HomeMy WebLinkAboutReso 1992-16831RESOLUTION NO. 16831
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA DIRECTING STAFF TO NEGOTIATE AN ACQUISITION
AGREEMENT PROVIDING FOR PAYMENT OF 1½~ ORIGINATION
CHARGE FOR ASSESSMENT DISTRICT 92-1 AND AUTHORIZING THE
CITY TO PAY EASTLAKE DEVELOPMENT COMPANY IN FOUR
INSTALLMENTS
WHEREAS, EastLake Development Company has previously requested the
formation of Assessment District 92-1, an assessment district designed to provide
financing for standard street improvements (street, curb, gutter, sidewalk, etc.}
in South Hunte Parkway and Orange Avenue between Hunte Parkway and Wueste Road
{"Facilities") in order to accomodate infrastructure access to the Olympic
Training Center {"OTC") facility; and,
WHEREAS, normally, in connection with the formation of an acquisition-type
Assessment District, the developer gets paid at the conclusion of the
improvements; and,
WHEREAS, Resolution No. 15897, adopted on October 9, 1990, established a
City policy of charging an origination charge of 1~ for use of developer-
initiated acquisition-type assessment district financing ("Origination Charge
Policy"); and,
WHEREAS, in connection with this proposed Assessment District, EastLake has
requested four equal progress payments during the construction period; and,
WHEREAS, four additional progress payments involves additional work and
risk for the City thereby justifying a revision in our Origination Charge Policy
to increase said charge where progress payments are made to the developer; and,
WHEREAS, there is insufficient time to plan and prepare a revised
Origination Charge Policy prior to the schedule for the creation of the
Assessment District 92-1;
NOW, THEREFORE, BE IT RESOLVED that the City Council hereby directs staff
to negotiate an acquisition agreement with EastLake that provides for acquistion
of the Facilities in four equal installments on the condition that all bonds for
performance and labor and materials runs to the benefit of the City; and in
which, EastLake agrees to pay to City an origination charge of 1½% and guarantees
that the origination charge will not affect the assessment district.
Presented by
Jo i
Dirctor of Public Works
Appr6ve as to fO by
o ard
City Attorney
Resolution No. 16831
Page 2
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this 6th day of October, 1992, by the following vote:
YES: Councilmembers: Horton, Moore, Rindone, Nader
NOES: Councilmembers: None
ABSENT: Councilmembers: Malcolm
ABSTAIN: Councilmembers: None
Tim Nader, 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. 16831 was duly passed, approved,
and adopted by the City Council held on the 6th day of October, 1992.
Executed this 6th day of October, 1992.