HomeMy WebLinkAboutReso 2003-437RESOLUTION NO. 2003-437
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE AMENDED
ACQUISITION/FINANCING AGREEMENT WITH
NNP-TRIMARK SAN MIGUEL RANCH, LLC, PERTAINING
TO IMPROVEMENT AREA A IN COMMUNITY FACILITIES
DISTRICT NO. 2001-1 (SAN MIGUEL RANCH)
WHEREAS, the City and the developer emered into the Acquisition Agreement to,
among other things, establish the terms and conditions pursuant to which the City would acquire
certain improvements constructed by the developer from proceeds of bonds issued by the
Community Facilities District for such purpose; and
WHEREAS, traffic signals, collectively, are deemed in the Acquisition Agreement to be
a component of the roadway improvement which they serve; and
WHEREAS, individual traffic signals are frequently completed significantly after the
completion of the roadway improvement which they serve; and
WHEREAS, as a consequence of the timing of the completion of the traffic signals which
is a component of a roadway improvement in relation to the timing of the completion of the
remainder of such roadway improvement, the payment to the developer of the base increment for
such roadway improvement is frequently delayed causing financial hardship for the developer;
and
WHEREAS, for such reason the developer has requested that the Acquisition/Financing
Agreement be amended (a) to establish each traffic signal as a separate improvement and Co) to
enable the payment of the base increment for each traffic signal closer in time to the actual
completion of such improvement; and
WHEREAS, the City is willing to agree to such first amendment of the Acquisition
Agreement to avoid a financial hardship to the developer by unnecessarily delaying the payment
of the base increment for each individual roadway improvement until all traffic signals included
as components of such roadway improvement are substantially completed.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chuia
Vista does hereby approve the first amendment to Acquisition/Financing Agreement with
NNP-Trimark San Miguel Ranch, LLC pertaining to Improvement Area A in Community
Fac'tlities District No. 2001-1 (San Miguel Ranch), attached as Exhibit A and incoqaorated
herein.
Presented by
Approved as to form by
Engineering Director
Ann Moore
City Attorney
Resolution 2003-437
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 14th day of October, 2003, by the following vote:
ATTEST:
Councilmembers:
Councilmembers:
Councilmembers:
AYES:
NAYS:
ABSENT:
Davis, McCann, Rindone, Salas and Padilla
None
None
Padilla, Mayor
Susan Bigelow, CMC, City Lelerk
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. 2003-437 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 14th day of October, 2003.
Executed this 14th day of October, 2003.
Susan Bigelow, CMC, City Cqerk