HomeMy WebLinkAboutReso 2022-202
RESOLUTION NO. 2022-202
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING AN ACQUISITION/ FINANCING
AGREEMENT RELATING TO CALIFORNIA MUNICIPAL
FINANCE AUTHORITY COMMUNITY FACILITIES
DISTRICT NO. 2022-12 (CITY OF CHULA VISTA – OTAY
RANCH VILLAGE 3 PHASE II) AND AUTHORIZING
RELATED ACTIONS
WHEREAS, the City of Chula Vista (the “City”) is a municipal corporation and charter
city duly organized and existing under and pursuant to the Constitution and the laws of the State
of California (the “State”) and has previously authorized the use of the California Municipal
Finance Authority’s (CMFA) Bond Opportunities for Land Development Program (the “BOLD
Program”) to allow the owners of property to be developed within the City to participate in the
BOLD Program subject to the approval of the City Council; and
WHEREAS, at the request of HomeFed Village III, LLC (HomeFed), the master developer
of the Otay Ranch Village 3 Phase II development project (the “Project”), the City Council of the
City has authorized the formation of the California Municipal Finance Authority Community
Facilities District No. 2022-12 (City of Chula Vista – Otay Ranch Village 3 Phase II) (the “Village
3 Phase II CFD”) through the BOLD Program and the terms and provisions of the Mello-Roos
Community Facilities Act of 1982, as amended (the “Act”); and
WHEREAS, the Village 3 Phase II CFD is authorized to finance City capital facilities and
related costs (the “City Infrastructure”) in satisfaction of certain City development impact fees (the
“City Fees”) authorized to be financed under the Act and certain City capital facilities to be
constructed by or on behalf of HomeFed (“Acquisition Improvements” and with the City
Infrastructure and the City Fees, the “Facilities”); and
WHEREAS, there has been presented to the City Council, the form of an
Acquisition/Financing Agreement by and among the City, CMFA and HomeFed (the “Acquisition
Agreement”) to establish the terms and conditions pursuant to which the City Fees may be
reimbursed or prepaid and the Acquisition Improvements may, upon the completion of the
construction thereof, be acquired by the City through financing provided by the Village 3 Phase II
CFD at prices determined pursuant to and in accordance with such agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista,
California, AS FOLLOWS:
SECTION 1. Recitals. Each of the above recitals are true and correct and are hereby incorporated
into this Resolution as though fully set forth herein.
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SECTION 2. Approval of Acquisition Agreement. The form of Acquisition Agreement as
presented to the City Council and on file with the City Clerk is hereby approved. The City
Manager and such other official or officials of the City as may be designated in writing by this
City Council (each, an “Authorized Officer” and together, the “Authorized Officers”) are each
authorized to execute the Acquisition Agreement for and on behalf of the City with such changes
thereto as such Authorized Officer, following consultation with the City Attorney and Best Best
& Krieger LLP, deem to be in the best interests of the City.
SECTION 3. Other Actions. The Authorized Officers and other officers, employees and agents
of the City, are hereby authorized and directed, jointly and severally, to do any and all things which
they may deem necessary or advisable in order to consummate the transactions herein authorized
and otherwise to carry out, give effect to and comply with the terms and intent of this Resolution.
All actions heretofore taken by the Authorized Officers and other officers, employees and agents
of the City with respect to CMFA, the BOLD Program and the Village 3 Phase II CFD and the
matters described herein are hereby approved, confirmed and ratified.
SECTION 4. Effective Date. This Resolution shall take effect immediately upon its adoption.
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Presented by Approved as to form by
Laura C. Black, AICP Glen R. Googins
Interim Director of Development Services City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 23rd day of August 2022 by the following vote:
AYES: Councilmembers: Cardenas, Galvez, McCann, and Casillas Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: Padilla
Mary Casillas Salas, Mayor
ATTEST:
Kerry K. Bigelow, MMC, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Kerry K. Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2022-202 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 23rd day of August 2022.
Executed this 23rd day of August 2022.
Kerry K. Bigelow, MMC, City Clerk
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