REPORT TO SUNNYVALE INDUSTRIAL DEVELOPMENT AUTHORITY
SUBJECT
Title
Adopt Resolution of the Sunnyvale Industrial Development Authority Providing for Certain Organizational Matters and Adopt Resolution of the Sunnyvale Industrial Development Authority Approving, Authorizing, and Directing the Execution of an Amended and Restated Joint Exercise of Powers Agreement Creating the Sunnyvale Financing Authority
Report
BACKGROUND
In anticipation of the dissolution of the Successor Agency to the Redevelopment Agency of the City of Sunnyvale ("Successor Agency"), which is expected to occur in 2026 after it has satisfied all of its enforceable obligations, the City Council of the City of Sunnyvale authorized the creation of a new Industrial Development Authority on August 26, 2025 (RTC No. 25-0828). This entity is necessary to serve as the second member of the Sunnyvale Financing Authority ("Financing Authority"), which is a Joint Powers Authority that requires at least two legal entities to operate. The Sunnyvale Industrial Development Authority must establish its rules of business and take action on the Joint Exercise of Powers Agreement.
ENVIRONMENTAL REVIEW
The action being considered is exempt from review under the California Environmental Quality Act ("CEQA") pursuant to Title 14 of the California Code of Regulations, Section 15378(b)(4) because it involves the creation of a government funding mechanism that does not involve any commitment to any specific project that may result in a potentially significant physical impact on the environment.
DISCUSSION
Resolution Providing for Organizational Matters
The California Industrial Development Financing Act (commencing with Section 91500 of the California Government Code) ("Act") authorizes the City of Sunnyvale to activate an industrial development authority by ordinance if it finds that there is a need within the City for such an authority.
On September 9, 2025, the City Council adopted Ordinance No. 3245-25 (RTC N...
Click here for full text