HomeMy WebLinkAboutReso 2015-282 RESOLUTION NO. 2015-282
RESOLUTION OF THE CITY COiJi`TCIL OF THE CITY OF
CHULA VISTA APPROVI?�'G THE ADVANCE DEPOSIT AI�iD
REIMBl1RSEMENT AGREEn4Ei�'T FOR COMMLTi�TITY
FACILITIES DISTRICT NO. 16-I (MILLENIA) BETWEEI�' THE
CITY AND SLF IV-I�4ILLENIA. LLC AND AUTHORIZL�G
THE CIT1' A4AI�'AGER TO EJ{ECUTE THE AGREEMENT OI�'
BEHALF OF THE CITl'
VdHEREAS. the Cit� and McMillin Ota�� Ranch, LLC; (the "Applicanr`) entered into a
Development Agreement (the "De��elopment A<_�reemenr`) For the purposes and mutual benefits
set forth therein to provide for the de��elopment of the Eastem Urban Center, noH� kno��m and
referred to as "Millenia' (the "Property�') ��ith SLF ]V-MILLENIA, LLC as an assignee; and
VJHEREAS. the De�elopment Agreement pro��ides that the Applicant, as the A4aster
Developer,'ma}� submit a �a�ritten request to the Citv (`CFD Requesr') requestina that the Cit}�
establish a Communit}� Facilities District pursuant to the Mello-Roos Community Facilities Act
of 1982, as amended (Go��emment Code Section �33ll and folloti�ne) (the "Mello-Roos Act ')
to finance the acquisition and construction of public facilities in accordance with the Financine
Plan and the Goals and Policies. 7he Development Avreement further provides that upon receipt
of such request and application and the deposit N�ith City of sufficient funds to pav City's costs
to undertal:e the proceedines to establish such Community Facilities District. the Cit}� shall use
reasonable efforts to. amone other actions. establish such Communin� Facilities District: and
WHEREAS; Applicant intends to submit such a CFD Request to the City to request that
the City initiate proceedines under the provisions of the Mello-Roos Act to establish such a
Community Facilities District (to be desienated "Communitv Facilities District No. 16-I" or
"CFD No. 16-P') to finance the acquisition and/or construction of certain public improvements;
and
R'HEREAS; Applicant agrees to ad��ance funds to the Cit�� as required pursuant to the
Development Aereement for the pa��ment of all initiai consultine and administration costs and
eapenses related to the proceedings to consider the formation of CFD No. 16-I and to
subsequentiv authorize, issue and sell bonds for CFD No. 16-I. Such monies shall be subject to
reimbursement or credit pursuant to the provisions of the Ad��ance Deposit and Reimbursement
Agreement upon the successful sale of bonds for CFD No. 16-1 and the receipt b�� the City of the
proceeds of such bonds; and
WHEREAS; prior to Januar�� 1, 201�, Applicant solicited bids for and contracted for the
construction of certain improvements required to be constructed pursuant to the De��elopment
Aereement: and
Resolution No. ZO1�-282
Paee No. Z
WHEREAS, the parties hereto wish to enter into the Advance Deposit and
Reimbursement Agreement to memorialize the terms and conditions pursuant to ��hich the
Applicant shall ad��ance monies and the monies so advanced may, subject to certain conditions
contained therein, be reimbursed or credited against future special tax obligations and to preserve
the ability for CFD No. 16-I to finance the City's acquisition of certain public improvements.
NOW, THEREFORE. BE IT RESOLVED by the Ciry Council of the Ciry of Chula
Vista, that it hereby approves the Advance Deposit and Reimbursement Aareement for CFD No.
16-I, between the City and SLF IV-MILLENIA, LLC, in the form presented, with such minor
modifications as may be required or approved by the City Attorney, a copy of which shall be
kept on file in the Office of the City Clerk, and authorizes and directs the Cin� Mana�er to
execute same.
Presented by Approved as to form by
�� �� � .
Da��id Bilby en R.Z'i gins
Director of Finance C Attor y
Resolution No. 201�-282
Pase No. 3
PASSED. APPRO\rED. and ADOPTED bv the Cirv Council of the Ciri� of Chula Vista
Califomia, this 1�th da�° of December 201� by the follo�ti�ing ��ote:
Al'ES: Councilmembers: Aeuilar. Bensoussan. McCann. and Salas
NAI'S: Councilmembers: None
ABSENT: Councilmembers: n4iesen
�
Marv Sa s. Mavor
ATTEST:
,��. � ,�,� �
Donna R. Norris. CIvIC. Citv Clerk
STATE OF CALIFORi\'IA )
COUt�'TY OF SAN DIEGO )
CITY OF CHULA VISTA )
I. Donna R. Norris. Cih� Clerk of Chula Vista. Califomia. do hereb�� certifi that the foreaoina
Resolution No. 201�-282 ���as duh passed, approved, and adopted by the Cit}� Council at a
resulaz meetin� of the Chula Vista Citv Council held on the 1�th dav of December 201�.
Executed this 1�th da�� of December ZOl�.
���
Donna R. Norris. CMC. Cin� Clerk