HomeMy WebLinkAboutReso 2004-112
RESOLUTION NO. 2004-112
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING AN ACQUISITION/FINANCING
AGREEMENT IN COMMUNITY FACILITIES DISTRICT NO.
07-1 (OTA Y RANCH VILLAGE ELEVEN)
WHEREAS, the City Council of the City of Chula Vista, California (the "City Council"),
has held and conducted proceedings relating to formation of a Community Facilities District and
the authorization to levy special taxes and to issue of bonds of such Community Facilities
District to finance the acquisition or construction of certain public improvements, as authorized
pursuant to the terms and provisions of the "Mello-Roos Community Facilities Act of 1982",
being Chapter 2.5. Part I, Division 2, Title 5 of the Govemment Code of the State of California
(the "Act") and the City of Chula Vista Community Facilities District Ordinance enacted
pursuant to the powers reserved by the City of Chula Vista under Sections 3, 5 and 7 of Article
XI of the Constitution of the State of California (the "Ordinance") (the Act and the Ordinance
may be referred to collectively as the "Community Facilities District Law"). Such Community
Facilities District is designated as Community Facilities District No. 07-1 (Otay Ranch Village
Eleven) (the "District"); and
WHEREAS, the District was formed for, among other purposes, the purpose of financing
the acquisition of such public improvements from Brookfield Shea Otay, LLC, the master
developer of the property within the District (the "Developer"); and
WHEREAS, the City and the Developer have negotiated the terms and conditions
pursuant to which the public improvements are to be constructed or acquired and bonds are to be
issued to finance the acquisition of such public improvements and such terms and conditions
have been memorialized in an AcquisitionlFinancing Agreement by and between the City and
the Developer (the "AcquisitionlFinancing Agreement"), the form of which has been presented
to this City Council for its consideration and approval.
NOW, THEREFORE, it is hereby resolved:
SECTION I. The above recitals are all true and correct.
SECTION 2.
The form of AcquisitionlFinancing 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.
Presented by
Approved as to form by
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Ann Moore
City Attorney
Resolution 2004-112
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City ofChula Vista,
California, this 20th day of April, 2004, by the following vote:
AYES: Councilmembers:
NAYS: Councilmembers:
ABSENT: Councilmembers:
Davis, McCann, Rindone, Salas and Padilla
None
None
ATTEST:
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Susan Bigelow, CMC, Ci Clerk
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. 2004-112 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 20th day of April, 2004.
Executed this 20th day of April, 2004.
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Susan Bigelow, CMC, City lerk