HomeMy WebLinkAboutReso 2024-063
RESOLUTION NO. 2024-063
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING A FIRST AMENDMENT TO THE
ACQUISITION/FINANCING AGREEMENT RELATING TO
CALIFORNIA MUNICIPAL FINANCE AUTHORITY
COMMUNITY FACILITIES DISTRICT NO. 2021-11 (CITY OF
CHULA VISTA – OTAY RANCH VILLAGE 8 WEST) 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 of the City (the “City Council”); and
WHEREAS, at the request of HomeFed Village 8, LLC (“HomeFed”), the master
developer of the Otay Ranch Village 8 West development project (the “Project”), the City Council
of the City has authorized the formation of the California Municipal Finance Authority Community
Facilities District No. 2021-11 (City of Chula Vista – Otay Ranch Village 8 West) (the “Village 8
West 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 8 West CFD is authorized to finance City capital facilities and
related costs (the “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 HomeFed (“Acquisition Improvements” and with the City
Infrastructure and the City Fees, the “Facilities”); and
WHEREAS, the City Council previously authorized execution of that certain
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 8 West
CFD at prices determined pursuant to and in accordance with such agreement , which took effect
as of October 1, 2021; and
WHEREAS, the City Council now wishes to approve that certain First Amendment to
Acquisition/Financing Agreement, by and among CMFA, the City, and HomeFed
(“Amendment”), in order to make certain clarifications, changes, and modifications to the
Acquisition Agreement, which are in the interest of all parties involved.
DocuSign Envelope ID: D79EDC2E-9023-4D34-85C4-80F13A1FCD04
Resolution No. 2024-063
Page No. 2
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista,
that the foregoing recitals are correct and are incorporated herein by this reference and that the
form of Amendment as presented to the City Council and on file with the City Clerk is hereby approved.
BE IT FURTHER RESOLVED by the City Council of the City of Chula Vista, that 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 Amendment 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.
BE IT FURTHER RESOLVED by the City Council of the City of Chula Vista, that 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.
BE IT FURTHER RESOLVED by the City Council of the City of Chula Vista, that 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 8 West CFD and the matters
described herein are hereby approved, confirmed and ratified.
BE IT FURTHER RESOLVED by the City Council of the City of Chula Vista, that this
Resolution shall take effect immediately upon its adoption.
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DocuSign Envelope ID: D79EDC2E-9023-4D34-85C4-80F13A1FCD04
Resolution No. 2024-063
Page No. 3
Prepared by Approved as to form by
Laura C. Black, AICP Marco A. Verdugo
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 April 2024 by the following vote:
AYES: Councilmembers: Chavez, Gonzalez, Morineau, Preciado, and McCann
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
John McCann, 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. 2024-063 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 April 2024.
Executed this 23rd day of April 2024.
Kerry K. Bigelow, MMC, City Clerk
DocuSign Envelope ID: D79EDC2E-9023-4D34-85C4-80F13A1FCD04