HomeMy WebLinkAboutReso 2001-102 RESOLUTION NO. 2001-102
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA WAIVING THE CONSULTANT SELECTION
PROCESS AS IMPRACTICAL, APPOINTING THE FIRM OF
BEST, BEST, & KRIEGER, LLP AS BOND COUNSEL, THE
FIRM OF STONE & YOUNGBERG, LLC AS UNDERWRITER,
AND THE FIRM OF FIELDMAN, ROLAPP, & ASSOCIATES
AS FINANCIAL ADVISOR FOR ALL LAND-SECURED
INFRASTRUCTURE FINANCING TRANSACTIONS BY
AMENDING THEIR RESPECTIVE AGREEMENTS AND
AUTHORIZING THE MAYOR TO EXECUTE AMENDMENTS
TO EXISTING AGREEMENTS WITH THESE FIRMS
WHEREAS, the City of Chula Vista (the "City") has previously formed nine assessment
districts and three community facilities districts for the purpose of providing long term financing
of infrastructure improvements to serve the properties within such districts; and
WHEREAS, due to the inherent complexity of such land secured financings, the City has
historically utilized the same team of consultants to assist the City in structuring such financings
and undertaking the due diligence required for such financings; and
WHEREAS, the City has previously entered into contracts with these consultants, Stone
& Youngberg as underwriter, Best, Best, & Krieger LLP as bond cotmsel, Fieldman, Rolapp, &
Associates as financial advisor, for all land secured infrastructure financing transactions for the
Otay Ranch territory and Sunbow II; and
WHEREAS, Trimark Pacific Homes, L.P., has requested that the City consider the
formation of a community facilities district to finance infrastructure in the San Miquel Ranch
which is located outside of the Otay Ranch ten-itory and Sunbow II; and
WHEREAS, again due to the complexity of such land secured ~nancings, staff now
recommends that the City contract with such firms to provide necessary consultant services for
all future land secured financing transactions including the San Miquel Ranch project.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CHULA VISTA,
CALIFORNIA, DOES HEREBY RESOLVE, DECLARE, FIND, DETERMINE AND ORDER
AS FOLLOWS:
SECTION 1. The above recitals are all true and correct.
SECTION 2. This City Council hereby finds that the appointment of an underwriter, bond
counsel, financial advisor, market absorption consultant, appraiser and special tax consultant for
future proceedings for land secured financings pursuant to the consultant selection process would
be impractical for the reasons set forth above and in the accompanying staff report. Therefore,
Stone & Youngberg LLC is hereby appointed as underwriter, Best, Best, & Krieger, LLP is
hereby appointed as bond counsel and Fieldman, Rolapp, & Associates is hereby appointed as
financial advisor for all future land secured financing transactions within the City and the Mayor
is hereby authorized to execute an amendments to the existing agreements with such firms to
reflect such appointments.
Resolution 2001 - 102
Page 2
SECTION 3. This resolution shall become effective upon its adoption.
Prepared by Approved as to form
Jo . Kaheny ~)
Deputy City Manager ey
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 10th day of April, 2001, by the following vote:
AYES: Councilmembers: Davis, Rindone and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: Padilla and Salas
ATTEST:
Susan Bigelow, City Cleft
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. 2001-102 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 10th day of April, 2001.
Executed this 10th day of April, 2001.
Susan Bigelow, City Clerk