REPORT TO THE CITY IN ITS CAPACITY AS HOUSING SUCCESSOR TO THE
REDEVELOPMENT AGENCY OF THE CITY OF FRESNO
AND FRESNO REVITALIZATION CORPORATION
DATE: November 14, 2019
FROM: MARLENE MURPHEY, Executive Director
SUBJECT:
Title
RESOLUTION - Of the City of Fresno Approving a Bond Proceeds Expenditure Agreement between the Successor Agency to the Redevelopment Agency of the City of Fresno and the City of Fresno in its Capacity as Housing Successor to the Redevelopment Agency of the City of Fresno
Sponsor: The City in its capacity as Housing Successor to the Redevelopment Agency of the City of Fresno
Body
RECOMMENDATION
It is recommended that the Resolution and Bond Proceeds Expenditure Agreement between the Successor Agency and the City of Fresno in its Capacity as Housing Successor be approved for the transfer of excess bond proceeds for implementation of projects consistent with the original bond covenants.
EXECUTIVE SUMMARY
The former Fresno Redevelopment Agency was responsible to implement the Urban Renewal Plan for the Mariposa Redevelopment Project area. To implement the plan, tax allocation bonds were issued in 1993 and refunded in 2003. The sum of $478,016.10 remains in the Mariposa Redevelopment Fund unspent as excess bond proceeds. Pursuant to provisions of the Redevelopment Dissolution Law the Successor Agency is permitted to spend these excess bond proceeds in compliance with the bond covenants.
Subject to the County-wide Oversight Board and the California Department of Finance (DOF) approval, the proposed Bond Proceeds Expenditure Agreement authorizes the transfer of all unspent bond proceeds from the Successor Agency to the City of Fresno in its Capacity as the Housing Successor for projects and activities consistent with the bond covenants that include projects, activities and improvements within or beneficial to the project area...
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