HomeMy WebLinkAboutRA 2008-005RESOLUTION NO. RA 2008-005
A RESOLUTION OF THE CITY OF ATASCADERO COMMUNITY
REDEVELOPMENT AGENCY DETERMINING THAT A DISTRESSED
ENVIRONMENT EXISTS ON PROPERTY THAT HAS A NEGATIVE
FINANCIAL IMPACT ON THE COMMUNITY
WHEREAS, The Community Reinvestment Act, passed by Congress in 1977,
encourages financial institutions to help meet their communities' needs- through safe and sound
lending practices and by providing retail banking and community development services, and,
WHEREAS, certain properties within the Project area are economically distressed and
as a result of being unsightly, underutilized, or vacant, are having a negative impact on the
economic health and viability of the community- and,
WHEREAS, The property located at 6905 El Camino Real, known as the Colony Square
project site is currently vacant and underutilized, and,
WHEREAS, The property was formerly the location of restaurants, a bowling alley,
shops and professional services, all of which provided fobs and contributed to the economy and
low tax base, and,
WHEREAS, The site currently is entitled to be a new entertainment center yet due a lack
of funding, it currently sits vacant at the community's mayor intersection, and,
WHEREAS, The Agency desires to see the site developed so it will once again
contribute to the overall financial health of the community and benefit the local community; and,
WHEREAS, The Agency understands that by determining by resolution that the site is
financially distressed and negatively impacting the community in its current state that funding
for future projects on the site may qualify for the Community Reinvestment Act therefore
making the site more attractive to banks and lending institutions, and,
WHEREAS, The purpose of this finding is to encourage banks to offer loans to the
project to encourage site development.
NOW, THEREFORE, The Community Redevelopment Agency of the City of
Atascadero, California, does determine that the property at 6905 El Camino Real is currently
contributing to the economic distress of the community, and lack of development is causing
negative economic impacts
On motion by Board Member Clay and seconded by Board Member Beraud, the
foregoing Resolution is hereby adopted on the following roll call vote
Community Redevelopment Agency of Atascadero
Resolution No. RA 2008-005
Page 2 of 2
AYES Board Members Beraud, Clay, Fonzi, Kelley and Chairperson O'Malley
NOES None
ABSTAINED None
ABSENT None
ADOPTED December 9, 2008
ATTEST
Marcia McClure Torgerson, C.M.GJ
Board Secretary
Om APPROVED AS TO FORM.
Brian A. Pienk, Agency Counsel
ATASCADERO COMMUNITY
RRDEVELOPMENT AGENCY
Tom O'Malley, and C