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HomeMy WebLinkAboutReso 1995-17886 RESOLUTION NO. 17886 JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AND THE CHULA VISTA REDEVELOPMENT AGENCY AUTHORIZING THE EXECUTION OF A COOPERATION AGREEMENT BETWEEN THE CITY OF CHULA VISTA AND THE REDEVELOPMENT AGENCY PURSUANT TO THE TERMS AND CONDITIONS SET FORTH IN THE APPROVED DISPOSITION AND DEVELOPMENT AGREEMENT EXECUTED FOR THE CHANNELSIDE SHOPPING CENTER PROJECTAT FIFTH AVENUE AND C STREET WHEREAS, the Chula Vista Redevelopment Agency ("Agency") adopted Resolution No. 1416 which authorized the execution of a Disposition and Development Agreement ("DDA") by and among the Agency, Wal-Mart Stores, Inc. ("Redeveloper"), and Chula Vista Town Centre Associates which contemplated the Redeveloper providing a loan to the Agency for the construction of certain public improvements; and, WHEREAS, the loan contemplated in the DDA is contingent on the Redeveloper receiving all planning, zoning, and environmental entitlements and building permits, constructing, opening and operating a "WaI-Mart" store; and, WHEREAS, it is anticipated that the Redevelopment Agency may not receive enough "surplus" tax increment revenue in any given year from which to make the annual loan payments to the Redeveloper pursuant to the terms of the Note; and, WHEREAS, in light of this fact the Redeveloper negotiated a provision in the DDA (Section 3.4) whereby the City and the Agency staff would present to the City Council and Agency Board a Cooperation Agreement whereby the City would agree to advance monies to the Agency in the event the Agency was unable to make the required payments to Redeveloper under the Note; and, WHEREAS, in accordance with Section 3.4 of the DDA and for its own accounting purposes, the City and Agency desire an agreement to provide for the internal advancement by the City to the Agency on an annual basis, the necessary funds which may be required to pay to the Redeveloper pursuant to the terms of the Note. NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF CHULA VISTA AND THE CHULA VISTA REDEVELOPMENT AGENCY do hereby find, order, determine, resolve and authorize the execution of a Cooperation Agreement between the City of Chula Vista and the Chula Vista Redevelopment Agency in the form presented, with such minor modifications as may be approved or required by the City Attorney, pursuant to the terms and conditions set Resolution No. 17886 Page 2 forth in the Disposition and Development Agreement adopted by Agency Resolution 1416 on August 23, 1994. Such agreement known as document number CO95-060, a copy of which is on file in the office of the City Clerk. Presented by Approved as to for ,,"by Chris Salomone Bruce M. Boogaard Community Development Director City Attorney .? Resolution No. 17886 Page 3 PASSED, APPROVED and ADOPTED by the City Council of the City of Chula Vista, California, this 2nd day of May, 1995, by the following vote: YES: Councilmembers: Alevy, Moot, Padilia, Rindone NOES: Councilmembers: None ABSENT: Councilmembers: Horton ABSTAIN: Councilmembers: None ' J ro 2° n ore ATTEST: e . 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. 17886 was duly passed, approved, and adopted by tile City Council at a Joint City Council/Redevelopment Agency meeting held on the 2nd day of May, 1995. Executed this 2nd day of May, 1995. ~Authelet, City Clerk'