02-15-1994 - Notification Regarding Redevelopment Agency Payment to Educational Revenue Augmentation FundCity of West Covina
Memorandum
TO: City Council and City Manager
kGENDA
ITEM NO. - Q- Ilb
FROM: Redevelopment Agency Staff TIP Februa�� ry 15, 1994
DAI E
PRINTED ON RECYCLED PAPER
SUBJECT: NOTMCATION REGARDING REDEVELOPMENT AGENCY
PAYMENT TO EDUCATIONAL REVENUE AUGMENTATION
FUND [REFER TO AGENCY AGENDA ITEM NO.II]
SUMMARY: The City Council as the legislative body of.the City, must notify.the County
Auditor of the source of funds the Redevelopment Agency will use to fund its
contribution, to the Educational Revenue Augmentation Fund.
BACKGROUND:
The 1993 Budget Act, implemented by Chapter 68 (SB 1135) sets forth procedures and 4eadlines-
required, by cities and agencies to fulfill their obligations to defray the 1993-94 State deficit.
The City I Council, as the legislative body of the City, must notify the County Auditor by March
1, 1994 of the source of funds -to be used by the, Redevelopment Agency to fund this obligation.
The Redevelopment Agency , has acted this evening on their Item No. H to appropriate the
necessary funds from tax increment revenues held in. reserve for project development. The
action required at this time is authorization by the City Council to notify the County Auditor of
this source of funding.
RECOMMENDATION:
It is recommended that the City Council authorize -the Mayor to notify the County Auditor no
later than March 1, 1994 that the West Covina Redevelopment Agency's allo�ati6ln" to the
Educational. Revenue, Augmentation Fund will be made from tax increment revenues held in
reserves for project development.
Chester Y oshi za�
Redevelopment/,4anager
APPROVED:
Steven W. Wylie
Director of Redevedpment Services
XB11576BI