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Ord94 2085
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Ord94 2085
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Last modified
7/5/2005 3:03:02 PM
Creation date
10/2/2003 3:55:39 PM
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Template:
CC Index
CC Index - Document Type
Ordinance
Agency Type
City Council
Date
12/19/1994
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JAH:dft 11~ q/94R (006/12) <br />.'. -- 1I~9/94R <br /> 11/29/94R <br /> <br /> EXHIBIT "A" <br /> <br /> THIRD AMENDMENT OF THE REDEVELOPMENT PLAN <br /> FOR REDEVELOPMENT PROJECT NO. 2 <br /> (ORDINANCE NO. <br /> <br /> Section C (Financial Limitations) of Part VI shall read in its <br /> entirety as follows: <br /> <br /> "The portion of taxes divided and allocated to the <br /> Agency pursuant to Section B.2. of this Part VI shall <br /> not exceed a cumulative total of $398,000,000, except <br /> by amendment of this Plan. Such limitation is <br /> exclusive of (1) any payments to taxing agencies to <br /> alleviate financial burden made by the Agency pursuant <br /> to Section 33401 of the Health and Safety Code and <br /> Section D. of this Part VI; and (2) any funds required <br /> by Section 33334.2 of the Health and Safety Code to be <br /> deposited by the Agency in a Low and Moderate Income <br /> Housing Fund as a result of such payments to taxing <br /> agencies. <br /> <br /> "The time limits on the establishing of loans, <br /> advances, and indebtedness adopted pursuant to this <br /> Plan shall be (1) January 1, 2004, for the territory <br /> covered by the Plan as adopted in 1982 (the "Original <br /> Project Area"), (2) June 20, 2005, for the territory <br /> added to the Project Area in 1985 (the "First Amendment <br /> Area"), and (3) January 18, 2010, for the territory <br /> added to the Project Area in 1990 (the "Second <br /> Amendment Area"); provided, however, that the foregoing <br /> time limits shall not prevent this Agency from <br /> incurring debt to be paid from its Low and Moderate <br /> Income Housing Fund or establishing more debt in order <br /> to fulfill this Agency's housing obligations under <br /> Section 33413 of the Health and Safety Code; nor shall <br /> such time limits prevent this Agency from refinancing, <br /> refunding, or restructuring an indebtedness after the <br /> time limit pertaining to such indebtedness, if the <br /> indebtedness is not increased and the time during which <br /> the indebtedness is to be repaid does not exceed the <br /> date on which the indebtedness would have been paid." <br /> <br /> X X X X X <br /> <br /> Part IX shall read in its entirety, as follows: <br /> <br /> "IX. Duration of this Plan; Repayment of Indebtedness <br /> <br /> Except for the non-discrimination and non- <br /> segregation provisions which shall run in perpetuity, <br /> the effectiveness of this Plan shall terminate (1) <br /> August 19, 2022, with respect to the Original Project <br /> Area, (2) June 20, 2025, with respect to the First <br /> Amendment Area, and (3) January 18, 2028, with respect <br /> <br /> <br />
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