HomeMy WebLinkAboutReso 2000-022_ RESOLUTION NO. 2000-022
(AGENCY RESOLUTION NO. 1660)
JOiNT RESOLUTION OF THE CITY COUNCIL AND THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA
APPROVING THE FIRST AMENDMENT TO THE
ASSESSMENT DISTRICT NO. 90-2 REIMBURSEMENT
AGREEMENT PROVIDiNG FOR REPAYMENT TO THE
AGENCY OF AN OUTSTANDiNG $440,087 LOAN
WHEREAS, the City of Chula Vista and the Redevelopment Agency (City/Agency) entered
into an Agreement with the Darling Delaware Company that deferred payment of the Assessment
Fees for their property located on Otay Valley Road; and
WHEREAS, the deferral was granted due to ongoing efforts to clean-up the property and the
resulting limitations on developability/sale of the properly; and
WHEREAS, the Agency paid the Assessment and "loaned" to Darling Delaware the $440,087
Assessment fee which was to be repaid to the Agency upon readiness of the property for
development; and
WHEREAS, the Darling Company sold the property to LandBank in December 1999; and
WHEREAS, LandBank will be selling the property to the end-user. The property is presently
in escrow to Investment Development Services (IDS), with the transaction scheduled to close in
March 2000; and
WHEREAS, LandB ank has requested a deferral of the fees until after IDS closes the property;
and
WHEREAS, staff supports this deferral due to the fact that Darling Delaware has proceeded
in good faith to prepare the property for development as contemplated by the original deferral
agreement and, appropriate provision has been made for repayment of amounts owed in the proposed
amendment; LandBank is not an end-user and IDS has agreed to pay the Assessment District fees
after they purchase the property.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Chula Vista
and the Redevelopment Agency approve the first amendment to the Reimbursement Agreement for
Assessment District 90-2 in the form presented with such minor modifications as may be approved
or required by the City/Agency Attorney.
Resolution 2000-022 '
Page 2
Presented by Approved as to form by
Chris Salomone ~flAtioKrnaeh;ny ,~
Community Development Director
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 14th day of January, 2000, by the following vote:
AYES: Councilmembers: Davis, Moot, Padilia, Salas, and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Shirley Hort6h, Mayor
ATTEST:
Susan Bigelow, City Clerkc'
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2000-022 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 14~h day of January, 2000.
Executed this 14th day of January, 2000.
Susan Bigelow, City Clerk