HomeMy WebLinkAboutReso 2000-183 RESOLUTION NO. 2000-183
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA EXPRESSiNG ITS iNTENTION TO CONSIDER
THE FORMATION OF A JOiNT POWERS AUTHORITY TO
ACQUIRE A FRANCHISE FROM CALIFORNIA
TRANSPORTATION VENTURES BASED UPON THE
CONSIDERATIONS AS EXPRESSED HEREiN AND DIRECT
CITY STAFF TO PROCEED WITH ITS DUE DILIGENCE WITH
RESPECT TO SAID FORMATION AND TO REPORT ITS
FINDiNGS TO THE CITY COUNCIL WITH DUE SPEED
WHEREAS, San Diego Expressway Limited Parmership, a California limited parmership,
as assignee of California Transportation Ventures, Inc. C CTV"), its general partner, has entered into
a Development Franchise Agreement ("Franchise"), dated January 6, 1991, with the State of
Califomia Department of Transportation CCaltrans") for a privatized toll road facility ("Project")
to be incorporated when completed into the California highway system as part of State Route 125;
and
WHEREAS, the Project is intended to service the Eastem Territories within the City of Chula
Vista and is essential for the orderly development of Chula Vista and the South Bay.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Chula Vista, that
the purpose of this Resolution is to set forth this City Council's intention to consider the formation
of a Joint Powers authority to acquire the Franchise from California Transportation Ventures, Inc.
based upon all of the following issues being resolved to the satisfaction of the City Council:
1. Completion of the City's due diligence review of the acquisition of the Franchise.
2. Validation of the value of the Franchise through a bonafide appraisal conducted by a
competent independent appraiser.
3. Validation by an independent analyst of the traffic and revenue projection provided by
CTV to substantiate the financial viability of the Project.
4. Disclosure of all information relative to the financing and operating of the Project.
5. Completion of environmental review, as necessary, of the Project, including the Record
of Decision and settlement of any litigation challenging the Project.
BE IT FURTHER RESOLVED that the City Council hereby directs City staff to proceed
with its due diligence with respect to said formation of the Joint Powers Authority and to report its
findings to the City Council with due speed.
BE IT FURTHER RESOLVED that by adopting this resolution, the City Council does not
purport to restrict its exercise of its police power with regard to this matter in any future action.
Resolution 2000-183
Page 2
Presented by and Approved as to form by
~; tto~;ny ~
~D, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 12t" day of June, 2000, by the following vote:
AYES: Councilmembers: Davis, Moot, Padilia, Salas, and Horton
NAYS: Councilmembers: None
ABSENT: Cotmcilmembers: None
ATTEST: irley Hort~fMayor
Susan Bigelow, City Cle~
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, Califomia, do hereby certify that the foregoing
Resolution No. 2000-183 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 12th day of June, 2000.
Executed this 12th day of June, 2000.
Susan Bigelow, City Clear