The Redevelopment Agency of the City of Sunnyvale met upon adjournment of the regularly scheduled City Council meeting at 7:04 p.m. in the City Council Chambers, 456 West Olive Avenue, Sunnyvale, California, with Chair Miller presiding.

Vice Agency Chair Risch moved, and Agency Member Howe seconded, approval of the consent calendar. The motion carried unanimously.

Robert Paternoster, Agency Secretary/Director Treasurer, presented the staff report. He reported the agency continues to be unable to make any deposits into the Low and Moderate Income Housing Fund because the pre-existing debt service exceeds the Agency’s anticipated tax increment revenue. As a result, the Agency will not have any remaining funds available and does not propose to make any deposit into the Housing Fund for Fiscal Year 2003/2004. It is necessary to make payments under pre-existing obligations of amounts due or required to be committed, set aside, or reserved by the Agency during Fiscal Year 2003/2004 and will be used by the Agency for that purpose. The amount that the Agency would otherwise be required to deposit in the Housing Fund will create a deficit in the Housing Fund, which will be repaid at a later date.

Agency Chair Miller opened the Public Hearing at 7:08 p.m. and, there being no public comments, closed the Public Hearing.

Vice Agency Chair Risch moved, and Agency Member Howe seconded, to adopt by Resolution, the annual findings that all tax increment revenues are required to meet current obligations for repayment for the bonded indebtedness of the Agency and pre-existing debt repayment to the City of Sunnyvale and adopt the accompanying Deficit Reduction Plan. The motion carried unanimously.

RESOLUTION NO. 101-03 RA A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SUNNYVALE MAKING FINDINGS RELATED TO THE DEPOSIT OF FUNDS IN THE LOW AND MODERATE INCOME HOUSING FUND AND ADOPTING A LOW AND MODERATE INCOME HOUSING FUND DEFICIT REDUCTION PLAN

Dahl Phelps, a member of the public, inquired what building code changes would be made to the downtown between Fair Oaks and Mathilda. Agency Secretary/Director Treasurer Paternoster responded there are no land use changes for that area.

There were no comments.

There were no comments.

Agency Chair Miller declared the meeting adjourned at 7:08 p.m.

Respectfully submitted,
Susan Kitchens, Agency Clerk