TITLE
Recommendation to declare ordinance eliminating the existing time limit on incurring bonded indebtedness for the Redevelopment Plan for the West Long Beach Industrial Redevelopment Project, read and adopted as read. (District 1)
DISCUSSION
On November 11, 2003, the City Council adopted Ordinance No. C-7887 related to the WLBI project area, thereby eliminating the time limit on the establishment of loans, advances, and indebtedness, with the exception of the establishment of bonded indebtedness.
The Redevelopment Agency (Agency) and the WLBI Project Area Committee (PAC) now desire to amend the WLBI Redevelopment Plan in order to pursue the incurrence of additional bonded indebtedness to fund improvements. However, prior to taking these actions, Ordinance No. C-7887 requires that the Agency provide the WLBI PAC with a 90-day written notice, and hold a public hearing regarding such amendment. The notice was submitted to the WLBI PAC and a public hearing held at their March 9, 2011 meeting. The PAC supports this action and has approved the Agency’s request to proceed with a potential bond sale after the 90-day waiting period. While a bond issue is being considered, it cannot proceed absent resolution of litigation regarding statewide redevelopment issues. Staff wishes to be prepared as soon as possible thereafter, and believes the recommended action is prudent at this time.
The WLBI Redevelopment Plan was adopted on July 1, 1975, Ordinance No. C-5188. On November 11, 1986, City Council adopted Ordinance No. C-6312 capping the cumulative total of tax increment the project area could receive over the life of the project at $1,174,000,000. City Council amended the project area termination date to July 1, 2015 with the adoption of Ordinance No. C-7297 on December 13, 1994. The time limit for repayment of indebtedness is July 1, 2025.
The WLBI project area nets approximately $4.2 million annually to fund infrastructure and public improvements, neighborho...
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