HomeMy WebLinkAboutReso 1995-17871 RESOLUTION 17871
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING IN CONCEPT AN AGREEMENT WITH THE
EASTLAKE DEVELOPMENT COMPANY THAT WOULD REQUIRE
EASTLAKE TO TRANSFER ECONOMIC INCENTIVES TO A HIGH
TECH COMPANY LOCATING IN THE HIGH TECH/BIOTECH ZONE
IN EXCHANGE FOR THE CITY PROVIDING CERTAIN
CONCESSIONS TO EASTLAKE, AND DIRECTING STAFF TO
RETURN TO COUNCIL WITH A WRITTEN AGREEMENT FOR
CONSIDERATION
WHEREAS, Council has created a High Tech/Biotech Zone within the EastLake Business
Center to offer incentives to attract targeted High Tech/Biotech and Biomed companies; and,
WHEREAS, the attraction of these high growth companies will result in new, quality
jobs for Chula Vista residents; and
WHEREAS, Council has already adopted certain incentives, including measures to fast-
track High Tech/Biotech projects, and has directed staff to finalize other incentive elements
for Council consideration, including negotiation of a "Menu" Agreement with EastLake to
,.,. facilitate the transfer of city financial incentives to targeted companies; and,
WHEREAS, a targeted biomed company, which has asked that its name be kept
confidential at this time ("Company X"), is currently considering relocating to the High
Tech/Biotech Zone as well as to another site outside of the City, and their site selection
decision is imminent; and,
WHEREAS, although the master incentive package agreement ("Menu Agreement")
with Eastlake regarding the High Tech/Biotech Zone has not been finalized, staff desires to
encourage Company X to relocate in the High Tech/Biotech Zone by negotiating a project
specific incentive package agreement with Eastlake (the "Eastlake/Company X Agreement")
which contemplates that Eastlake would pay $325,000 of Company X's development fees
and assessment district fees in exchange for the City approving certain concessions
benefitting Eastlake; and,
WHEREAS, prior to presenting a fully negotiated Eastlake/Company X Agreement to
Council for its consideration, City staff is requesting that City Council conceptually approve
the agreement subject to the terms and conditions set forth herein;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CHULA VISTA DOES
HEREBY RESOLVE AS FOLLOWS:
1) The City Council approves in concept the above-described Eastlake/Company X
Agreement calling for the payment by Eastlake of a 3325,000 portion of Company X's
'" development and assessment district fees in exchange for certain concessions, to be
determined, which may be granted by the City for the benefit of Eastlake;
Resolution No. 17871
Page 2
2) The City Council directs staff to expeditiously finalize negotiations with Eastlake with
respect to the Eastlake/Company X Agreement and to present a finalized written form
of such agreement for Council consideration as soon as possible or appropriate. The
staff report presenting such agreement shall include staff's analysis of the relative
benefit of the proposed Company X project to the City and Eastlake and of the
estimated value and burden of the proposed City/Eastlake concessions.
3) The City Council reserves the right, in its sole and unfettered discretion to approve or
disapprove the finalized version of such agreement. Accordingly, by adopting this
Resolution the City creates no enforceable contractual rights or benefits for any person
or entity.
Chris Salomone C~ty AttornBe°'Tga'ard
Director of Community Development '
Resolution No. 17871
Page 3
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula Vista,
California, this 18th day of April, 1995, by the following vote:
YES: Councilmembers: Moot, Padilia, Rindone, Horton
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Shirley H~ton, Mayor
ATTEST:
Beverly A. Authelet, City Clerk
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. 17871 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 18th day of April
1995.
Executed this 18th day of April, 1995.
Beverly/~. Authelet, City Clerk