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<br />that plans adopted on or after January 1, 1994 limit the receipt of tax increment to a period of 45
<br />years after the adoption of the redevelopment plan; and
<br />WHEREAS, the California Senate by Senate Bill 1045, Statutes of 2003, Chapter
<br />260 requires a redevelopment agency to make an allocation in the 2003-04 fiscal year to the
<br />Education Revenue Augmentation Fund, based on a statewide aggregate allocation of
<br />$135,000,000; and
<br />WHEREAS, the Agency is required to deposit $589,667 into the Educational
<br />Revenue Augmentation Fund by May 10, 2004 to meet its requirements under Senate Bill 1045;
<br />and
<br />WHEREAS, Senate Bill 1045 additionally amended the CRL to allow the
<br />legislative body to amend their redevelopment plans to extend the time limits required pursuant to
<br />paragraphs (a) and (b) of Section 33333.6 and paragraphs (2) and (3) of Section 33333.2 of the
<br />CRL by one year by adoption of an ordinance without complying with Section 33354.6 or Article
<br />12 or any other provision of this part relating to the amendment of redevelopment plans; and
<br />WHEREAS, it is the desire of the City by this Ordinance to maximize all applicable
<br />requirements of Section 33333.6 and Section 33333.2 of the CRL.
<br />THE CITY COUNCIL OF THE CITY OF COLTON DOES ORDAIN AS FOLLOWS:
<br />SECTION 1. Amending Certain Time Limitations. The Redevelopment Plans for
<br />the Downtown No. 1, Downtown No. 2, Cooley Ranch, Santa Ana River, West Valley, Mt. Vernon
<br />Corridor, and Rancho Mill Project Areas, as amended are hereby amended by the addition of
<br />certain time limitations as set forth in subsections 1.1 and 1.2, as follows.
<br />SECTION 1.1 Terms of Effective Dates of the Redevelopment Plan. The term of
<br />effectiveness for the Redevelopment Plans shall be as follows: January 1, 2010 for the
<br />Downtown No. 1 Project Area, January 1, 2010 for the Downtown No. 2 Project Area, July 29,
<br />2016 for the Cooley Ranch Project Area, December 31, 2023 for the Santa Ana Project Area,
<br />June 30, 2028 for the Mt. Vernon Project Area, July 15, 2027 for the original West Valley Project
<br />Area, June 30, 2028 for the West Valley Amendment No. 1 Project Area, and July 5, 2025 for the
<br />Rancho Mill Project Area. After such time limit on the effectiveness of the Redevelopment Plan,
<br />the Agency shall still have the authority to pay previously incurred indebtedness and to enforce
<br />existing covenants, contracts, or other obligations.
<br />SECTION 1.2 Limitations on Receipt of Tax Increment to Pay Certain Debt.
<br />Except to the extent a longer period of time may be allowed pursuant to other provisions of the
<br />CRL, and as further stated herein, the Agency shall not pay indebtedness or receive property tax
<br />increment generated from the redevelopment project area after January 1, 2020 for the
<br />Downtown No. 1 Project Area, January 1, 2020 for the Downtown No. 2 Project Area, July 29,
<br />2026 for the Cooley Ranch Project Area, December 31, 2033 for the Santa Ana Project Area,
<br />June 30, 2038 for the Mt. Vernon Project Area, July 15, 2037 for the original West Valley Project
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