Section 8194 Of Article 3. Capitol Area Redevelopment From California Government Code >> Division 1. >> Title 2. >> Chapter 2.8. >> Article 3.
8194
. The authority shall establish the following time limits for
that portion of the project area described in paragraph (2) of
subdivision (a) of Section 8180 (the R Street Area):
(a) A time limit on establishing or incurring loans, advances, and
indebtedness to be paid for with proceeds of property taxes received
pursuant to Section 8183, which limit may not exceed December 31,
2022. However, this limit may be extended by the authority for 10
additional years if the authority finds, based upon substantial
evidence, both of the following:
(1) Significant blight remains within the R Street Area.
(2) This blight cannot be eliminated without the establishment of
additional debt.
This limit shall not prevent the authority from incurring debt, to
be paid from that portion of the set-aside collected pursuant to
Section 8191 from properties within the R Street Area, in order to
either fulfill the authority's obligations pursuant to Section
8193.1, or to refinance, refund, or restructure an indebtedness after
the time limits if the indebtedness is not increased and the time
during which the indebtedness is to be repaid does not exceed the
date on which the indebtedness would have been paid. The loans,
advances, or indebtedness may be repaid over a period of time longer
than these time limits.
(b) A time limit on authority activities within the R Street Area,
which limit may not exceed December 31, 2032. However, the authority
may pay previously incurred indebtedness and enforce existing
covenants, contracts, and other obligations. This time limit shall
not prevent the authority from fulfilling the authority's obligations
pursuant to Section 8193.1.
(c) A time limit on receipt of property taxes pursuant to Section
8183 from properties within the R Street Area, which limit may not
exceed December 31, 2047. However, this limit shall not be construed
to affect the validity or payment of any bond, loans, advances,
indebtedness or other obligation, or the right to receive taxes
pursuant to Section 8183 to pay the loans, advances, indebtedness or
other obligation to repay bonds, loans, advances, and indebtedness
within those 45 years.
(d) A time limit on the commencement of eminent domain proceedings
to acquire property within the R Street Area, which limit may not
exceed December 31, 2014, unless expressly extended by formal action
of the authority. However, in no case shall the limit be extended
beyond the time limit set in subdivision (b).