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HomeMy WebLinkAboutAgenda Statement 1987/04/28 Item 10 CITY COUNCIL AGENDA STATEMENT Item 10 Meeting Date 4/28/87 ITEM TITLE: PUBLIC HEARING: Council approval of Redevelopment Agency leasing to the City of Chula Vista of property in Town Centre II to be acquired by the Agency with tax increment funds RESOLUTION Approving the leasing to the City of Chula Vista of certain Agency property within the Town Centre II Redevelopment Area, to be acquired by the Agency with tax increment funds, for the purpose of financing public improve- ments within the Town Centre II Redevelopment Project Area, subject to the approval of the lease agreement, financing plan and Amended Town Centre II Rede lopment Plan SUBMITTED BY: Community Development Director REVIEWED BY: City Manager/ (4/5ths Vote: YES NO X ) This public hearing will be held as part of the joint public hearing of the Redevelopment Agency/City Council on the proposed Disposition and Development Agreement with the Homart Development Company immediately following tonight's Council meeting. fc./J by the City Council of Chula Vista, California Dated v� COUNCIL/REDEVELOPMENT AGENCY AGENDA STATMENT Item 2 Meeting Date 4/28/87 ITEM TITLE: a) RESOLUTION of the City Council of the City of Chula Vista approving a Disposition and Development Agreement with the Homart Development Company for the expansion and renovation of the Chula Vista Shopping Center including the disposition of property required by the Redevelopment Agency with tax increment funds b) RESOLUTION of the Redevelopment Agency of the City of Chula Vista approving a Disposition and Development Agree- ment with the Homart Development Company for the expansion and renovation of the Chula Vista Shopping Center SUBMITTED BY: Community Development Directo REVIEWED BY: City Managers (4/5ths Vote: Yes No X ) Pursuant to the public hearing held earlier this evening the City Council and Agency are asked to adopt the resolutions approving the Disposition and Development Agreement with the Homart Development Company for the expansion and renovation of the Chula Vista Shopping Center. The Council is also asked to make certain findings pursuant to state law. RECOMMENDATION: That the City Council adopt the resolution approving the Disposition and Development Agreement with the Homart Development Company for the expansion and renovation of the Chula Vista Shopping Center including the disposition of property required by the Redevelopment Agency with tax increment funds. That the Redevelopment Agency adopt a resolution approving a Disposition and Development Agreement with the Homart Development Company for the expansion and renovation of the Chula Vista Shopping Center. DISCUSSION: The proposed Disposition and Development Agreement has been submitted to the Agency/Council in a separate agenda statement. This agreement represents a culmination of months of negotiations between staff and representatives of the Homart Development Company in order to arrive at an agreement which satisfies the best interest of both the City and the Redeveloper-. . Both staff and the Redeveloper concur that the agreement before the Agency/Council this evening achieves those goals and will provide the basis for a quality project with an excellent opportunity to achieve financial success. Under state law the City Council is also requested to approve the leasing of property acquired by the Agency using tax increment funds. Since part of . ..._ ... ....... ........ Page 2, Item 2 Meeting Date 4/28/87 the financing for the proposed project, including the acquisition of certain property from the Homart Development Company which will be leased to the City for the purpose of financing the project, will be financed partially with tax increment. funds, the Council must hold a public hearing and approve this transaction. The public hearing held earlier this evening satisfies the requirements of state law, and the resolution by the Council approving the Disposition and Development Agreement includes approval of the use of tax increment funds for the acquisition of property. This approval is contingent upon the approval of the proposed Amendment of the Town Centre II Redevelopment Plan giving the Agency the authority to collect tax increments. FK/sc CITY COUNCIL AGENDA STATEMENT Item 24 Meeting Date 4/7/87 ITEM TITLE: PUBLIC HEARING: Council approval of Redevelopment Agency leasing to the City of Chula Vista of property in Town Centre II to be acquired by the Agency with tax increment funds RESOLUTION Approving the leasing to the City of Chula Vista of certain Agency property within the Town Centre II Redevelopment Area, to be acquired by the Agency with tax increment funds, for the purpose of financing public improve- ments within the Town Centre II Redevelopment Project Area, subject to the approval of the lease agreement, financing plan and Amended Town Centre II Redevelopment Plan SUBMITTED BY: Community Development Director REVIEWED BY: City Managers (4/5ths Vote: YES NO X ) Due to the need for additional information, staff is recommending that the public hearing be continued. RECOMMENDATION: That the City Council continue the public hearing until April 16, 1987 following the regular meeting of the Redevelopment Agency scheduled to begin at 4:00 p.m. BOARDS/COMMISSIONS RECOMMENDATION: Not Applicable FISCAL IMPACT: Not Applicable ...._................. .