HomeMy WebLinkAboutReso 2004-176
RESOLUTION NO. 2004-176
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING A FIRST AMENDMENT TO
THE ACQUISITION/FINANCING AGREEMENT WITH OTAY
PROJECT, LP COMMUNITY FACILITIES DISTRICT NO. 08-1
(OTA Y RANCH, VILLAGE SIX)
WHEREAS, the City of Chula Vista, by Resolution No. 2003-408 on September 16,
2003, approved the form of an Acquisition and Finance Agreement ("Agreement") with Otay
Project, LP, for Community Facilities District No. 08-1 ("District"); and
WHEREAS, the agreement listed certain public improvements that may be acquired by
the City from the proceeds of bonds issued by the District, among them are roadway facilities
that are eligible for financing by the Transportation Development Impact Fee (TDIF); and
WHEREAS, other TDIF-eligible roadway facilities may be constructed in the Eastern
Territories that will benefit the development within the District, if environmental clearance and
other prerequisites to construction are satisfied; and
WHEREAS, the City will benefit by being allowed to initiate and schedule the
construction of TDIF-eligible street improvements as a Capital Improvement Project using the
bond proceeds of the District when and where they are needed to maintain the City's threshold
standard and quality oflife; and
WHEREAS, the developer may benefit by either: obtaining authorization to build TDIF-
eligible improvements using District bond proceeds and thereby receive the District's TDIF
credits, or obtaining such credits if the City builds and acquires the improvements using District
bond proceeds.
NOW, THEREFORE, IT IS HEREBY RESOLVED:
SECTION 1. The above recitals are all true and correct.
SECTION 2. City Council does hereby approve the First Amendment to the Agreement on file
in the Office of the City Clerk; and
SECTION 3. The Mayor is hereby authorized to execute the First Amendment to the
Agreement on behalf of the City.
Prepared by
Approved as to form by
~~
Ann Moore
City Attorney
Resolution 2004-176
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City ofChula Vista,
California, this 1st day of June, 2004, by the following vote:
AYES: Councilmembers:
NAYS: Councilmembers:
ABSENT: Councilmembers:
Davis, McCann, Salas and Padilla
None
Rindone
ATTEST:
It ~W
Steph~padilla, May#
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Susan Bigelow, CMC, Cit 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. 2004-176 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 1st day of June, 2004.
Executed this 1st day of June, 2004.
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Susan Bigelow, CMC, City erk