HomeMy WebLinkAboutReso 1994-17345 RESOLUTION NO. 17345
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA APPROVING AN ASSIGNMENT OF PROCEEDS OF THE
ACQUISITION/FINANCING AGREEMENT FOR INFRASTRUCTURE
IMPROVEMENTS FOR THE CHULA VISTA AUTO CENTER WITH THE
FORD MOTOR CREDIT COMPANY, AND AUTHORIZING THE CITY
MANAGER TO EXECUTE SAID DOCUMENTS
WHEREAS, the City Council of the City of Chula Vista (the "Council")
approved and Acquisition/Financing Agreement (the "Agreement") for the
development of infrastructure improvements within the site of the proposed Chula
Vista Auto Center on August 24, 1993 for the purpose of assisting in the
development of the Chula Vista Auto Center as authorized in the Disposition and
Development Agreement (the "DDA") between the Redevelopment Agency and the Auto
Center developers dated September 15, 1992; and,
WHEREAS, said Agreement allows for the establishment of an assessment
district to provide financing for the acquisition of public improvements under
the 1911-13 Act, said improvements to be constructed by the Developers of the
Chula Vista Auto Center; and,
WHEREAS, the Ford Motor Credit Company (the "FMCC") has presented to the
City Council with an Agreement for the assignment of proceeds under the
Acquisition/Financing Agreement which would require that the proceeds for the
payment for public improvements be directed to FMCC; and,
WHEREAS, said Agreement was contemplated under the terms and conditions of
the Acquisition/Financing Agreement, and reviewed and approved by Agency Special
Counsel and the City Attorney.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CHULA VISTA does hereby
find, order, determine and resolve that the Assignment of Proceeds of
Acquisition/Financing Agreement, said document known as document number C094-006,
a copy of which is on file in the office of the City Clerk, and the Office of the
Secretary to the Redevelopment Agency and known as document RAC0-03-94, is hereby
approved and the City Manager is hereby authorized to execute same in the form
on file, to9ether with such technical clarifications or correction thereto as may
be determined by Counsel to be necessary to reflect the intent of the parties
thereto.
Presented by App~r'oved as to ]o m by
Chris Salomone
· ce M. Boogaar "'
Community Development Director C~ty Attorniy
Resolution No. 17345
Page 2
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this 4th day of January, 1994, by the following vote:
YES: Councilmembers: Fox, Horton, Moore, Rindone, Nader
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Tim Na er, Mayor
ATTEST:
Beverly ~. A~thelet, 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 certi~that the foregoing Resolution No. 17345 was duly passed, approved,
and adopted by the City Council at a joint City Council/Redevelopment Agency
meeting held on the 4th day of Janua~, 1994.
Executed this 4th day of January, 1994.
~Aut~elet, City Clerk