HomeMy WebLinkAboutRDA Reso 2000-1660 RESOLUTION NO. 1660
(COUNCIL RESOLUTION NO. 200(; .022)
JOINT RESOLUTION OF THE CITY (:OUNCIL AND THE
REDEVELOPMENT AGENCY OF THE Cl'F OF CHULA VISTA
APPROVING THE FIRST AMENDMENT TC THE ASSESSMENT
DISTRICT NO. 90-2 REIMBURSEMENT AGF :EMENT PROVIDING
FOR REPAYMENT TO THE AGENCY OF AN OI JTSTANDING $440,087
LOAN
WHEREAS, the City of Chula Vista and the Redevelop~ 3ent Agency (City/Agency) entered into
an Agreement with the Darling Delaware Company that deferre payment of the Assessment Fees for
their property located on Otay Valley Road; and
WHEREAS, the deferral was granted due to ongoing forts to clean-up the property and the
resulting limitations on developability/sale of the property; and
WHEREAS, the Agency paid the Assessment and "lot ~ed" to Darling Delaware the $440,087
Assessment fee which was to be repaid to the Agency upon res diness of the property for development;
and
WHEREAS, the Darling Company sold the property to Lal dBank in December 1999; and
WHEREAS, LandBank will be selling the property to the end-user. The property is presently in
escrow to Investment Development Services (IDS), with the tr ~nsaction scheduled to close in March
2000; and
WHEREAS, LandBank has requested a deferral of the ees until after IDS closes the property;
and
WHEREAS, staff supports this deferral due to the fact ~at Darling Delaware has proceeded in
good faith to prepare the property for development as contem; ated by the original deferral agreement
and, appropriate provision has been made for repayment of am~ Jnts owed in the proposed amendment;
LandBank is not an end-user and IDS has agreed to pay the Ass ssment District fees after they purchase
the property.
NOW, THEREFORE, BE IT RESOLVED, that the City C ~uncil of the City of Chula Vista and the
Redevelopment Agency approve the first amendment to the Rei~ nbursement Agreement for Assessment
District 90-2 in the form presented with such minor modifications as may be approved or required by the
City/Agency Attorney.
Presented by Approve as to form by
Director of Community Development
Resolution No. 1660
Page 2
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY OF
CHULA VISTA, CALIFORNIA this 18th day of January, 2000 by the following vote:
AYES: Members Davis, Moot, Padilla, Salas and Chair/Mayor Horton
NOES: None
ABSENT: None
ABSTENTIONS: None
Shirley Hor~n
Chairman
A-i-i-EST: ~/'~/~,- ~,~9,~/
Chris Salomone
Executive Secretary
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss:
CITY OF CHULA VISTA )
I, Chris Salomone, Executive Secretary to the Redevelopment Agency of the City of Chula Vista,
California DO HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No.
1660 and that the same has not been amended or repealed.
Dated: JanuarY 19, 2000 ~ ~
Chris Salomone
Executive Secretary