Title
RESOLUTION NO. 2016-002 OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA AUTHORIZING THE ISSUANCE AND SALE OF TAX ALLOCATION REFUNDING BONDS, AND APPROVING THE FORM OF AN INDENTURE OF TRUST AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH
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RECOMMENDED ACTION
Recommended Action
Agency adopt the resolution.
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SUMMARY
The Redevelopment Dissolution Act allows for the Successor Agency to the Redevelopment Agency of the City of Chula Vista (Successor Agency) to refinance outstanding tax allocation bonds to provide debt service savings. The Successor Agency has the opportunity to refinance the former Redevelopment Agency's 2006A Senior Tax Allocation Refunding Bonds, 2006B Subordinate Tax Allocation Refunding Bonds and 2008 Tax Allocation Refunding Bonds at this time, with the debt service savings to be shared among the affected taxing agencies, including the City.
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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Environmental Determination
The Director of Development Services has reviewed the proposed activity for compliance with the California Environmental Quality Act (CEQA) and has determined that the activity is not a "Project" as defined under Section 15378 of the State CEQA Guidelines because it will not result in a physical change in the environment; therefore, pursuant to Section 15060(c)(3) of the State CEQA Guidelines, the activity is not subject to CEQA. Thus, no environmental review is required
BOARD/COMMISSION RECOMMENDATION
Not Applicable
DISCUSSION
Background
Prior to dissolution under AB X1 26 and AB 1484 (the Dissolution Act), the Redevelopment Agency of the City of Chula Vista (former Agency) issued tax allocatio...
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