HomeMy WebLinkAboutReso 1999-19512 RESOLUTION NO. 19512
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA AUTHORIZING A NO INTEREST LOAN FROM THE
GENERAL FUND, IN AN AMOUNT NOT TO EXCEED ~500,000,
TO USA SOFTBALL FOR THE COMPLETION OF PHASE I OF
THEIR TRAINING FACILITY AT THE ARCO OLYMPIC TRAINING
CENTER AND AMENDING THE PROPOSED FISCAL YEAR 2000
BUDGET TO INCLUDE THE LOAN AND APPROPRIATE
AVAILABLE FUND BALANCE FOR THE AMOUNT OF THE LOAN
WHEREAS, the City Manager's Office has been working with the Director of the
Olympic Training Center on a variety of projects to help enhance the viability of the Center and
its ultimate economic impact on the City; and
WHEREAS, notwithstanding that the Center is a great asset to the City, in its current
form, it is still a "diamond in the rough" that when its full potential is realized, will make
current efforts pale by comparison; and
WHEREAS, staff has been working with the National Governing Body of USA Softball,
in conjunction with the ARCO Olympic Training Center regarding the funding, construction and
development of a new training facility for the women's National Softball Team; and
WHEREAS, USA Softball has requested financial assistance from the City of Chula
Vista in the form of a no interest, short-term loan to provide gap financing for the construction
of Phase I of a 3000 seat softball facility; and
WHEREAS, this short-term loan would be designed to bridge a potential funding gap
between the receipt of funds from fund-raising efforts and the scheduled July 15, 1999,
construction start date of the first phase of this project (which is scheduled for completion by
January 2000); and
WHEREAS, its timely completion will enable USA Softball to have the maximum
amount of time to train in the new facility as it prepares to defend its gold medal at the 2000
Summer Olympics to be held in Sydney, Australia.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
hereby authorize a no interest loan from the General Fund, in an amount not to exceed
$500,000, to USA Softball to insure the timely completion of Phase I CIP to provide training
facilities at the ARCO Olympic Training Center and amend the proposed Fiscal Year 2000
budget to appropriate available fund balance for the amount of the loan.
BE IT FURTHER RESOLVED that the City Manager is authorized to negotiate and enter
into an agreement for the repayment of the loan with the first payment to the City not later
than January 2001, with full payment by January 2003.
Resolution 19512
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Presented by Approved as to form by
'1 ; W
Resolution 19512
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PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 29th day of June, 1999, by the following vote:
AYES: Councilmembers: Moot, Padilia, Salas and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: Davis
ABSTAIN: Councilmembers: None
Shi~yor'~ ~
ATTEST:
Su~'n Bigelow, City Cler~
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. 19512 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 29th day of June, 1999.
Executed this 29th day of June, 1999.
Susan Bigelow, City Clerk