HomeMy WebLinkAboutReso 2005-155
RESOLUTION NO. 2005-155
RESOLUTION OF THE C1TY COUNC1L OF THE CITY OF
CHULA VISTA APPROVING A $7 MILLION LOAN
REPAYMENT, PLUS INTEREST, FROM THE
TRANSPORTATION DEVELOPMENT IMPACT FEE FUND
TO THE INTERIM STATE ROUTE-125 DEVELOPMENT
IMPACT FEE FUND
WHEREAS, the Interim State Route-125 Development Impact Fee (SR-125 DIF) was
established in 1994 to ensure that sufficient funds would be available to construct a north-south
transportation corridor should the State Route-125 freeway not be constructed in time to serve
impending development; and
WHEREAS, in 2002, the City Council approved a loan of $7 million from the Interim
SR-125 DIF to the Transportation Development Impact Fee (TDIF) fund to finance interchange
improvements at the intersection ofI-805 and Olympic Parkway; and
WHEREAS, alternative funding has been secured through federal grants for this project
and these funds are no longer required.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista hereby authorizes the repayment of the $7 million loan, plus interest, from the
Transportation Development Impact Fee fund to the Interim State Route-125 Development
Impact Fee fund.
Presented by
Approved as to form by
SÓh~~
City Engineer
~~
Ann Moore
City Attorney
Resolution 2005-155
Page2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this lOth day of May, 2005, by the following vote:
AYES:
Councilmembers:
Castaneda, McCann, Rindone and Padilla
NAYS:
Councilmembers:
None
ABSENT:
Councilmembers:
Davis
ATTEST:
-~LL.p~
Susan Bigelow, MMC, C 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. 2005-155 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 10th day of May, 2005.
Executed this 10th day of May, 2005.
:;: ~--Ll~ ~~
Susan Bigelow, MMC, City erk