AgdaPkt 2016-02-08 Closed and Joint SA PFA

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“advances for survey and planning : may come through loans from the City” and “the City may also supply additional assistance through City loans and grants for various public facilities.” The Redevelopment Plan also requires the City to aid and cooperate with the Redevelopment Agency in carrying out the Redevelopment Plan, and to take all actions necessary to ensure the continued fulfillment of the purposes of the Redevelopment Plan, including improvements in publicly-owned public utilities within or affecting the Redevelopment Project Area, construction of any public improvements serving the purposes of the Redevelopment Plan, which costs may be reimbursed by the Redevelopment Agency from Redevelopment Project revenues, and the performance of other functions and services relating to public health, safety and physical development. ANALYSIS SERAF Loan Pursuant to Health and Safety Code Section 33690, the Redevelopment Agency was required to make a SERAF payment for fiscal year 2009-10. Because the Redevelopment Agency did not have sufficient funds in its general fund to make the legally required payment, it borrowed funds from the Redevelopment Agency’s Low and Moderate Income Housing Fund in the amount of $2,812,838 (the “SERAF Loan”) to make this SERAF payment. The Redevelopment Agency by Resolution No. RD 10-03 adopted on April 26, 2010 approved and authorized the SERAF Loan from the Redevelopment Agency’s Low and Moderate Income Housing Fund for the 2009-10 SERAF payment consistent with the loan repayment schedule. The SERAF payment was required by law, pursuant to Health and Safety Code Section 33690. The current outstanding balance due to repay the SERAF loan is $1,687,703. City/RDA Loan On September 8, 2003, the Redwood City City Council and Redevelopment Agency Board conceptually approved a plan to finance various downtown improvements which relied upon bonds being issued by the Agency and a $3 million loan from the City to the Agency. The various downtown improvements included the Courthouse Facade Restoration, the Jefferson Underground Parking Garage, the Block 2 Parking Lot, and Block 2 Land Assembly (“Projects”). These Projects were squarely within the purview of the Redevelopment Agency whose purpose was to eliminate urban blight in the City of Redwood City. The Redevelopment Agency's primary responsibilities included elimination of slums and blight, revitalization of older neighborhoods, facilitation of additional housing, encouragement of economic development and creation of new employment opportunities. In particular, when the Redevelopment Agency project area was expanded to include downtown Redwood City, the Redevelopment Agency was tasked with, among other things, (1) replanning, redesigning and developing vacant, underutilized and underdeveloped areas which were stagnant or improperly utilized, and (2) providing adequate off-street parking to serve current and future uses within the 6.1.D. - Page 2