City of Chula Vista - File #: 16-0177

• File #: 16-0177
• Type: Consent Item
• Status: Passed
• In control: City Council
• On agenda: 4/12/2016
• Final action: 4/12/2016
• Title: A. RESOLUTION NO. 2016-005 OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA APPROVING A BOND PROCEEDS EXPENDITURE AGREEMENT BETWEEN THE CITY OF CHULA VISTA AND THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA PROVIDING FOR THE TRANSFER OF EXCESS BOND PROCEEDS TO THE CITY FOR BOND-ELIGIBLE PURPOSES, DIRECTING THE TRANSFER OF SUCH FUNDS TO THE CITY, AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH B. RESOLUTION NO. 2016-060 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING A BOND PROCEEDS EXPENDITURE AGREEMENT BETWEEN THE CITY OF CHULA VISTA AND THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA PROVIDING FOR THE TRANSFER OF EXCESS BOND PROCEEDS BY THE SUCCESSOR AGENCY TO THE CITY FOR BOND-ELIGIBLE PURPOSES, ACCEPTING SUCH FUNDS FROM THE SUCCESSOR AGENCY, AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH

Date	Action By	Action	Result
4/12/2016	City Council	approve	Pass

Title
A. RESOLUTION NO. 2016-005 OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA APPROVING A BOND PROCEEDS EXPENDITURE AGREEMENT BETWEEN THE CITY OF CHULA VISTA AND THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA PROVIDING FOR THE TRANSFER OF EXCESS BOND PROCEEDS TO THE CITY FOR BOND-ELIGIBLE PURPOSES, DIRECTING THE TRANSFER OF SUCH FUNDS TO THE CITY, AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH

B. RESOLUTION NO. 2016-060 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING A BOND PROCEEDS EXPENDITURE AGREEMENT BETWEEN THE CITY OF CHULA VISTA AND THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA PROVIDING FOR THE TRANSFER OF EXCESS BOND PROCEEDS BY THE SUCCESSOR AGENCY TO THE CITY FOR BOND-ELIGIBLE PURPOSES, ACCEPTING SUCH FUNDS FROM THE SUCCESSOR AGENCY, AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH

Body
RECOMMENDED ACTION
Recommended Action
Agency adopt Resolution A and Council adopt resolution B.

Body
SUMMARY
The former Redevelopment Agency of the City of Chula Vista issued tax allocation bonds to fund a variety of projects. Approximately $1.3 million in bond proceeds were unexpended as of the date of dissolution. Under the Dissolution Act, the Successor Agency many spend such funds for the purpose for which the bonds were issued.

The City and the former Agency intended those funds to be spent on the Third Avenue Streetscape Improvements Project - Phase 2. In order to draw down the remaining bond funds and allocate them to such expenditures, the City and the Successor Agency intend to enter into a Bond Proceeds Expenditure Agreement.

ENVIRONMENTAL REVIEW

Environmental Notice
Environmental Notice
The activity is not a "Project" as defined under Section 15378 of the California Environmental Quality Act State Guidelines; therefore, pursuant to State Guidelines Section 15060(c)(3) no environmental review is required.

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