1986 CC MIN MAY 06 - Laserfiche WebLink

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1 8 2Chairperson Cisneros declared the Redevelopment Agency Public Hearing open. Mayor Huntoon stated the record contains the following documents: A. Affidavits and certificates of publication and mailing. B. The proposed publication and mailing Redevelopment Plan, and C. Report to City Council on the proposed amended Redevelopment Plan, and D. Environmental Impact Report, and E. Preliminary Plan. Mayor Huntoon stated before asking those who wish to speak to come for- ward, he would like to request Mr. Bruce Pope, Consultant to the Rede- velopment Agency, to introduce the Agency staff members and present the Redevelopment Plan. Mr. Pope introduced Stephen W. Edwards, Acting Executive Director and Secretary; Mrs. Jennifer Thornberry, Redevelopment Agency Manager; and John Brown, RDA Legal Counsel. Mr. Pope stated the purpose of Amendment No. 3 to the Cooley Ranch Rede- velopment Plan No. 4 is to authorize the issuance of Tax Allocation Bonds and Notes, and to authorize complete implementation of the program gen- erally formulated in the Plan for the redevelopment, rehabilitation, and revitalization of the area within the boundaries of the Cooley Ranch Project No. 4. Mr. Pope then outlined the proposed projects to be com- pleted in the Plan, advising the total estimated cost of improvements is $26,869,280. Mr. Pope stated the Agency would not receive more than $150,000,000. in tax increments attributable to the Project, and would not establish long-term loans, advances, and indebtedness to be repaid from tax increments to finance in whole or in part the Redevelopment Project later than the year 2016. Mr. Pope advised that approximately $30,000,000. would be set aside for low and moderate income.housing. Mr. Pope then reviewed the Environmental Impact Report, advising the environmental analysis determined that no significant unavoidable ad- verse impacts will result from implementation of the proposed project. Mayor Huntoon then asked the City Clerk to read written communications received in favor of the' proposed Redevelopment Plan Amendment. City Clerk Ramos stated that no written communications had been received. Mayor Huntoon then invited those wishing to speak in favor of the Re- development Plan Amendment to step forward and state their name and address. No one came forward. Mayor Huntoon then asked the City Clerk to read written communications received in opposition to the proposed Redevelopment Plan Amendment. City Clerk Ramos stated that no written communications had been received. Mayor Huntoon then invited those wishing to speak in opposition'to the Redevelopment Plan Amendment to step forward and state their name and address. No one came forward. Mayor Huntoon stated all persons wishing to comment on the Environ- mental Impact Report now have an opportunity to speak.. No one came forward. Mr. Pope then advised that the Redevelopment Agency is continuing its meetings with the Fiscal Review Committee, however, to date the Commit- tee has not prepared a Fiscal Review Report. Mr. Pope continued as stated previously, they anticipate that approxi- mately $150,000,000. will be generated from this project, of which 20%, or approximately $30,000,000, would be allocated for low and moderate income housing, pursuant to Section 33334.2 of the California Health and Safety Code. MAY 6 1986