HomeMy WebLinkAboutAgenda Statement 1987/04/07 Item 6 COUNCIL AGENDA STATEMENT
Item 6
Meeting Date 4/7/87
ITEM TITLE: Resolution/Z9 the c General Approving Fund Bal Balance appropriation for spe and loan of
counsel
$10,000 from
services for the Town Centre II Redevelopment Project
SUBMITTED BY: Community Development Director -,-
REVIEWED BY: City Manager (4/5ths Vote: Yes X No )
On July 18, 1985, the Redevelopment Agency approved a contract with the firm
of McDonough, Holland and Allen for special legal services regarding
redevelopment activities in the Town Centre II Project Area. The Agency is
currently involved in negotiations regarding the preparation of a Disposition
and Development Agreement for the Chula Vista Shopping Center Project and
require additional assistance from McDonough, Holland and Allen. Since the
Town Centre II project involves no tax increment, the Agency must borrow funds
from the City's General Fund to finance these activities.
RECOMMENDATION: That the Council adopt the resolution approving
appropriation and loan of $10,000 from the General Fund Balance for special
counsel services.
BOARDS/COMMISSIONS RECOMMENDATION: Not applicable.
DISCUSSION:
The McDonough, Holland and Allen legal firm has assisted the Agency in
negotiation of financial agreements for both Bayfront and Town Centre II
Redevelopment Projects. The current negotiations for the proposed Chula Vista
Shopping Center project are particularly complex and challenging, and the
Agency is in need of special legal counsel support. Since insufficient funds
were budgeted for this activity, funds must be loaned from the General Fund to
the Town Centre II Professional Services account. An amendment to the
contract with McDonough, Holland and Allen for continued assistance in the
negotiation of the Town Centre II Project DDA is attached.
FISCAL IMPACT: There are sufficient funds in the General Fund Balance to
finance the appropriation of $10,000 to the Town Centre II Professional
Services Account (#992-9920-5201). Although the Agency does not currently
have the ability to collect tax increments for Town Centre II, it is expected
that the Agency will have this ability in the future, following amendment of
the Town Centre II Redevelopment Plan. Following that action, tax increment
proceeds will be used to reimburse the General Fund. The $10,000 involved in
this item will from rthetGeneral Fund to Town CentDreA.II to dateotalling $240,671 ed to the Agency in the
have been made
WPC 2784H
y the City Council of
Chula Vista, California
Dated -----