HomeMy WebLinkAboutReso 1991-16000 RESOLUTION NO. 16000
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA
APPROVING THE ESTOPPEL CERTIFICATE FOR TERRA NOVA
ASSOCIATES FOR THE WOODCREST TERRA NOVA PROJECT LOCATED
AT HIDDEN VISTA DRIVE AND RIDGEBACK ROAD
The City Council of the City of Chula Vista does hereby resolve as
follows:
WHEREAS, on September 5, 1989, the City of Chula Vista entered into a
development agreement for the Woodcrest Tetra Nova development located at
Hidden Vista Drive and Ridgeback Road; and
WHEREAS, in exchange for the City vesting of land use and density (86
single family houses), the developer agreed to make $850,000 worth of
improvements to an adjoining park, agreed to a time schedule for park
construction and completion and agreed to make certain temporary tot lot
improvements earlier; and
WHEREAS, the park improvements are to be made by September 5, 1992 (3
years from the date of execution of the development agreement) and prior to
occupancy of the first residential unit; and
WHEREAS, Woodcrest is now securing construction loans and model loan
financing from Continental Bank who has requested a clarification of certain
portions of the agreement as follows:
1. A statement confirming the validity and enforceability of the
Development Agreement.
2. An acknowledgemerit by the City that the Borrower is not in default
under the Development Agreement.
3. An acknowledgement that prior to any amendment or modification to the
agreement, the City will use its best efforts to notify the lender.
4. Consent by the City to the assignability of the developer's rights to
the Lender under the Development Agreement should the borrower ever
default under his collateral assignment.
5. A clarification that City approval of an assignment of the
Development Agreement shall not be required as a result of a transfer
due to a foreclosure sale.
6. An acknowledgement to date that the Borrower has performed in a
satisfactory manner to comply with his obligations under the
Development Agreement.
Resolution No. 16000
Page 2
7. A clarification regarding the Lender Park Obligations as follows:
a. If the City notifies the Borrower of a default in construction or
completion of the Park, it shall also notify the Lender.
b. Lender shall have 90 days to cure the default.
c. If the default can only be obtained by taking possession of the
property, the Lender shall have 90 days to do so.
8. Following possession and transfer of the site to the Lender, the
Lender shall have 60 days to actually undertake continuation of their
construction obligations.
WHEREAS, Woodcrest Development has requested the City's approval of the
above terms and certificate so that it can proceed to obtain construction
financing from its Lender.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista does hereby approve the Estoppel Certificate for Tetra Nova Associates
for the Woodcrest Tetra Nova Project located at Hidden Vista Drive and
Ridgeback Road, known as document number C091-006, a copy of which is on file
in the office of the City Clerk.
BE IT FURTHER RESOLVED that the Mayor of the City of Chula Vista is
hereby authorized and directed to execute said Estoppel Certificate on behalf
of the City of Chula Vista.
Presented by Approved a~oi~
· George ~re~pr ' / Bruce M. Boogaard
Deputy City Manager City Attorney
Resolution No. 16000
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula
Vista, California, this 22nd day of January, 1991 by the following vote:
AYES: Councilmembers: Moore, Nader, Rindone
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: Malcolm
L
eonard M. Moore
Mayor, Pro-Tempore
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. 160DO was duly passed,
~gg~ve., and adopted by the City Council held on the 22n. day of January,
Executed this 22nd day of January, lggl.
Beverly AZAu~helet, City Clerk