HomeMy WebLinkAboutReso 1995-17919 RESOLUTION NO. 17919
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING COOPERATION AGREEMENT (PALOMAR
TROLLEY CENTER) WITH THE REDEVELOPMENT AGENCY OF
THE CITY OF CHULA VISTA TO PAY BACK LOAN TO
REDEVELOPMENT AGENCY FROM CYPRESS CREEK COMPANY
L.P., APPROPRIATING FUNDS THEREFOR, AND AUTHORIZING
MAYOR TO EXECUTE SAME
WHEREAS, the City is authorized to provide assistance to the Redevelopment Agency
('"Agency'") to redevelop the Southwest Redevelopmerit Project Area ("Project Area"); and,
WHEREAS, the Agency may not have sufficient funds to pay for all of its activities and
undertakings in the Project Area; and,
WHEREAS, the Agency has entered into the Amended Palomar Trolley Center
Disposition and Development Agreement with Cypress Creek Company L.P. ("Cypress") which
involves financial participation by the Agency in the Palomar Trolley Center retail commercial
project in the Project Area, that financial participation being in the form of a loan from Cypress
to the Agency; and,
WHEREAS, to the degree that the Agency has insufficient funds from the Project Area
to make loan payments to Cypress, the Agency wishes to borrow funds from the City to make
those loan payments; and,
WHEREAS, the City wishes to assist the Agency in making those loan payments as
necessary by loaning the required funds to the Agency subject to specific repayment
obligations; and,
WHEREAS, the Implementation Agreement (Palomar Trolley Center), known as
document number CO95-081, a copy of which is on file in the office of the City Clerk, has
been prepared which provides for the City to loan funds to the Agency as necessary to satisfy
its debt obligation to Cypress.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CHULA VISTA does hereby
find, order, determine and resolve that the Implementation Agreement (Palomar Trolley Center)
is approved and the Mayor is authorized to execute same.
Resolution No. 179 19
Page 2
BE IT FURTHER RESOLVED that $54,000.00 is appropriated from the unappropriated
fund balance of the General Fund to Debt Service Fund//309 and appropriated from Debt
Service Fund//309 for the purpose of funding the 1994-95 debt service payments to Cypress
by the City on behalf of the Agency.
Presented by ~si2~~! ~
Chris Salomone Bruce M. oog
Community Development Director Ci Attorney
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Resolution No. 17919
Page 3
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula Vista,
California, this 6th day of June, 1995, by the following vote:
YES: Councilmembers: Alevy, Moot, Rindone, Horton
NOES: Councilmembers: None
ABSENT: Councilmembers: Padilia
ABSTAIN: Councilmembers: None
Shirley H'orton, Mayor
ATTEST:
Beverly ~. ~,uthelet, City Cierk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
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. 17919 was duly passed, approved, and adopted by the City
Council at a joint City Council/Redevelopment Agency held on the 6th day of June, 1995.
Executed this 6th day of June, 1995.
Beverly ~. Auihelet, City Clerk
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