TITLE
Recommendation to adopt resolution finding that the use of taxes allocated to the North Long Beach Redevelopment Project on behalf of the Central Long Beach Redevelopment Project for the purpose of increasing, improving and preserving the community’s supply of low- and moderate-income housing will be of benefit to the North Long Beach Redevelopment Project. (Citywide)
DISCUSSION
On September 12,2006, the City Council approved the Fiscal Year 2007 (FY07) budget of the Redevelopment Agency of the City of Long Beach (Agency) as part of the City's overall budget. The Agency's FY07 budget includes a $1.3 million payment to the City's Low- and Moderate- Income Housing Fund by the North Long Beach Redevelopment Project Area on behalf of the Central Long Beach Project Area. In turn, the Central Long Beach Redevelopment Area's FY07 Budget includes a $1.3 million loan repayment to the City. This loan repayment continues a transfer of funds that started in Fiscal Year 2006 (FY06).
In order for the North Long Beach Redevelopment Project Area to pay a portion of the Central Long Beach Redevelopment Project Area's housing set aside obligation, the Agency and City Council must make a finding that the payment of additional housing set aside is of benefit to the project area making the additional payment. The Agency passed a resolution making such a finding on July 17, 2006.
This letter was reviewed by Assistant City Attorney Heather Mahood on October 11, 2006, and Budget Management Officer David Wodynski on October 25, 2006.
TIMING CONSIDERATIONS
Consideration of this item is requested on November 14, 2006, to expeditiously assist the City of Long Beach with its current FY07 General Fund budget.
FISCAL IMPACT
The $1.3 million transfer of funds was included in both the Agency's FY07 budget and the City's FY07 General Fund budget. Approval of the attached resolution will generate $1.3 million in revenue to be deposited in the General Fund.
SUGGESTED ACTION
App...
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