HomeMy WebLinkAboutReso 1998-18896 RESOLUTION NO. 18896
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING THE FIRE STATION NO. 4 DEFERRAL
AGREEMENT
WHEREAS, the City has received a request from Rancho Del Rey Investors, L.P. (the
McMillin Companies) to defer the advancement of funds for relocating Fire Station #4 from
the current site on Otay Lakes Road to the approved site in Rancho Del Rey on Paseo
Ranchero north of East "H" Street, and
WHEREAS, the request is to defer the payment until the adoption of the revised Public
Facilities DIF or July 1, 1998, whichever occurs first; and
WHEREAS, the existing performance bond is proposed by McMifiin to remain in effect
during the proposed interim period; and
WHEREAS, staff supports the McMillin request and would condition the approval on
retaining the security provided by McMillin to guarantee their obligation; and
WHEREAS, in addition, it is recommended that a provision of the Agreement provide
that the annual CPI adjustment for the ultimate amount deposited be adjusted monthly
,f-- subsequent to February 1, 1998, based on the City's Pooled Investment rate.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
hereby approve the Fire Station No. 4 Deferral Agreement, a copy of which shall be kept on
file in the office of the City Clerk as Document No. CO98-026.
BE IT FURTHER RESOLVED that the Mayor of the City of Chula Vista is hereby
authorized to execute said Deferral Agreement on behalf of the City of Chula Vista.
BE IT FURTHER RESOLVED that interest costs accrue during the interim period as well.
Presented by Approved as to form by
Resolution 18896
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 17th day of February, 1998, by the following vote:
AYES: Councilmembers: Padilia, Rindone, Salas and Horton
NAYES: Councilmel~nbers: None
ABSENT: Councilnaembers: None
ABSTAIN: Councilmembers: Moot
s
ATTEST:
B~uth~le~
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that
the foregoing Resolution No. 18896 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 17th day of February,
1998.
Executed this 17th day of February, 1998.
~uthelet, City Clerk
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