HomeMy WebLinkAboutReso 2022-266 DocuSign Envelope ID:9316BD9B-3E11-4F37-AD1B-A82C23475584
RESOLUTION NO. 2022-266
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. 2022-27 (CITY OF CHULA VISTA— SUNBOW)
AND AUTHORIZING RELATED ACTIONS
WHEREAS, the City of Chula Vista ("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 ("State") and has previously authorized the use of the California Municipal Finance
Authority's ("CMFA") Bond Opportunities for Land Development Program ("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 ACI Sunbow, LLC, a California limited liability company
("Sunbow"), the developer of the Sunbow development project ("Project"), the City Council has
authorized the formation of the California Municipal Finance Authority Community Facilities
District No. 2022-27 (City of Chula Vista — Sunbow) ("Sunbow 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 Sunbow CFD is authorized to finance City capital facilities and related
costs ("City Infrastructure") in satisfaction of certain City development impact fees ("City Fees")
authorized to be financed under the Act and certain City capital facilities to be constructed by or
on behalf of Sunbow ("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 Sunbow (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 Sunbow CFD at
prices determined pursuant to and in accordance with such agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council, as follows:
SECTION 1. Recitals. Each of the above recitals is true and correct and is hereby
incorporated into this Resolution as though fully set forth herein.
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.
DocuSign Envelope ID:9316BD9B-3E11-4F37-AD1B-A82C23475584
Resolution No. 2022-266
Page No. 2
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
Sunbow 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.
[SIGNATURES ON THE FOLLOWING PAGE]
DocuSign Envelope ID:9316BD9B-3E11-4F37-AD1B-A82C23475584
Resolution No. 2022-266
Page No. 3
Presented by Approved as to form by
DocuSigned by: DocuSigned by:
DOCU (" '
68970191600C4C4._ E---R504,
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Laura C. Black, AICP Glen R. Googins
Director of Development Services City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 6th day of December 2022 by the following vote:
AYES: Councilmembers: Cardenas, Galvez, McCann, and Casillas Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
DocuSigned by:
06,FD7C0386456_.
Mary CasiIlas Salas, Mayor
ATTEST:
DocuSigned by:
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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. 2022-266 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 6th day of December 2022.
Executed this 6th day of December 2022.
EDocuSigned by:
,30746104EAF342E
Kerry K. Bigelow, MMC, City Clerk