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HomeMy WebLinkAboutrda min 1988/02/21 MINUTES OF A JOINT MEETING OF CITY COUNCIL AND THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA, CALIFORNIA Tuesday, February 21, 1989 10:20 p.m. Counci 1 Chamber Public Services Building ROLL CALL PRESENT: Mayor and Chairman Cox, Councilmembers and Members McCandliss, Nader, Malcolm and Moore ABSENT: None ALSO PRESENT: Assistant City Manager Asmus, Deputy City Manager Morris, City Attorney Harron a. REPORT FROM THE CITY COUNCIL LEGISLATIVE SUBCOMMITTEE /0· REGARDING RECOMMENDATIONS FOR A LEGISLATIVE LOBBYIST (Continued from the Meeting of February 14, 1989) MOTI ON MS (Malcolm/Moore) to accept the Report. Councilwoman/Member McCandliss questioned item C, page 2, "Other Conditions", stating Mr. BrOwn left the door open for this Conflict of Interest. He stated he will get another advocate at his own expense to represent this City and she said she would would like to see this more clearly defined in the contract. ADDITION TO THE MOTION MS (McCandliss/Nader) to add this amendment to the report. Mayor/Chairman Cox added, before any action was taken on this matter, he met with Mr. Cole at his offices and took a look at their facilities and operations; they have good clients and he has no problem with this firm for Chula Vista. He would, however, 1 ike to interview the other two that have been recommended in the top three before final action is taken by the Council. SUBSTITUTE MOTION M (Cox) to bring down the next two of the three finalists to the City Council Meeting for an interview. (Motion died for lack of a second. ) VOTE ON THE MOTION AND THE AMENDMENT Motion passed. (Mayor Cox voted no.) \. MINUTES OF A SPECIAL MEETIMG OF THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA, CALIFORNIA , Tuesday. February 28, J989 9:58 p.m. Counc; 1 Chambers Public Services Building ROLL CALL PRESENT: Chairman Cox, Agency Members McCandliss, Nader, Malcolm and Moore ABSENT: None ALSO PRESENT: City Manager Goss, Assistant City Manager Asmus; City Attorney Harron a. RESOLUTION 998 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA AUTHORIZING EXTENSION OF OPTION WITH CHULA VISTA INVESTORS FOR MITIGATION CREDITS IN THE BAYFRONT PROJECT AREA On August 23, 1988, the Redevelopment Agency entered into a loan land option agreement with Chula Vista Investors (CVI). The Agency agreed to make a loan of $4,300,000 to facilitate CVI's acquisition of the mid-bayfront parcel and mitigation credits. As part of the Agreement, the Agency was provided an Option and Right of First Refusal on the mitigation credits. The initial Option expires on March 1, 1989, provided, however, that the term of the Option may be extended for three additional periods of six months each. Staff recommended the Agency authorize the extension of the Option for mitigation credits for a six month period to September 1, 1989. If the Agency exercises its Option, the price per mitigation credit is the lesser of $40,000 or the appraised value. Assuming the Agency will not exercise its Option unless the mitigation credi ts can be sol d by the Agency at a price equal to or greater than the Option price, then the fiscal impact will be none or positive. As for the Option price, if no mitigation acres are purchased during a six month period, then the cost to the Agency is $64,000 in interest accrual. This amount is offset against the $172,000 owed by CVI to the Agency as interest on the acquisition loan every six months.