HomeMy WebLinkAboutAgenda Statement 1984/02/07 Item 5 CITY COUNCIL AGENDA STATEMENT
Item 5
Meeting Date 2/7/84
ITEM TITLE: Resolution /"-632-, L Approving agreement with Redevelopment
Agency for repayment of certain metered utility costs incurred
by the operation of the Town Centre Parking Structure
SUBMITTED BY: Community Development Direct•% 5ths Vote: Yes No X )
REVIEWED BY: City Manager b1
In accordance with the City Council' s request, an agreement for the Agency to
repay the City for metered utility costs incurred from the operation of the
Town Centre Parking Structure has been prepared. The agreement is attached
for the City Council 's consideration.
RECOMMENDATION: That the City Council adopt the attached resolution
approving an agreement with the Agency for repayment of certain metered
utilities relative to the operation of the Town Centre Parking Structure.
BOARDS/COMMISSIONS RECOMMENDATION: Not applicable.
DISCUSSION:
In the lease agreement between the City and Imperial Municipal Services Group
(underwriters of the Certificates of Participation for the Parking Structure
financing) , the City as lessee of the Parking Structure is responsible for
costs relative to metered utilities consumed due to the Parking Structure' s
operation. In addition, the Redevelopment Agency agreed, in the Supplemental
Disposition and Development Agreement with Centre City Associates,
Limited-Commercial, to be responsible for metered water, sewer, gas and
electric costs incurred from the structures operation for a specified number
of years.
A utility account was established in the Agency's 1983-84 budget for the
payment of the metered utilities. Funds appropriated to this account were
based on the Parking Structure Architect' s estimate for electrical needs and
the City Landscape Architect's estimate for water. Both the Agency and the
City have determined that the operation of the Town Centre Parking Structure
is of benefit to the Town Centre Project and it is appropriate that such costs
be paid by Agency funds.
FISCAL IMPACT: Approximately $18,000 in Agency account number 990-9901-5251
is available to reimburse the City for appropriate utility costs relative to
the Town Centre Parking Structure during the 1983-84 fiscal year.
PRB:nr
WPC 0971H
by the City Counci! of
Chula Vista,7Califoreia
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