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 11,2007, the City Council approved the Fiscal Year 2008 (FY08) budget of the Redevelopment Agency of the City of Long Beach (Agency) as part of the City's overall budget. The Agency's FY08 budget includes a $1.3 million payment to the City's Low- and Moderate-Income Housing Fund by the North Long Beach Redevelopment Project on behalf of the Central Long Beach Project. In turn, the Central Long Beach Redevelopment Project's FY08 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 (FY/06).
In order for the North Long Beach Redevelopment Project to pay a portion of the Central Long Beach Redevelopment Project's housing set-aside obligation, the Agency and the City Council must make a finding that the payment of a portion of Central Long Beach Redevelopment Project's housing set-aside is of benefit to the North Long Beach Redevelopment Project. The Agency passed a resolution making such a finding on June 18, 2007.
This letter was reviewed by Assistant City Attorney Heather Mahood on October 3, 2007, and Budget Management Officer Victoria Bell on October 4,2007.
TIMING CONSIDERATIONS
Consideration of this item is requested on October 16, 2007, to expedite the repayment of the loan.
FISCAL IMPACT
The $1.3 million transfer of funds is included in both the Agency's FY08 budget and the City's FY08 General Fund budget. Approval of the attached resolution will provide $1.3 million in revenue to be deposited in the General Fund.
SUGGESTED ACTION
Approve recommendation.
BODY
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