HomeMy WebLinkAboutAgenda Statement 1983/12/06 Item 6 COUNCIL AGENDA STATEMENT /
�/ Item 6
Meeting Date 12/6/83
ITEM TITLE: Resolution /// 4{01' Approving Subdivision Improvement
Agreement for Chula Vista Tract 78-2, Bonita Haciendas
SUBMITTED BY: City Engineer (4/5ths Vote: Yes No x )
REVIEWED BY: City Manager 1610
The Sumitomo Bank of California has executed a new Subdivision Improvement
Agreement for the Bonita Haciendas Subdivision, Chula Vista Tract 78-2.
RECOMMENDATION: That Council adopt the resolution.
BOARDS/COMMISSIONS RECOMMENDATION: Not applicable.
DISCUSSION:
On January 5, 1982, by Resolution 10742, City Council declared L & L
Development in default of the original Subdivision Improvement Agreement for
Bonita Haciendas, Chula Vista Tract 78-2. The Sumitomo Bank of California (as
surety) was required to put up the funds to improve the property.
On November 21, 1983, the Sumitomo Bank of California executed a new
Subdivision Improvement Agreement and issued new surety in the form of letters
of credit. With approval of the agreement by Council , the Sumitomo Bank of
California will assume the role of developer as well as surety for the project.
FISCAL IMPACT: Not applicable.
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WPC 0807E
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