HomeMy WebLinkAboutReso 1999-19527 RESOLUTION NO. 19527
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA, CALIFORNIA, APPROVING THE FORM OF A
REIMBURSEMENT AGREEMENT BY AND BETWEEN THE CITY OF
CHULA VISTA AND THE OTAY RANCH COMPANY PERTAINING
TO COMMUNITY FACILITIES DISTRICT NO. 99-1
WHEREAS, the CITY OF CHULA VISTA, CALIFORNIA (the "City"), previously entered
into an Agreement for Financing and Construction of Olympic Parkway and Related Roadway
Improvements dated as of April 20, 1999 (the "Olympic Parkway Agreement") among the
City, McMillin Otay Ranch, LLC, and Otay Project LLC (the "Otay") to provide for the design,
construction and financing of the Olympic Parkway Improvement (as such term is defined in
the Olympic Parkway Agreement); and
WHEREAS, as an integral part of the Olympic Parkway Agreement, Otay agreed to
submit an application for the formation of a community facilities district and to take all actions
necessary to process such application for the establishment of such community facilities
district and to authorize the levy of special taxes and the incurring of indebtedness to secure
Otay's share of the cost of Phase 1 and Phase 2 Olympic Parkway Improvements (as defined
in the Olympic Parkway Agreement); and
WHEREAS, Otay is further obligated pursuant to the Olympic Parkway Agreement to
enter into a reimbursement agreement ("Reimbursement Agreement") pursuant to which Otay
agrees to advance funds to the City for the payment of all initial consulting and administration
costs and expenses related to the proceedings to consider the formation of the community
facilities district and to subsequently authorize, issue and sell bonds for the community
facilities district; and
WHEREAS, the form of such Reimbursement Agreement has been presented to this
City Council for its consideration.
NOW, THEREFORE, IT IS HEREBY RESOLVED:
SECTION 1. The above recitals are all true and correct.
SECTION 2. The form of Reimbursement Agreement, herewith submitted, is approved
substantially in the form submitted. The Mayor is hereby authorized to execute the final form
of Such agreement on behalf of the City. The City Manager, subject to the review of the City
Attorney and Bond Counsel, is authorized to approve changes in such agreement deemed to
be in the best interests of the City, approval of such changes to be evidenced by the
execution of such agreement.
Prepared by Approved as to form by
~blic Works
Resolution 19527
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 13'h day of July, 1999, by the following vote:
AYES: Councilmembers: Davis, Moot, Salas and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: Padilia
ABSTAIN: Councilmembers: None
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ATTEST:
Susan 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. 19527 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 13th day of July, 1999.
Executed this 13th day of July, 1999.