HomeMy WebLinkAboutReso 1991-16399 RESOLUTION NO. 16399
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA RELEASING BONITA LONG CANYON PARTNERSHIP FROM THE
REQUIREMENT TO IMPROVE THE INTERSECTION OF BONITA ROAD
AND CENTRAL AVENUE AS IDENTIFIED ON THE INTERIM
FINANCING AGREEMENT DATED OCTOBER 27, 1987, AND
AUTHORIZING THE RELEASE OF A BOND GUARANTEEING SAID
IMPROVEMENTS
The City Council of the City of Chula Vista does hereby resolve as follows:
WHEREAS, in October, 1987, the City entered into an "Interim Financing
Agreement" with Bonita Long Canyon Partnership to mitigate potential traffic
impacts related to development of Bonita Long Canyon Units 4, 5, 6 and 7 through
the payment of fees and the construction of certain street improvements on
Central Avenue; and,
WHEREAS, Bonita Long Canyon guaranteed performance of the improvements with
a bond in the amount of $287,000 and all of the required improvements have been
constructed except for enlarging the intersection of Central Avenue and Bonita
Road; and,
WHEREAS, on October g, lg90, Bonita Long Canyon Partnership requested that
the Interim Financing Agreement be modified to eliminate the provision of
requiring construction of the intersection improvements; and,
WHEREAS, staff supports the request to eliminate the requirement based on
the following reasons:
1. With the extension of Corral Canyon Road northerly to East H Street,
Bonita Long Canyon has less of an impact on the subject intersection
than had been previously predicted. The intersection appears to be
working adequately at this time, with almost all of the homes in
Bonita Long Canyon occupied.
2. The County is currently redesigning the alignments of Central Avenue
and Bonita Road, including the subject intersection, to bring
Central Avenue more directly to Briarwood Road. Thus, improvements
that Bonita Long Canyon would be required to install would likely be
temporary in nature.
3. The interim financing agreement provides for the developer to
receive credits against DIF Fees for costs associated with design
and construction of the improvements required by the agreement.
Central Avenue improvements are completed and the developer has been
given credit for his work. The intersection may be redesigned in a
later project for Bonita Road. Our D.I.F. program has two projects
on Bonita Road totalling $1,371,400. Since Long Canyon has paid
Resolution No. 16399
Page 2
all their fees, it does not seem appropriate to have them construct
the temporary improvements.
WHEREAS, staff concludes that the benefit of constructing the subject
intersection improvements would be marginal since the subject intersection
improvements are the last item of the interim financing agreement to be
guaranteed by the $287,000 bond.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista does hereby release Bonita Long Canyon Partnership from the requirement to
improve the intersection of Bonita Road and Central Avenue as identified on the
Interim Financing Agreement dated October 27, 1987, and authorizing the release
of a bond guaranteeing said improvements.
Presented by ~i~o ~/~
Resolution No. 16399
Page 3
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, Mayor
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. 16399 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.
Beverly uthelet, City C|~rk