y
HOOK kK REDEVELOPMENT AGENCY
COMPLIANCE WITH SECTION 33333.6 REQUIRBNNENNTS
............ ..IAA
REDEVELOPMENT
EXISTING
POST AB 1290
DURATION OF
POST AB 1290
POST AB 1290
PLAN
LIMITS ON
LIMITS ON
EXISTING
PLAN
DEBT
INCURRING
INCURRING DEBT*
PLAN
EFFECTIVENESS
REPAYMENT
DEBT
33333.6(A)(1)
SECTION 900
33333.6(b)
33333.6(C)
SECTION 602
MOORPARK
25 YRS. FROM
20 YRS. FROM
45 YRS FROM
40 YRS FROM
10 YRS. AFTER
REDEVELOPMENT
ADOPTION
ADOPTION
ADOPTION
ADOPTION
TERMINATION **
PROJECT
JULY, 2014
JULY, 2009
JULY 2034
JULY 2029
JULY 2039
ADOPTED 6/5/89
$iI ......: f.BBT
DEBT. INSTRUNENT. DAT TO :BE PAID :OFF
MOORPARK REDEVELOPMENT AGENCY MOORPARK
REDEVELOPMENT PROJECT TAX ALLOCATION BOND
SERIES 1993 $10,000,000
OCTOBER 1, 2018
... .............. ..
...............
L( iK T$::UMMICITS
AMOUNT OWNED LMI FUND N/A N/A
* 10 YEAR EXTENSION PERMISSIBLE (33333.6(A)(2)
** NO EXISTING LIMITATION PRESENTLY EXISTS.
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