HomeMy WebLinkAboutReso 1991-16392 RESOLUTION NO. 16392
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA MAKING CERTAIN FINDINGS AND AUTHORIZING
DISTRIBUTION OF THE EASTLAKE RESERVE FUND
The City Council of the City of Chula Vista does hereby resolve as follows:
WHEREAS, the Eastlake I Sectional Plannin9 Area (SPA) Plan was approved by
the City Council in 1985 and included provisions for a Reserve Fund as part of
the adopted Public Facilities Financin9 Plan; and,
WHEREAS, the Agreement for the Reserve Fund provided that it would "be
established for a period of ten years or until there is a positive cash flow in
four successive years, whichever comes first"; and,
WHEREAS, on meeting this condition, the balance of the Fund will be
distributed with "fifty percent to the City of Chula Vista and fifty percent to
Eastlake Development Company; and,
WHEREAS, there have four successive years of a positive fiscal impact in
accordance with the fiscal impact analysis performed by John McTighe &
Associates; and,
WHEREAS, in accordance with the Agreement for the Reserve Fund, Eastlake
has requested that the balance in the Reserve Fund of approximately $550,000 now
be distributed with fifty percent to Eastlake and fifty percent to the City.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista does hereby make a findin9 that certain conditions have been met in the
Agreement for the Reserve Fund and authorizes the distribution of the balance of
approximately $550,000 of the Reserve Fund with fifty percent to the City of
Chula Vista and fifty percent to Eastlake Development Company.
Presented by ~~ i~
/ fo y
/
Lyma~~'~ ~i'u~'Y~ Bruce M. Boogaard
Christopher '
Director of Finance City Attorney
Resolution No. 16392
Page 2 '
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this 5th day of November, 1991, by the following vote:
YES: Councilmembers: Grasser Horton, Malcolm, Moore, Nader
Rindone
NOES: Councilmember: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Tim Nader, May6r
ATTEST: _
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. 16392 was duly passed, approved,
and adopted by the City Council held on the 5th day of November, 1991.
Executed this 5th day of November, 1991.