HomeMy WebLinkAboutReso 2003-237RESOLUTION NO. 2003-237
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE FORM OF THE FIRST
AMENDMENT TO THE ACQUISITION/FINANCING
AGREEMENT FOR COMMUNITY FACILITIES DISTRICT
NO. 06-I (EASTLAKE - WOODS, VISTAS AND LAND SWAP)
WHEREAS, the City Council of the City of Chula Vista, California, pursuant to the
provisions of the Mello-Roos Community Facilities Act of 1982, has undertaken proceedings to
form and has formed a community facilities district for the purpose of financing the acquisition
of certain works of improvement, together with appurtenances, such special assessment district
known and designated as Community Facilities District No. 06-I (Eastlake - Woods, Vistas and
Land Swap) (the "Community Fac'flities District"); and
WHEREAS, the City Council did previously approve the form of an
Acquisition/Financing Agreement (the "Acquisition/Financing Agreemem") by and between the
City of Chula Vista and the Eastlake Company, LLC, (the "Developer") to establish the terms
and conditions upon which the Improvements (as defined in the Amended Acquisition/Financing
Agreement") would be acquired by the City; and
WHEREAS, the Acquisition/Financing Agreement provides that the Developer would be
entitled to the payment of the base increment for an improvement, i.e., an amount not to exceed
75% of the purchase price as defined in the Acquisition/Financing Agreement for such
improvement upon the substantial completion of construction of such improvement including all
components of such improvement; and
WHEREAS, the Acquisition/Financing Agreement provides that landscaping associated
with a roadway improvement is a component of such an improvement; and
WHEREAS, such landscaping is frequently completed substantially after the completion
of all other components of a roadway improvement resulting in substantial delays in the payment
of the base increment for such roadway improvements; and
WHEREAS, the Eastlake Parkway roadway improvements and the Eastlake Parkway
landscaping were included on the initial list of improvements identified by the City Council as
part of the improvements to be financed by the Community Facilities District, however, such
improvements were inadvertently omitted from Exhibit A to the acquisition agreement which
contains a list of the improvements; and
WHEREAS, the Developer has requested that the acquisition/financing agreement be
amended to establish such landscaping associated with roadway improvements as separate
improvements to enable the payment of the base increment of the roadway improvements closer
in time to the actual completion of the construction of such improvements; and
WI~REAS, for such purpose and to otherwise clarify the description of and cost
estimate for the improvements, the City and the Developer desire to amend the
Acquisition/Financing Agreement by entering into the First Amendment to the
Acquisition/Financing Agreement, the form of which has been presented to the City Council (the
"First Amendment").
Resolution 2003-237
Page 2
WHEREAS, the City is willing to agree to such an amendment of the Acquisition
Agreement to avoid a financial hardship to the Developer by unnecessarily delaying the payment
of the purchase price for roadway improvements and to remedy the inadvertent omission of the
Eastlake Parkway roadway improvements and the Eastlake Parkway from the list of
improvements.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
SECTION 1. The above recitals are all true and correct.
SECTION 2. The form of First Amendment to the Acquisition/Financing Agreement, herewith
submitted, is approved substantially in the form submitted. The Mayor is hereby authorized to
execute the final form of such agreement on behalf of the City. The City Manager, subject to the
review of the City Attorney and Bond Counsel, is authorized to approve changes in such
agreement deemed to be in the best interests of the City, approval of such changes to be
evidenced by the execution of such agreement.
Prepared by
Approved as to form by
Resolution 2003-237
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 3rd day of June, 2003, by the following vote:
AYES:
Councilmembers:
McCann, Rindone, Salas and Padilla
NAYS:
Councilmembers: None
ABSENT:
ATFEST:
Councilmembers:
Davis
Susan Bigelow, City Clerk
O
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2003-237 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 3rd day of June, 2003.
Executed this 3rd day of June, 2003.
Susan Bigelow, City Clerk ~-~